MTN Rwanda Plc (MTN Rwanda has released its unaudited financial results for the nine months ending September 30, 2025, reporting strong performance across its operations. The company surpassed 8 million mobile subscribers, highlighting its leadership in Rwanda’s telecommunications sector and its growing role in driving the country’s digital transformation.
Mobile subscribers grew by 6.9% to 8.1 million, while active data subscribers increased by 7.5% to 2.5 million. Active Mobile Money (MoMo) users rose by 12.2% to 5.8 million, supported by an expanding merchant network that reached 578,000 by the end of the quarter.
Service revenue rose 14.2% to Frw 216.2 billion, driven by strong growth in Data and Mobile Money revenues, offsetting weaker voice revenue as customers increasingly migrate to digital and fintech solutions.
Commenting on the results, Monzer Ali, Chief Executive Officer of MTN Rwanda, said: “Reaching the 8 million subscriber milestone marks a defining moment for MTN Rwanda, a reflection of the deep trust Rwandans continue to place in our brand and services. This achievement underscores our unwavering commitment to growth, operational excellence, and innovation with purpose.
As a strategic partner in Rwanda’s digital transformation journey, we remain focused on expanding access to connectivity, accelerating digital inclusion, and enabling every Rwandan to benefit from the opportunities of the digital economy. Through initiatives such as Tunga Taci na MTN, we continue to make smartphones more affordable and accessible, ensuring that no one is left behind in the country’s bold digital future.”
Launched in August 2025 in partnership with Yellow Digital Retailers, the “Tunga Taci na MTN” programme allows customers to acquire smartphones through flexible monthly payment plans. The initiative continues MTN Rwanda’s mission to promote smartphone adoption and support the country’s Vision 2050 agenda of building a digitally empowered, knowledge-based society.
The programme follows the success of 2024’s Ikosora+ initiative and strengthens MTN Rwanda’s purpose of enabling leading digital solutions for national progress.
MTN Rwanda’s fintech subsidiary, Mobile Money Rwanda Ltd (MoMo Rwanda), delivered remarkable growth, with MoMo revenue rising 30.2% year-on-year to Frw 109.4 billion. Growth was driven by advanced services—including payments, remittances, and lending—which expanded by 37.0% and now contribute 28.5% of MoMo revenue. Overall, MoMo’s contribution to service revenue rose to 50.6%, underlining its central role in promoting financial inclusion and Rwanda’s transition toward a cashless economy.
Chantal Kagame, CEO of MoMo Rwanda, said: “As MTN Rwanda celebrates surpassing eight million customers, MoMo remains at the heart of this growth story, connecting people to opportunity and prosperity. Our MoMo customer base grew by 634,000, reaching 5.8 million—a strong testament to the trust and adoption Rwandans continue to place in us as they embrace a digital lifestyle.”
The growth in MoMo usage is evident in the MoMoPay ecosystem, where both merchants and users continue to expand together. The company’s merchant base reached a record 578,000, while active MoMoPay users increased to 3.7 million, demonstrating how MoMo is transforming everyday payments and driving financial inclusion across Rwanda. Chantal Kagame added: “Today, average monthly MoMo transaction volumes have reached a record 246 million, underscoring how deeply MoMo is woven into the fabric of everyday life. Through innovation and inclusion, we are not just powering transactions, we are powering transformation, ensuring that every Rwandan is equipped to participate and thrive in the country’s digital future.”
Data revenue grew by 7.9% to Frw 35.8 billion, supported by increased 4G adoption and traffic, achieved through network expansion, optimization, and targeted 3G-to-4G migration campaigns. Voice revenue declined by 2.7% year-on-year as usage patterns evolve; however, targeted customer-value propositions delivered a 1.8% quarter-on-quarter recovery.
Operational efficiency remains a priority. Through its Expense Efficiency Programme (EEP), MTN Rwanda achieved cost savings, contributing to a 36.7% increase in Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA), which rose to Frw 89.7 billion. The EBITDA margin expanded by 7.2 percentage points to 41.2%, reflecting strong and sustainable earnings. Profit after tax surged 222.7% year-on-year to Frw 13.3 billion, supported by robust service revenue growth and lower depreciation charges.
Dunstan Ayodele Stober, Acting CFO of MTN Rwanda, stated: “Our third-quarter performance demonstrates the strength of our financial foundation and the discipline of our capital allocation. The improvement in EBITDA and profitability is evidence of our focus on operational excellence and efficient deployment of financial resources. As we continue to optimise our cost base, we are well positioned to fund strategic investments that will drive sustainable long-term value for our stakeholders.”
Looking ahead, MTN Rwanda plans to continue executing its Ambition 2025 strategy, enhancing customer value and delivering cost-efficient growth. The company expects continued commercial momentum in the final quarter of the year, reflecting confidence in the resilience of its operating model and the scalability of its digital platform strategy.
