MTN Rwanda Rebounds with Strong Q1 Performance

Mobile network operator MTN Rwanda has reported a return to profitability in the first quarter of 2026, driven by robust growth in data usage and mobile money services. The company posted a profit after tax of Rwf 10.8 billion ($6.8 million) for the three months ended March 31, marking a significant turnaround from the net loss recorded during the same period last year.

Key Financial Highlights:

  • Service revenue increased by 14.7% to Rwf 295.7 billion ($200.78 million)\n* EBITDA grew by 17.3% to Rwf 106.8 billion ($72.52 million) with a margin of 35.8%\n* Data revenue rose 15.6%, while fintech revenue from MoMo services jumped 27.6%\n This positive performance builds on momentum from late 2025 when increased data consumption and home broadband usage strengthened the company’s financial foundation.

Digital Services Fuel Growth:

MTN Rwanda’s digital businesses are proving to be key growth drivers. Active data subscribers reached 2.8 million, a 14.1% increase year-on-year, while monthly active users on its mobile money platform, MoMo, climbed to 6.2 million—a 17.3% jump.

Monzer Ali, MTN Rwanda’s Chief Executive Officer, noted that the company remains focused on affordability, operational efficiency, and strategic investments for sustained growth:

“We remain focused on protecting affordability for our customers, accelerating efficiency across the business, and continuing to invest in the capabilities that will define the next phase of growth.”

The results underscore Rwanda’s emergence as one of Africa’s fastest-growing digital economies despite being a relatively smaller market compared to Nigeria or South Africa.

Macroeconomic Context:

Rwandan economy expanded by 9.4% in 2025, driven largely by the services and industrial sectors. However, inflationary pressures have intensified in early 2026, with urban inflation averaging 7.6% between March 2025 and March 2026.

MTN Rwanda acknowledged these challenges but remains optimistic about its long-term prospects as it continues to invest in network expansion—reaching 94.8% population coverage with 4G services and rolling out 5G technology across the country.