Richard Yego, the chief executive officer of MTN Mobile Money Uganda, will step down at the end of February 2026, marking the end of a four-year tenure that oversaw rapid growth in the country’s mobile financial services sector.
The company has appointed Sarah Bateta Okwi, its current chief financial officer, as acting CEO effective March 1, according to a statement issued by MTN MoMo. The board is expected to begin a search for a substantive chief executive in the coming months.
Yego’s departure comes at a time when mobile money has become central to Uganda’s financial ecosystem, handling billions of shillings in daily transactions and expanding access to payments, savings, and credit. Under his leadership, MTN MoMo Uganda deepened its merchant network, scaled digital payment use cases, and strengthened compliance and operational resilience amid tighter regulatory scrutiny.
MTN MoMo, a key fintech arm of MTN Group, has benefited from strong growth in mobile money adoption across East Africa as governments and businesses increasingly shift toward cash-lite economies.
Uganda remains one of the group’s most active mobile money markets, with services spanning peer-to-peer transfers, bill payments, merchant collections, and cross-border remittances.
Okwi’s appointment signals a preference for continuity during the transition. As CFO, she has played a central role in financial strategy, capital allocation, and governance at MTN MoMo Uganda, working closely with regulators and internal stakeholders as the business scaled. Her acting role is expected to ensure operational stability while strategic priorities remain on track.
MTN has in recent years emphasised internal leadership development across its fintech and telecoms units, often elevating senior executives with deep institutional knowledge to interim roles during leadership changes. Okwi’s elevation aligns with that approach.
Yego is expected to remain in an advisory capacity through the handover period before exiting to pursue other professional opportunities, people close to MTN MoMo said.
During his tenure, MTN MoMo Uganda expanded its ecosystem partnerships and reinforced its position as a critical enabler of digital commerce and financial inclusion.
The leadership change comes as competition in Uganda’s mobile money and digital payments market intensifies, with telecom operators, banks, and fintech startups vying for transaction volumes and customer loyalty. MTN MoMo has indicated it remains focused on innovation, regulatory compliance, and customer experience as the sector continues to evolve.