Behind the Scenes of MTN MoMo’s Leadership Shake-Up: Yego’s Exit Signals Bigger Battles in Uganda’s Fintech Boom

In the fast-evolving world of Uganda’s mobile money sector, where digital transactions power everything from daily groceries to business loans, the sudden departure of Richard Yego as Managing Director of MTN Mobile Money Uganda (MTN MoMo) has sparked intrigue and reflection. Yego, who steered the fintech giant through explosive growth, stepped down after four years, handing over to Acting MD Sarah Bateta Okwi by the end of February 2026. While he cited a better opportunity with a new employer (secured in December 2025), insiders reveal a deeper story of undervalued talent, boardroom rivalries, and a relentless drive for profits that left many feeling squeezed.

Under Yego’s watch, MTN MoMo became a powerhouse, generating UGX 947 billion in revenue in 2024 and processing over USD 36 billion (Shs 140.8 trillion) in annual transactions with 13 million users and 200,000 agents. His innovations expanded services to loans, savings, and merchant payments, achieving 25% year-on-year growth. Yet, the exit highlights systemic issues at MTN: staff complain of “peanuts pay,” slashed per diems, fuel rationing, and axed perks like the annual Kampala Marathon, all under CEO Sylvia Mulinge’s profit-maximization push. Board tensions simmered, with Yego’s rising profile seen as a threat to executives like Mulinge, CFO Andrew Bugembe, GM Sales Joseph Bogera, and GM Corporate Services Enid Edroma some viewing him as a CEO contender, while Bateta reportedly angled for the role herself.

For Ugandan readers navigating the job market, this tale adds value by underscoring the importance of recognizing your worth: Always negotiate fair compensation and build networks for better opportunities. Joy comes from celebrating Yego’s legacy he turned MoMo into a standalone fintech under the National Payments Systems Act 2020, empowering millions with accessible finance. As Uganda’s fintech scene booms (with rivals like Airtel Money and regulatory hurdles like FATF compliance), Yego’s move inspires: In a competitive landscape repatriating 80% of profits, talent like his proves that innovation thrives when valued. Here’s to new chapters may Bateta sustain the momentum and inspire fairer workplaces