In 2023, Andrew Bugembe won no fewer than three awards as Uganda’s chief financial officer of the year. Those awards were made for compliance and governance, strategy and execution – marks of the esteem in which the 50-year-old is held by his peers.

Andrew's journey to this recognition has been a long and winding road, taking him to MTN operations in five countries and encompassing a diverse range of roles, challenges and opportunities.

Back in 1998, something about MTN captured the imagination of the 24-year-old master’s graduate in management accounting from Wollongong University in Australia who had just returned home to his native Uganda. 

Here was this upstart outfit, still only a few months old, taking over from an incumbent that had been focused on selling just postpaid voice to a tiny minority of the population. MTN, on the other hand, had a completely different, big hairy audacious goal – to democratise telecommunications not for the few but for everyone. Andrew felt an affinity for the brand and he bought into the vision.

Pitching in

“I joined MTN Uganda as a fixed asset controller,” Andrew recalls, “but did not work with fixed assets. When you join a start-up, you do a lot more than your official job description.

“That first year we prepared the financial statements in Excel; we were determined to get the final version to the auditors so that there wouldn’t be any qualifications. I remember that we finally ended up with version number 40.”

Rising quickly through the ranks, Andrew’s potential was recognised by his principals and he was deployed to stints in Rwanda, Congo-Brazzaville, Ghana and Liberia.

Working across Africa

In 2010, Andrew was posted to MTN Ghana as General Manager Financial Operations. After two-and-a-half years, he became the General Manager Financial Planning and Analysis, a role he thrived in because, as he says, it was all about strategy and looking to the future of the business.

Four years later and Andrew joined MTN Liberia as CFO. His timing was hardly propitious; the dreaded Ebola disease had moved from upcountry into the capital, commodity prices on which the country depended were dropping and the United Nations was withdrawing its on-the-ground support in the country.

After helping to turn around the fortunes of the Liberian operation, two years later Andrew was ready for his next assignment, in Congo-Brazzaville where he joined, also as CFO. This was – as he says – despite not speaking a word of French. Again, the timing was not ideal with oil prices falling precipitously but, in quick time, Andrew and the executive team succeeded in “taking [the operation] out of the woods”.

Then, in 2020, MTN Uganda came calling again; this time for Andrew to go home to the role of CFO in that country. But once again the stars seemed to be aligned against his successful move – this time the outbreak of COVID-19. As it turned out, Andrew was on board the last flight out of Congo. Working from home, he didn’t get to see half his team in the flesh for a year but there was plenty of work to be done – “turning around finance, removing complacency and restructuring”.

Listing MTN Uganda

As the pandemic eased, Andrew spearheaded MTN Uganda's listing on the Uganda Securities Exchange. This landmark IPO, the largest in Uganda's history, aimed to democratise ownership and solidify MTN's commitment to the nation.

The "Together We Grow" campaign emphasised this message, showcasing MTN's contribution to Uganda's development. The successful listing, facilitated by the innovative m-IPO platform, saw over 20,000 Ugandans become MTN Uganda shareholders.

In Andrew’s view, being locally listed (and owned) has “changed MTN’s conversations with our stakeholders”.

“People often forget about us being the biggest taxpayer in the country, about our huge investment, our employment and CSR,” says Andrew, “but as a listed entity, they now understand our story much better. We’re seen as being a truly Ugandan company”.

If an investor had invested UGsh1000 in MTN Uganda at the time of the listing, and re-invested dividends, the value of the investment would have grown to more than Ugsh1200 by September 2024.

Learning, learning, learning

In 2023, apart from being hailed as Uganda’s CFO of the year multiple times, Andrew was also appointed as the chairman of MTN South Sudan.

The father of two teenage boys believes his success stems from a constant thirst for knowledge and a commitment to personal growth. “I’m always challenging myself to learn new things,” he says, adding that he continuously works on his soft skills on building empathy. “I’m very passionate, and it disturbs me when things aren’t right – I can’t sleep. I like to always be fully prepared when opportunities present themselves. It also helps that I really enjoy my job.”

His personal qualities aside, Andrew credits MTN's investment in his development and the company's "youthful and open" culture for his achievements.

“Yes, you have structures and lines of reporting, but the organisation is flat. It’s very developmental and open-minded. You can dream and come up with amazing new things – and MTN will back you all the way.”

Andrew Bugembe's journey with MTN is an inspiring testament to the power of dedication, continuous learning, and embracing opportunities.  His story reflects the transformative impact that a single individual can have within a dynamic and purpose-driven organisation.