According to MTN Rwandacell Plc’s (MTN Rwanda) unaudited financial results for the quarter that concluded on March 31, 2025, the company saw robust financial and operational growth in a macroeconomic climate that was encouraging.
Due to the company’s sustained success in the fintech and data sectors, its service revenue increased by 12.3 percent year over year (YoY) to Rwf 67.2 billion.
Revenue growth and a drop in depreciation expenses were the main drivers of the substantial turnaround in profit after tax, which increased 228.6 percent year over year to Rwf 1.6 billion.
41.8% Smartphone penetration, 33.6% data traffic drove data revenue to 12.2%
Growing smartphone penetration, currently at 41.8 percent, and a notable 33.6 percent increase in data traffic drove a 12.2 percent year-over-year growth in data revenue.
Offerings like GWAMON’s data and voice bundles, which are still popular with our clients, at competitive prices helped to fuel this expansion.
Due to increased market competition, MTN Rwanda saw a slight decrease in active data users; however, the company is still committed to providing value-driven solutions that promote steady digital engagement.
Monzer Ali, CEO, MTN Rwanda, stated, “As the newly appointed CEO, I am energised by the opportunity to build on the strong foundation laid by my predecessor and the entire MTN Rwanda team. I am particularly pleased with our Q1 results, which reflect the strength of our connectivity and platform business together with the resilience of our team. We remain committed to leading Rwanda’s digital transformation by delivering innovative, inclusive solutions that enable progress for all Rwandans. We are optimistic about Rwanda’s economic prospects and remain focused on expanding digital and financial inclusion. Our investments in the network and innovative platforms will continue to create long-term value for our customers and stakeholders.”
MTN Rwanda subscribers increased by 2.1% to 7.6 million
The total number of MTN Rwanda subscribers increased 2.8 percent year over year to 7.6 million, and the number of active Mobile Money (MoMo) users increased to 5.3 million.
Due in large part to the adoption of advanced services (payments and remittances), MoMo’s revenue increased by 28.0 percent, demonstrating its continued strength as a growth engine.
This increasing use reflects changing consumer demands and contributes significantly to Rwandans’ economic empowerment and financial inclusion.
“The way Rwandans are embracing MoMo in their daily lives is both a source of pride and a deep responsibility. The trust our customers place in us, alongside their adoption of our evolving services, affirms our commitment to delivering secure, accessible, and relevant solutions that meet everyday needs. As a dedicated partner in Rwanda’s progress, we remain focused on responsible and inclusive innovation, which are key in advancing the country’s ambitious financial inclusion goals together,” states Chantal Kagame, Chief Executive Officer, Mobile Money Rwanda Ltd.
EBITDA increased by 9.3% to Rwf 26.5 billion
EBITDA (earnings before interest, tax, depreciation, and amortisation) increased 9.3 percent year over year to Rwf 26.5 billion; however, due to higher operating expenses, the EBITDA margin decreased by 1.2 percentage points to 38.9 percent.
Dunstan Ayodele Stober A.g, Chief Finance Officer noted, “We are pleased with the growth and return to profitability we have delivered this quarter building up on the strong exit of the last quarter. The 9.3 percent growth in EBITDA underpinned by the double-digit growth in revenue reinforces our focus on commercial execution and operational efficiency. While we experienced margin dilution driven by currency depreciation and the accounting treatment for leases, we continue our efforts to improve profitability through a disciplined expense efficiency program and value-based capital allocation. As we execute our Ambition 2025 strategy, our focus remains on building financial resilience and driving long-term value for our stakeholders.”
MTN Rwanda granted Rwf 14.5 million to 40 MTN agents
MTN Rwanda granted Rwf 14.5 million to 40 MTN agents as part of its Level Up Your Biz program, in keeping with the company’s mission to empower Rwandans through its CSR initiative.
MTN agents and local business owners with expertise in digital marketing, finance, and business expansion are supported by this program. Looking ahead, MTN Rwanda is confident in the way its Ambition 2025 strategy—which focuses on increasing operational efficiency, deepening customer engagement, and accelerating fintech growth—will be carried out.
Three weeks ago, MTN Rwanda appointed Monzer Ali as its CEO, who took over from Mapula Bodibe.
Ali has previously served as the CEO of MTN South Sudan, where he oversaw various innovative projects such as securing a 15-year operating licence, distributing solar charging units to underserved communities, launching the Open Market Smartphone Bundling service and so on.