MTN Rwanda Surpasses 8 Million Subscribers as Fintech Growth Fuels Strong 2025 Performance Rebound

MTN Rwanda  has reported a rebound in performance for the first nine months of 2025, reflecting the operator’s growing strength across connectivity and financial technology. The company’s unaudited results for the period ending 30 September 2025 show that MTN Rwanda’s strategic focus on digital inclusion, disciplined cost management, and commercial execution continues to deliver impressive results.

Service revenue rose by 14.2 percent year-on-year to Rwf 216.2 billion, driven largely by strong growth in the company’s fintech business. Earnings before interest, tax, depreciation, and amortisation (EBITDA) climbed 36.7 percent to Rwf 89.7 billion, lifting the EBITDA margin to 41.2 percent. Profit after tax rebounded sharply to Rwf 13.3 billion from a loss of Rwf 10.9 billion in the same period last year, marking a 222.7 percent improvement. The number of active Mobile Money (MoMo) users grew to 5.8 million, up 12.2 percent year-on-year, while total mobile subscribers reached 8.1 million.

Chief Executive Officer Monzer Ali credited the strong performance to MTN Rwanda’s focus on execution and innovation.

“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.”

-Monzer Ali, Chief Executive Officer, MTN Rwanda 

“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. This digital momentum is clearly reflected in the MoMoPay ecosystem, where both merchants and users continue to grow hand in hand. Our merchant base reached an all-time high of 578k, while active MoMoPay users increased to 3.7 million, demonstrating how MoMo is digitizing day-to-day payments and driving financial inclusion across Rwanda. 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.”

– Chantal Kagame, Chief Executive Officer, Mobile Money Rwanda Ltd.

The report shows that Rwanda’s broader economy continues to support the telecom sector’s expansion. Real GDP grew by 7.2 percent year-on-year in the first half of 2025, with the ICT sector expanding by 11.8 percent. Inflation averaged 6.5 percent as of September, while the Rwandan franc’s depreciation slowed to 9.9 percent against the US dollar, reflecting improving trade and foreign exchange conditions.

On the regulatory front, MTN Rwanda confirmed that its quality-of-service dispute with the Rwanda Utilities Regulatory Authority (RURA) has been formally closed, following the company’s implementation of comprehensive corrective measures. The resolution underscores the company’s constructive relationship with the regulator and its ongoing efforts to meet national service quality standards.

In August, MTN Rwanda launched Tunga Taci na MTN, a new device financing initiative in partnership with Yellow Digital Retailers, designed to make smartphones more accessible to Rwandans. The programme offers flexible payment plans over 12 months, aiming to accelerate smartphone adoption and support Rwanda’s Vision 2050 goal of building a digitally empowered, knowledge-driven economy.

MTN Rwanda’s financials also reveal deliberate capital discipline. Capital expenditure fell by 44.2 percent to Rwf 35.9 billion, as the company prioritised efficient, high-impact investments in network modernisation, fintech expansion, and digital platforms. Despite reduced spending, free cash flow more than doubled to Rwf 64.4 billion, reflecting improved earnings quality and operational efficiency.

“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.”

– Dunstan Ayodele Stober, Acting Chief Financial Officer, MTN Rwanda

Looking ahead, the company remains confident in its growth trajectory. The National Bank of Rwanda expects GDP to expand by 7.1 percent in 2025, with inflation remaining within a 2 to 8 percent band. MTN Rwanda says it will continue focusing on enhancing customer value, optimising pricing, and expanding its fintech ecosystem to deepen financial inclusion. The company reaffirmed its medium-term guidance, targeting mid-teens growth in service revenue and maintaining EBITDA margins between 40 and 42 percent.

With the company’s subscriber base surpassing the eight-million mark and its fintech arm driving record revenue, MTN Rwanda’s latest results reaffirm its position as a key player in Rwanda’s digital transformation — and a cornerstone of the nation’s journey toward a more connected, cashless future.