MTN Rwanda recorded service revenue of Rwf221.7 billion in 2022, a significant increase from Rwf184.9 billion in the previous year. The telco recorded a total revenue of Rwf224.2 billion, a 19.2 percent increase from Rwf188.1 billion in 2021. The growth is attributed to the positive results registered in voice, data and mobile financial services underpinned by good operational momentum. The overall subscriber base grew by 381,000 subscribers to 6.8 million. Active data user base with 191,000 new active data customers, a 9 percent increase compared to the previous year. This is attributed to the addition of over 308,000 new smartphones to the network, increasing smartphone penetration by 3.4 percent. ALSO READ: How MTN plans to address low smartphone penetration Speaking on these achievements, Mark Nkurunziza, MTN Rwanda Chief Finance Officer, noted that the renewal cost for their individual license in 2021 for Rwf91 billion was amortised over 10 years, which impacted finance and amortization costs resulting in a 12.8 percent decrease in net earnings. He said: “Our earnings before interest tax depreciation and amortization (EBITDA) grew by 20.8 percent compared to the previous year, closing 2022 with an EBITDA margin of 48.3 percent that came in 0.6pp stronger than 2021. “The margin improvement was primarily a result of strong revenue growth as well as a yearlong focus on expense efficiencies to contain operating expenditure growth.” ALSO READ: How MTN Rwanda has fared since debuting on Stock Exchange The Fintech arm of the telco, Mobile Money Rwanda Limited (MMRL), also reported a strong trajectory in 2022 closing at 48.4 percent growth compared to 2021. This is buoyed by an increase in the active Mobile Money subscriber base to 4.3 million users, from 3.7 million users, with an exponential increase in MoMo Pay merchants to 141,222 from 47,678 active merchants in 2021. “We are pleased to see that the adoption of our mobile money services by our customers and the drive from our partners, MoMoPay merchants, has translated into such strong results,” said Chantal Kagame, Mobile Money Rwanda Limited Chief Executive Officer. She added that they are even more committed to introducing products and services, in 2021, that will propel financial inclusion across the nation, leaving no one behind. Mapula Bodibe, the MTN Rwanda Chief Executive Officer, said: “These results are a testament to the hard work and dedication of our employees and the continued support of our board of directors, and stakeholders as well as the continued loyalty of our customers.” MTN Rwanda was recognized as the 2022 top performing MTN operation across the MTN Group footprint of countries in the MTN Group ‘Million Dollar Challenge’ with the Fintech arm emerging as the overall winner of the Build the Largest and Most Value Platforms. This, according to Bodibe, is thanks to the telco’s customers and stakeholders. In 2022, MTN Rwanda continued channelling investments in a sustainable future through its strategic priority environmental, social and governance (ESG) programme, aligned to the Group’s commitment to achieve zero net carbon emissions by the end of 2040. It launched a pilot grid-connected solar system at the data centre as a proof-of-concept project, under the localized Project Zero umbrella. Bodibe highlighted that there are prospects of expansion of this project in the coming years. As part of the commitment “Lead Digital Solutions for Rwanda’s Progress,” MTN Rwanda in partnership with its tower provider IHS Rwanda Ltd donated laptops and subsidized data to schools for the second year in a row as part of the ongoing nationwide school digitization programme. “This year, we are excited to be celebrating twenty-five years of operation in Rwanda. Our journey in this nation of a thousand hills has been one of growth and innovation. We are looking forward to celebrating this milestone throughout the year. There’s a lot in store for our customers under the theme ‘Tubitayeho’ including a number of events and giveaways, appreciating all our stakeholders and partners for their continued support and trust over the years,” added Bodibe. Looking ahead, she said they are at the mid-way point of the execution of the MTN Group Ambition 2025 strategy and the beginning of the implementation of Rwanda’s new broadband policy, which presents even more exciting growth prospects for MTN Rwanda. “We are focused on delivering on the policy expectations which are in line with MTN’s ambition to lead digital solutions for Rwanda’s progress.” “We look forward to building on the success we achieved in 2022. The Company is well-positioned for future growth, with plans to introduce new products and services, underpinned by a continued focus on improved network and customer experience,” concluded Bodibe.
