MTN Rwanda Reports Strong Q3 2023 Growth, Driven by Ambition 2025 Strategy

MTN Rwanda’s Q3 results show robust growth in revenue, driven by strategic initiatives and investments.

MTN Rwanda has released its third-quarter results, showcasing significant progress in key performance indicators. The company’s Ambition 2025 strategy led to robust growth in Data, Enterprise, and Mobile Financial Services Business Units.

During this period, MTN Rwanda achieved a noteworthy 13.6% surge in service revenue, totaling over Rwf 186.2 billion. Mobile Money (MoMo) and Voice services remained the primary contributors. Data revenue continued its upward trajectory due to a steady increase in Active Data subscribers.

Despite global and local economic challenges, including inflationary pressures and currency depreciation, MTN Rwanda achieved impressive year-on-year growth: 34.7% in MoMo revenue, 22.4% in Data revenue, and a slight 3.9% dip in Voice revenue due to the introduction of zero-rated Interconnect rates.

MTN Rwanda’s launch of its 4G network in July 2023 marked a significant milestone, expanding network connectivity, data speeds, and digital services. The company rolled out 1,011 4G sites across the country, achieving an 84% population coverage.

The third quarter also saw MTN Rwanda celebrating its 25th anniversary in Rwanda, engaging in various activities to recognize and appreciate customers, partners, and stakeholders for their loyalty. The nationwide Iwacumuzika festival and customer service week initiatives were part of this effort.

To provide added value to customers during challenging economic times, MTN Rwanda introduced affordable offers like the Tubitayeho Voice and Data plans.

In line with its commitment to sustainability, the company planted 2,500 trees in Huye district, making significant progress toward its pledge to plant 25,000 trees in celebration of 25 years of operations in Rwanda.

MTN Rwanda’s CEO, Mopula Bodibe, expressed confidence in the company’s performance, emphasizing their dedication to sustained growth, shareholder value, and industry leadership. CFO Mark Nkurunziza highlighted strong financial results, with EBITDA growing by 4.7%, though EBITDA margin contracted due to specific cost factors.

Looking ahead, MTN Rwanda is focused on executing its Ambition 2025 strategy, aiming to deliver cutting-edge digital solutions for Rwanda’s progress. The investments made, including the 4G network rollout, are expected to yield long-term benefits for customers.

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