MTN Rwanda has reported a significant rebound in its third-quarter performance, surpassing 8 million subscribers and posting a 14.2% increase in service revenue to Rwf 216.2 billion ($200 million).

The growth was driven by strong fintech expansion and operational efficiencies, positioning the telecom operator as a key player in Rwanda’s digital economy.

The company’s unaudited results for the nine months ending September 30 show a 36.7% surge in EBITDA to Rwf 89.7 billion ($83 million), with a margin of 41.2%. MTN Rwanda also swung to a net profit of Rwf 13.3 billion, reversing a Rwf 10.9 billion loss from the same period last year.

CEO Monzer Ali attributed the milestone to customer trust and inclusive growth. “This reflects deep trust in our brand – we're expanding connectivity and inclusion, ensuring no one is left behind in Rwanda's digital future,” he said.

Fintech services continued to drive momentum, with active Mobile Money (MoMo) users rising 12.2% year-on-year to 5.8 million. Of these, 3.7 million used MoMoPay, and 578,000 merchants facilitated 246 million monthly transactions. MoMo CEO Chantal Kagame emphasized the platform’s transformative impact: “We're not just powering transactions; we're powering transformation.”

Capital expenditure dropped 44.2% to Rwf 35.9 billion, focusing on high-impact investments. Free cash flow doubled to Rwf 64.4 billion, reflecting improved cost optimization. Acting CFO Dunstan Ayodele Stober noted, “Our foundation is strong; we're positioned for sustainable value through optimized costs and strategic focus.”

Rwanda’s macroeconomic environment supported the telecom’s performance, with 7.2% GDP growth in the first half of 2025, 11.8% ICT sector expansion, 6.5% inflation, and a 9.9% depreciation of the Rwandan franc. A quality-of-service dispute with the Rwanda Utilities Regulatory Authority was resolved following corrective measures.

In August, MTN launched the “Tunga Taci na MTN” initiative in partnership with Yellow Digital Retailers, offering 12-month smartphone financing to boost digital adoption in line with Rwanda’s Vision 2050.

Looking ahead, MTN Rwanda is targeting mid-teens revenue growth and maintaining EBITDA margins between 40% and 42%. The National Bank of Rwanda projects 7.1% GDP growth for the full year, reinforcing the company’s role in the country’s digital transformation.