The report from MTN Rwanda reveals impressive financial growth, with revenue from its services jumping by 12.3% compared to the previous year to reach Rwf 67.2 billion. Net profits after tax soared by 228.6%, amounting to Rwf 1.6 billion, driven largely by an increase in overall output.
Revenue derived from internet usage surged by 12.2%, thanks to a notable 33.6% growth in users, including both institutions and individual subscribers. Additionally, the rise in smartphone penetration—now at 41.8%—played a significant role in driving this upward trend. MTN attributes this success to enhanced services, including its popular ‘GWAMON’ package alongside other affordable internet and calling options that continue to gain customer satisfaction.
While MTN Rwanda faced a slight decline in internet users due to growing competition among service providers, the company remains steadfast in its mission to deliver value-driven solutions that inspire digital transformation and elevate customer experiences.
The CEO of MTN Rwanda, Monzer Ali, commented: “As the new CEO of MTN Rwanda, I am excited to build on the strong foundation my predecessors and the MTN Rwanda team have established. I am particularly proud of our stellar performance in the first quarter, which highlights the strength of our technology-driven business model and our team’s capabilities. We are committed to transforming the lives of Rwandans by delivering innovative solutions that drive development. We are optimistic about Rwanda's economic future and will continue to invest in technology and financial inclusivity.”
Customer Base Increases by 2.8% with Mobile Money at the Core
MTN Rwanda achieved a 2.8% increase in its customer base, totaling 7.6 million subscribers. Meanwhile, Mobile Money (MoMo) users climbed to 5.3 million, cementing MoMo as a key growth area for the company. Thanks to widespread adoption of mobile-based services like money transfers and digital payments, MoMo revenue grew by 28%, a milestone in the fintech space.
Chantal Kagame, Managing Director of Mobile Money Rwanda Ltd., noted: “Seeing more Rwandans adopt MoMo for their everyday financial activities brings us immense pride and responsibility. Their growing trust and active usage inspire us to introduce reliable, accessible, and holistic solutions. As a partner in Rwanda’s journey toward progress, we aim to pioneer innovations that help achieve the nation’s financial inclusion goals.”
Profit Reaches Rwf 26.5 Billion in Q1 2025
MTN Rwanda reported a 9.3% growth in EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization), totaling Rwf 26.5 billion. However, the EBITDA margin saw a slight drop of 1.2 percentage points, from 40.1% to 38.9%, due to rising operational costs. Despite these challenges, the financial performance remains robust.
Dunstan Ayodele Stober, Acting CFO, stated: “Doubling down on operational excellence has enabled us to drive profits and maintain a strong position this quarter. The 9.3% rise in EBITDA underscores effective cost management and resource utilization. Though challenges like currency devaluation and rental expenses persist, we remain focused on targeted investments and rigorous cost-cutting measures. Following our ‘Ambition 2025’ strategy, our priority is to enhance financial performance and add value for stakeholders.”
Empowering Small Business Entrepreneurs in Rwanda
As part of its Corporate Social Responsibility initiatives, MTN Rwanda awarded Rwf 14.5 million to 40 MoMo agents who participated in the “Level Up Your Biz” program. This initiative equips entrepreneurs with vital skills in financial management, marketing, and modern business practices, fostering economic growth at the grassroots level.
Driving Technological Innovation Under Ambition 2025
MTN Rwanda reiterated its commitment to its ‘Ambition 2025’ strategic roadmap. This plan focuses on expanding digital financial solutions, enhancing customer engagement, and promoting safe, sustainable operational practices. The company remains dedicated to leveraging technology innovations to impact Rwanda’s development goals positively.
MTN Rwanda's revenue surpassing Rwf 67 billion in Q1 2025 highlights the company's commitment to leveraging technology to drive innovation and foster economic development in the region.