MTN is the largest telecom operator in Rwanda’s mobile phone market, where it competes with Airtel. In the first nine months of 2023, the company generated revenue of RWF 188.4 billion.

Mobile phone company MTN Rwandacell Plc (MTN Rwanda) reported revenues of RWF 192.88 billion ($141.8 million) for the first nine months of 2024, up 2.4% from last year. This growth was primarily fueled by strong performance in its Mobile Money (MoMo) and Enterprise segments, despite declines in voice and data segments.

MTN Rwanda is pleased to announce its unaudited financial results for the nine months ended 30 September 2024, reporting stable revenues and sustained subscriber growth.

Read the full report here; https://t.co/aP9B5qhQwf#MTNResults #NeverSettleForLess pic.twitter.com/Xs0ZxjtjLn

— MTN Rwanda (@MTNRwanda) November 6, 2024

In the first three quarters, MTN’s mobile money revenue grew 29.4%, reaching RWF 83.9 billion, as the number of active MoMo users rose by 13.4% to 5.2 million. Active merchant accounts grew by 58.3%, reaching 451,000. Enterprise segment revenue also saw significant growth, increasing by 37.5% year-on-year, driven by steady subscriber growth and strong contributions from mobile and fixed data services.

The mobile subscriber base grew 5.3%, totaling 7.6 million. However, voice revenue dropped 21.4% to RWF 51.8 million, mainly due to the removal of call termination fees. Data revenue also declined by 1.9%, reaching RWF 33.18 billion, largely because of a 10.3% decrease in active data subscribers, which now stands at 2.3 million.

Looking ahead, MTN Rwanda plans to focus on driving service revenue growth, enhancing operational efficiency, and strengthening its balance sheet. "As we move into the final quarter, we anticipate a stable outlook with sustained subscriber and revenue growth as we continue to drive digital and financial inclusion in Rwanda while providing value to our stakeholders," said Dunstan Stober, the company’s interim CFO.