MTN Rwanda Returns to Profit as Mobile Money Contributes Over Half of Revenue

MTN Rwandacell Plc  has reported strong financial and operational performance for the first quarter of 2026, driven by growth across all business segments and supported by a favourable regulatory environment in Rwanda’s digital economy.

The company recorded a major increase in earnings, with service revenue growing 21.2% year-on-year to Rwf 81.4 billion and profit after tax rising 466.6% to Rwf 8.3 billion. It said growth was broad-based across voice, data, and Mobile Money services, reflecting strong execution and continued investment in digital infrastructure.

Subscriber numbers also expanded, with MTN Rwanda reporting a total subscriber base of 8.4 million, including active data subscribers rising 19.6% to 2.7 million and mobile money monthly active users increasing 20.5% to 6.3 million. The company credited this performance to its integrated telecom and fintech model.

Profitability improved significantly, as Earnings before interest, tax, depreciation, and amortization grew by 32.8% to Rwf 34.0 billion, with margins improving by 3.5 percentage points to 41.5%. This was supported by revenue growth and disciplined cost management.

Mobile Money remained a key growth driver, contributing more than half of total service revenue. The company stated that Mobile Money continued to drive revenue performance, growing 30.2% year-on-year and contributing 52.7% of total service revenue. Transaction volumes also increased by 32%, reflecting rising adoption of digital payments.

The company also highlighted expanding financial inclusion, noting strong usage of its merchant payment platform, where over 4 million customers transacting using MoMoPay. It also introduced MoFlex during the quarter, a credit solution developed with Ecobank Rwanda Plc and Yabx.

“Rwanda’s regulatory environment is a genuine competitive advantage for the country and for operators like MTN Rwanda. With a clear policy direction and unwavering focus on equality of access to digital services for all Rwandans, investment decisions are easier and we can focus on what matters most: product innovation, providing quality customer experience and delivering second to none connectivity operations. That is what you are seeing in these results. Growth across data, voice and mobile money with more customers connecting onto our network and using our services every day. This is what disciplined execution within an enabling environment looks like and it gives us confidence in the momentum for the rest of the year.”

– Monzer Ali, CEO, MTN Rwandacell Plc 

“The trust our customers place in MoMo is what drives our growth. Beyond payments, we are deepening access to financial services, enabling businesses, supporting lenders and creating practical solutions that work for every Rwandan. MoFlex is the latest example of that ambition. Rwanda’s supportive fintech policy environment gives us the confidence to keep innovating and we remain focused on building an ecosystem that drives real and lasting financial inclusion.”

– Chantal U Kagame, CEO, Mobile Money Rwanda Limited 

Beyond financial services, MTN Rwanda continued its digital inclusion initiatives, including a partnership with the Ministry of Education and the expansion of its MTN Skills Academy, offering free access to over 500 digital and financial courses.

Overall, MTN Rwanda said it enters the remainder of 2026 with strong momentum across all platforms, focused on continued growth, service expansion, and sustained investment in Rwanda’s digital economy.