This study examined the effect of mobile banking on the financial performance of commercial banks in Uganda, focusing on the United Bank for Africa (UBA), Jinja Road Branch. The study was guided by the Excellence Theory, specifically the Strategic Constituencies Approach, which posits that organizational success depended on how effectively it satisfied the needs of critical stakeholders. The theory’s applicability in this study lay in its emphasis on customer satisfaction, technological responsiveness, and efficiency enhancement elements that are essential for understanding how mobile banking services influence financial performance. Its relevance was demonstrated through the growing demand for digital financial services among customers, requiring banks to align mobile banking technologies with stakeholder expectations to enhance performance. A cross-sectional research design was adopted, using both quantitative and qualitative approaches. Data were collected from 120 respondents selected through purposive and simple random sampling. Questionnaires, interviews, and document review formed the primary instruments of data collection. Quantitative data were analyzed using descriptive statistics, correlation, and regression analysis, while qualitative data were analyzed thematically. The first objective assessed the mobile banking technologies used at UBA. Results indicated high usage of mobile applications, USSD (919#), internet banking, and digital payment systems. Regression results showed that mobile banking technology had a strong positive effect on financial performance (R = 0.734; R² = 0.538; p = 0.000). This implied that 53.8% of the variation in financial performance was explained by mobile banking technologies. The second objective examined factors influencing the adoption of mobile banking services. Findings revealed that accessibility, perceived usefulness, system security, management commitment, and customer awareness significantly influenced adoption. Descriptive results showed that over 70% of respondents agreed that mobile banking at UBA was convenient, fast, and reliable. However, a section of customers expressed concerns about system downtime and fraud risks, which occasionally hindered full adoption. The third objective investigated the relationship between mobile banking and financial performance. Results revealed a significant positive relationship (r = 0.681; p < 0.05). Multiple regression further indicated that mobile banking, mobile banking technology, and mobile banking service adoption jointly explained 57.4% of the changes in financial performance (R² = 0.574). Key indicators such as deposit growth, dormant account recovery, and loan recoveries improved significantly with increased mobile banking usage. The study concluded that mobile banking had a substantial and positive impact on the financial performance of UBA. The adoption of diverse and user-friendly digital channels enhanced operational efficiency, customer satisfaction, and revenue generation. It was also concluded that the relevance of the Strategic Constituencies Approach was demonstrated through UBA’s ability to meet stakeholder expectations by offering reliable digital services. The study recommended that UBA should strengthen its mobile banking infrastructure to minimize system downtime, enhance customer awareness programs to increase adoption, and invest further in cybersecurity measures to address customer concerns about digital fraud.