LLB @MakerereLaw. FMVA® & FPWMP® Certified by @CFI_education Msc. in Tech & Innovation @NotreDame Co-founder: https://teapaw.org/t.co/NFEaiBxED5 About Me: https://teapaw.org/t.co/OzqGHV9TRy
Notre Dame, IN
Joined May 2014
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I am writing this with a full heart. Having studied Law at @MakerereLaw and the Bar course at @LDC_Uganda, I wanted more beyond the confines of legal practice, I wanted to build the world I wished for. I was fortunate to be admitted into @NotreDame on scholarship.
Fast forward, over the weekend, I graduated with a Master of Science in Engineering, Science & Technology Entrepreneurship from the @NotreDame with a GPA of 3.84 out of 4.0. In addition, I completed two professional certifications at the @CFI_education: Financial Modeling & Valuation Analysis (FMVA), where I scored 100% in 3 exams and averaged 90% overall, and the Financial Planning & Wealth Management Professional (FPWMP)certification, where I scored 100% in 2 exams and averaged 94% overall.
In a special way I'd like to thank @Maria_Nakalanda, @Uwihanganye_A, and my parents for the support and guidance they gave me throughout the course of my studies. You believed in me on the days I found it hard to believe in myself, and that made all the difference.
To everyone who has been part of this journey in any way especially the @LeoAfricaInst network, thank you. I do not take any of it for granted.
And yeah! Will be graduating from @LDC_Uganda next month with a Postgraduate Diploma in Legal studies too
#GoIrish☘️ – at Notre Dame, IN
Busulwa John Ivan retweeted
PSB is a different license from Mobile Payments in Nigeria. The focus of PSB is rural. Banks have also largely frustrated MTN. They will become dominant over time.
Busulwa John Ivan retweeted
Relocating to MTN Ghana cause that’s where the money is.😅
This Week's Deep Dive: @MTNGroup
Spent the most of this week digging into the financials of all MTN Group subsidiaries.
MTN’s listed businesses in Nigeria, Ghana, Uganda and Rwanda have all just released their 9-month results.
I went through them, along with every annual report since 2023, and built a model to 2030.
One question: if you had $100 today, which MTN share would make you the most money in Africa?
In my quest to finding the answer to this question, I discovered some interesting facts and figures across financial performance, most profitable segments among others.
Despite being majority owned, the businesses are entirely different.
Here's what I found 🧵
1/12
This Week's Deep Dive: @MTNGroup
Spent the most of this week digging into the financials of all MTN Group subsidiaries.
MTN’s listed businesses in Nigeria, Ghana, Uganda and Rwanda have all just released their 9-month results.
I went through them, along with every annual report since 2023, and built a model to 2030.
One question: if you had $100 today, which MTN share would make you the most money in Africa?
In my quest to finding the answer to this question, I discovered some interesting facts and figures across financial performance, most profitable segments among others.
Despite being majority owned, the businesses are entirely different.
Here's what I found 🧵
1/12
Get this full breakdown, with charts, the model and report for free on my website: busulwa.com/library
This Independent research for education, not investment advice.
Read the full article and detailed breakdown here: busulwa.com
Busulwa John Ivan retweeted
Yes sirrrrr! Will read this on the Substack tonight with a capatii ☕️
MTN Group Deep Dive
One of the other surprising figures I have come across in analyzing the performance is of @MTNGroup is the performance of Mobile Money in Uganda. Uganda's MTN momo users are 3.1x more than Nigeria, despite Nigeria having 3.5x more subscribers than Uganda
For Context
Nigeria has 94.7 Million MTN customers, Uganda has 26.4 Million MTN Customers
However, Uganda has 15.5 Million MTN Momo users while Nigeria has only 5 Million.
In fact, even Rwanda has more MTN Momo users at 6.5 Million users, 1.5 Million more than Nigeria.
So what does this mean for Uganda investors in MTN Uganda? Once the structural separation of MTN Momo from MTN Uganda is effected, you'll only have a minority stake in the Mobile money arm of about 23.985%, the other 76.015% will move to MTN Group Fintech Holdings B.V
Figures as of Q3 2026
Ugandan Legal practice will be the last profession AI will replace.
No doubt AI immensely increases productivity but it's still far from replacing junior lawyers
MTN Group Deep Dive
One of the other surprising figures I have come across in analyzing the performance is of @MTNGroup is the performance of Mobile Money in Uganda. Uganda's MTN momo users are 3.1x more than Nigeria, despite Nigeria having 3.5x more subscribers than Uganda
For Context
Nigeria has 94.7 Million MTN customers, Uganda has 26.4 Million MTN Customers
However, Uganda has 15.5 Million MTN Momo users while Nigeria has only 5 Million.
In fact, even Rwanda has more MTN Momo users at 6.5 Million users, 1.5 Million more than Nigeria.
So what does this mean for Uganda investors in MTN Uganda? Once the structural separation of MTN Momo from MTN Uganda is effected, you'll only have a minority stake in the Mobile money arm of about 23.985%, the other 76.015% will move to MTN Group Fintech Holdings B.V
Figures as of Q3 2026
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