MTN Rwanda has bounced back into the black, driven by growth in its fintech ecosystem.
The group, the third of MTN’s African businesses to report earnings, reported profit after tax of Rwf13.35bn (about R158.5m)in the nine months ended September after a loss of Rwf10.88bn a year ago.
Earnings before interest, tax, depreciation and amortisation (ebitda) increased by 36.7% to Rwf 89.7bn.
CEO Monzer Ali said the performance was underpinned by solid commercial execution, disciplined cost management and continued momentum across its connectivity and fintech businesses.
“Growth in our fintech ecosystem remained a key driver of overall performance, driven by increased adoption of MoMo services and higher transaction volumes,” he said.
The group’s total subscriber base surpassed the 8-million mark — a significant milestone that underscores the group’s expanding reach, he said.
Mobile subscribers increased by 6.9% year on year to 8.1-million, while active data subscribers rose 7.5% to 2.5-million. Active Mobile Money (MoMo) users increased by 12.2% to 5.8-million and service revenue was 14.2% higher at Rwf 216.2bn.
Rwanda’s economy maintained solid momentum in the first half of 2025, with real GDP expanding by 7.2% year on year, supported by broad-based growth across sectors, including an 11.8% growth in the ICT industry.
In August, MTN Rwanda launched Tunga Taci na MTN, a new device-financing programme in partnership with Yellow Digital Retailers, aimed at making smartphone ownership more affordable and accessible to Rwandans.
This initiative enables customers to acquire leading smartphone brands through flexible 12-month payment plans.
“We believe that the continued execution of our commercial initiatives and operational efficiency measures will sustain our strong business momentum in the final quarter of the year and into 2026,” Ali said.
“Building on the solid growth of our MoMo business and constructive regulatory engagement, we are well positioned to deliver further performance improvements.”
The group reaffirmed its medium-term guidance of “mid-teens” service revenue growth and ebitda margins in the 40%-42% range.
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