MTN Rwanda released its unaudited financial data for the first half of 2023. Since last year, the telco’s service income has gone up by 14.7%.
The company’s service income, number of mobile money customers, number of active internet subscribers, and more all went up.
Between H1 2022 and H1 2023, its service income went from Rwf 105 million ($89k) to Rwf 120 million ($102k). The money that MTN makes from its base transmission station (BTS) is called “service revenue.”
The carrier got more people to sign up for mobile service. 7 million people had signed up for it, the story said. Year over year, the amount before ($6.6 million) went up by 6%.
In one year, the number of active internet users went from 2.2 million to 2.3 million, an increase of 5.1%. It made more people use MoMo, which is a banking tool owned by a company. Rwanda will have 4.4 million MoMo users in the first half of 2023, which is 14.4% more than in the first half of 2022. Last year, it was used by 3.9 million people.
To be clear, mobile users are people who have used their phones for at least 90 days. MTN puts together users of both the internet and MoMo who have done something in the last 30 days.
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MTN Rwanda remains positive
The first half of 2023 saw “solid financial performance” for MTN Rwanda, according to CEO Mapula Bodibe. She also said it indicated that the corporation was determined to lead in providing digital solutions to help the country grow.
In the past month, 4G LTE has been made available in eighty percent of MTN Rwanda’s locations. The previous month, Airtel followed suit. This put an end to KTRN’s monopoly in the 4G market.
Up until recently, KTRN provided MTN, Airtel, and other companies with wholesale 4G services. This transaction will no longer be valid now that their services are available to the public.
Bodibe went over the business plan for the telco’s second half. She went on to say that MTN Rwanda would be concentrating on mobile money services. The addition of more MoMo users will be beneficial for Rwanda’s company.
Rwanda is working towards becoming a cashless society, much like many other countries in Africa. The importance of MoMo and other financial businesses now operating in the country cannot be overstated. By 2023, MTN Rwanda’s network will be accessible to 99% of the population.