MTN Rwanda Plc is doubling down on its technology investments and fintech services as it continues its return to profitability.

Rwanda’s leading telecommunication firm saw a profit of Rwf6.3 billion in the first half of 2025, a turnaround from a loss of over Rwf10 billion during the same period last year.

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Year-on-year profit growth exceeded 160 per cent, while earnings before interest, tax, depreciation, and amortisation (EBITDA), a measure of core operational performance, rose to 40.4 per cent, up 9.1 percentage points.

The results were supported by a 27 per cent reduction in cost of sales and Rwf 7 billion in operational savings.

"It’s a very strong set of financial results. This is the third quarter consistently where we are delivering profits,” said Dunstan Ayodele Stober, MTN’s Chief Finance Officer, in an interview with The New Times on Thursday, August 14, at the firm’s headquarters.

Last year, the telco reported a 6.4 per cent decline in voice revenue. The company has recovered about 1.8 percentage points of that decline while maintaining a strong focus on cost optimisation, according to Stober.

He explained that MTN has been "very smart around the way we deliver devices,” reducing subsidies from Rwf4 billion last year by using new models for affordable access. Combined with lower interconnect and device costs, these measures helped improve margins.

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While revenue grew 13.5 per cent, normalised operating expenses increased only 8.3 per cent. "The strong delivery of profitability comes from both revenue uplift and the containment of costs,” he said.

MTN’s data revenue grew 10.1 per cent year-on-year, driven by a 35 per cent increase in 4G users and higher smartphone penetration, now at 41.5 per cent.

Stober explained, "We are exploring various models to further drive smartphone adoption. By combining our strong data offerings, superior network experience, and advanced technology, we aim to continue growing our data revenues.”

Fintech revenue, particularly mobile money (MoMo), increased 29.1 per cent, with active MoMo users reaching 3.2 million and a 30 per cent rise in merchant outlets. Advanced mobile money services, including banking products, grew by 41 per cent.

He added that both Fintech and data will continue to drive growth while the company works to recover from declining voice revenues.

Network investment

Stober stressed that MTN applies a value-based approach to capital allocation, channelling expenditure into areas that directly enhance profitability.

"We are the first in Rwanda to launch 5G, and our strategic focus has always been to maintain network leadership.”

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"We invest where the returns justify it and where it supports sustainable growth. Above all, our priority is to keep advancing our technology to deliver a better user experience for our customers.”

He added that the company has invested heavily in its network to mitigate operational challenges and improve service quality.

The firm also aims to sustain its momentum by maintaining market share and growing its subscriber base.

Regarding the mobile termination rate (MTR), fees that telecom operators pay each other when calls terminate across networks, which is still under discussion with Rwanda Utilities Regulatory Authority (RURA), Stober said, "While it's something that we've been pushing for, it’s come at a rate of what we say, I’ll say 50 per cent of what we had initially anticipated. And to that effect, we expect to see an improvement in our revenues as a result.”