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.
— MTN Rwanda (@MTNRwanda) November 6, 2024
Read the full report here; https://t.co/aP9B5qhQwf#MTNResults #NeverSettleForLess pic.twitter.com/Xs0ZxjtjLn
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.
• Inflation within the West African Economic and Monetary Union (UEMOA) fell to a two-year low of 0....
Flutterwave gained a BCEAO license to operate in Senegal, expanding to 35 African countries. ...
In Africa, the private sector is widely seen as the main engine of industrialization and plays a cen...
President Paul Biya, 92, to seek eighth term in October 2025 election In power since 19...
• Interbank volumes rose 18.7% in May, while rates declined across the market• The BCEAO cut its mai...
Highlights: • New 1% US tax on outbound remittances to take effect January 1, 2026• Africa received $100 billion in remittances in 2023, outpacing...
Highlights: • Kobold Metals signed an agreement in principle with the DRC government on July 17, 2025.• The deal includes the Manono lithium project,...
Highlights: • Global cocoa processing down across all major regions in Q2 2025• ECA: Europe’s grindings at lowest since 2020, Asia at lowest since...
Highlights: • Egypt targets 42% renewable energy share by 2030.• POWERCHINA to build 130-km high-voltage line signed on June 25.• National grid expansion...
Ashenda is a vibrant traditional festival celebrated primarily in northern Ethiopia, particularly among the Tigray and Amhara communities, as well as in...
The Emerald Sea is a vast turquoise lagoon located in the northern part of Madagascar, just a few kilometers from the town of Antsiranana (formerly Diego...