MTN Rwanda’s profit after tax surged 191.2 per cent to Rwf17.2 billion in the first six months of 2026, as strong growth in Mobile Money, data and voice services helped drive a 21.9 per cent increase in service revenue to Rwf167.5 billion. The profit rose from Rwf5.9 billion in the same period last year, while service revenue increased from Rwf137.4 billion, according to the company’s financial results for the first half of 2026. MTN Rwanda's subscriber base grew by 11.4 per cent year-on-year to 8.7 million during the period. ALSO READ: MTN Rwanda’s network upgrade with VoLTE to boost call quality, digital connectivity Data and voice drive connectivity revenue John Bugunya, Chief Financial Officer of MTN Rwanda, told The New Times the revenue growth was driven by the company's Connectivity and FinTech businesses, particularly Mobile Money, data and voice. “Within the connectivity business, the key drivers are data and voice. Data revenue increased by 14.3 per cent year-on-year to Rwf26.7 billion, while data traffic increased by 63.6 per cent,” he said. “We've also seen an increase in customers using fourth-generation devices, with 4G users increasing by 40.9 per cent to 1.9 million. These two factors, higher data usage and increased smartphone adoption, have contributed to the growth in data revenue.” ALSO READ: MTN’s smartphone financing unlocks digital and business opportunities Voice revenue increased by 7.1 per cent to Rwf34.1 billion, supported by subscriber growth and the reintroduction of mobile termination rates in August 2025. Mobile Money revenue jumps 31.3 per cent Mobile Money Rwanda Ltd (MMRL), MTN Rwanda's subsidiary, recorded a 31.3 per cent year-on-year increase in revenue to Rwf90.1 billion, accounting for 53.8 per cent of MTN Rwanda's service revenue, up from 49.9 per cent in the first half of 2025. Bugunya said the growth was also supported by an increase in Mobile Money users and greater uptake of advanced services. “Mobile Money now contributes 53.8 per cent of overall service revenue. The growth has been driven by the increase in Mobile Money users and the uptake of advanced services, including lending and micro-insurance.” The number of Mobile Money merchants increased by 19.2 per cent to 682,000. Speaking to The New Times, Monzer Ali, Chief Executive Officer of MTN Rwanda, said the value of transactions processed through Mobile Money was growing faster than the number of transactions. “Mobile Money transaction volumes grew by 28.5 per cent, with Mobile Money transaction values growing by 43.9 per cent, from Rwf20.3 trillion in the first half of last year to Rwf29.2 trillion in the first half of this year.” “This tells you that the value of transactions by citizens is growing, not only the number of transactions. The value is growing faster than the number of transactions,” he said. MTN Rwanda's earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 30.4 per cent to Rwf70.5 billion, supported by savings from the company's Expense Efficiency Programme. Capital expenditure, excluding leases, remained largely unchanged at Rwf11.2 billion. MTN expands network as data demand grows Monzer said the company expanded its network capacity despite keeping capital expenditure largely unchanged, in response to growing demand for data services. He added that the company was focusing on expanding network coverage and encouraging greater adoption of smartphones and data services. “Last year, we had more than 400 sites without 4G. Today, all our network sites have 4G. We also rolled out 5G and were the first in the country to commercialise it,” he added. ALSO READ: Inside Rwanda’s roadmap for 2G, 3G switch-off Monzer said MTN's priorities for the second half of 2026 include growing its customer base, strengthening its network, expanding FinTech services, enhancing customer experience and improving operational efficiency.
