MTN Rwanda, the Kigali-based telecommunications operator majority-owned by South Africa’s MTN Group, delivered a 130.3 percent surge in profit after tax for the nine months ended Sept. 30, 2026, driven by robust expansion in mobile money services, increased data adoption, and strict operational cost discipline. The performance was achieved against the backdrop of elevated domestic inflation and tighter monetary policy in Rwanda.

Fintech, data fuel earnings growth

The country’s leading mobile network operator, headquartered in Kigali, posted a profit after tax of Rwf30.32 billion ($20.52 million) for the nine-month period, compared with a restated Rwf13.16 billion ($8.91 million) recorded during the corresponding period of 2025, according to its unaudited financial statements. Pre-tax profit jumped 126.8 percent to Rwf46.62 billion ($31.55 million), up from a restated Rwf20.55 billion ($13.91 million) a year earlier.

Growth was driven by a 19.8 percent rise in total revenue to Rwf261.28 billion ($176.86 million), led by a 20 percent gain in service revenue to Rwf259.43 billion ($175.61 million). EBITDA rose 29.1 percent to Rwf112.73 billion ($76.31 million), expanding margins to 43.1 percent as revenue outpaced operating expense growth of 13.9 percent. Loan repayments and refinancing also cut net finance costs by 14.8 percent to Rwf24.6 billion ($16.65 million).

Fintech leads revenue contribution; data usage expands

Mobile Money (MoMo) remained MTN Rwanda’s primary growth catalyst. Revenue from the fintech division surged 29.1 percent to Rwf141.2 billion ($95.58 million) from Rwf109.35 billion ($74.02 million), supported by advanced services and an active merchant base that reached 720,069. Active MoMo users rose 12.0 percent to 6.51 million.

Data revenue grew 16.7 percent to Rwf41.75 billion ($28.26 million) from Rwf35.79 billion ($24.22 million), aided by Customer Value Management initiatives and a 15.9 percent increase in active data subscribers to 2.87 million. In contrast, voice revenue rose 2.9 percent to Rwf51.89 billion ($35.12 million) from Rwf50.42 billion ($34.13 million), reflecting customer migration toward digital channels. Other service revenue rose 19.3 percent to Rwf24.6 billion.

Customer growth lifts balance sheet, total equity

MTN Rwandacell Plc, which operates across Rwanda providing mobile voice, data, enterprise, and digital payment solutions through its subsidiary Mobile Money Rwanda, expanded its total subscriber base by 7.5 percent year-on-year to 8.67 million users as of Sept. 30, 2026. As a result of the operational expansion, the group’s balance sheet strengthened over the period.

Total assets increased 14 percent to Rwf824.14 billion ($557.85 million) from Rwf722.96 billion ($489.37 million) at the end of December 2025. Total equity climbed 52.8 percent to Rwf88.58 billion ($59.96 million), driven by strong retained earnings and disciplined capital expenditure, which declined 40.5 percent on an ex-leases basis to Rwf15.1 billion ($10.22 million).