MTN in Uganda has raised USD 100 Million for network expansion with Absa Capital as the lead arranger.

Stanbic Bank, Standard Chartered, Kenya Commercial Bank, Barclays, DFCU and Orient bank participated to raise the amount.  Isaac Nsereko, chief marketing officer of MTN Uganda confirmed the development to Reuters.

Uganda has a total of 6 telecom players: Uganda Telecom (UTL), Zain, Orange, Warid, I-Telecom and MTN. MTN is the largest with 60% market share and just under 5 million subscribers, according to Isaac Nsereko.