MTN Rwandacell Plc (MTN Rwanda) is pleased to announce its unaudited financial results for the nine-months period ended 30 September 2025, delivering a solid set of results. The company surpassed 8 million mobile subscribers, underscoring its market leadership and growing contribution to Rwanda’s digital transformation journey.
Mobile Subscribers grew by 6.9% to 8.1 million, while Active Data subscribers increased by 7.5% to 2.5 million. Active MoMo users rose by 12.2% to 5.8 million, underpinned by an expanding merchant network which reached 578k by the end of the quarter.
Service revenue increased by 14.2% to Rwf 216.2 billion, driven by strong growth in Data and Mobile Money (MoMo) revenues, offsetting softer voice trends as customers continued their migration toward digital and fintech solutions.
Commenting on the results, Monzer Ali, Chief Executive Officer of MTN Rwanda, said:
“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.”
Launched in August 2025, Tunga Taci na MTN is a new device financing programme introduced in partnership with Yellow Digital Retailers. The initiative enables customers to acquire smartphones through flexible monthly payment plans, making ownership of smart devices more affordable and accessible. Through this programme, MTN Rwanda continues to champion smartphone adoption, supporting the country’s Vision 2050 agenda of building a digitally empowered, knowledge-based society. “Tunga Taci na MTN” follows on the success of 2024’s Ikosora+ initiative and reinforces the company’s purpose of enabling leading digital solutions for Rwanda’s progress.
The company’s fintech subsidiary, Mobile Money Rwanda Ltd (MoMo Rwanda), continued to deliver outstanding growth, with MoMo revenue up 30.2% year-on-year to Rwf 109.4 billion. This performance was driven by the expansion of advanced services (payments, remittances and lending), which grew by 37.0% and now contribute 28.5% of MoMo revenue. MoMo’s contribution to service revenue rose to 50.6%, highlighting its central role in driving financial inclusion and Rwanda’s transition toward a cashless economy.
““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.” Commented Chantal Kagame, Chief Executive Officer of Mobile Money Rwanda Ltd.
Data revenue grew by 7.9% to Rwf 35.8 billion, supported by an increase in 4G users and growth in 4G traffic. These gains were achieved through continuous network expansion and optimisation and targeted 3G-to-4G migration campaigns that have enhanced the customer experience. Voice revenue declined by 2.7% year-on-year as usage trends continue to evolve; however, focused customer-value propositions delivered a 1.8% quarter-on-quarter recovery.
Operational efficiencies remain a key priority, with the company realising cost savings through the execution of its Expense Efficiency Programme (EEP). Earnings Before Interest Tax Depreciation and Amortisation (EBITDA) rose by 36.7% to Rwf 89.7 billion, with the EBITDA margin expanding by 7.2 percentage points to 41.2%, reflecting the quality and sustainability of earnings achieved during the period. Profit after tax increased by 222.7% year-on-year to Rwf 13.3 billion, supported by robust service revenue growth and lower depreciation charges.
“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.” noted Dunstan Ayodele Stober, Acting Chief Financial Officer of MTN Rwanda
Looking ahead, MTN Rwanda remains focused on executing its Ambition 2025 strategy, enhancing customer value and delivering cost-efficient growth. The company expects continued commercial momentum in the final quarter of the year reflecting confidence in the resilience of its operating model and the scalability of its digital-platform strategy.
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