MTN Rwanda has reported an after tax profit of Rwf19.4 billion in the first 9 months of September of 2021 compared to Rwf17.8 billion in the same period last year. All the telco’s revenue streams, data, voice, Mobile Money and enterprise registered positive growth in the first 6 months of the year. According to the telco’s Quarter 3 results submitted to the Rwanda Stock Exchange, the telco’s profit before tax stood at Rwf 30bn. Voice remained the largest driver of revenue accounting for 48.1 per cent of total revenue and growing by 12.1 per cent. As was the case in previous quarters, they attributed the growth to expansion of customer acquisition points, rural telephony initiatives and revamped acquisition offers. Data revenue stream rose by 22.3 per cent with traffic increasing by 42.5 per cent. Financial Technology revenue was reported to have the highest growth rising by 54.4 per cent in comparison to the same period last year. Fintech operations include Mobile Money and airtime lending service. The FinTech arm in April this year became a subsidiary, Mobile Money Rwanda Ltd, with a mandate to run mobile money operations. The telco also makes money from its revenue arm which involves selling devices and fixed connectivity. For the remaining part of the year, the telco noted that they are keen to further scaling FinTech and growing their user base to drive financial inclusion. “We are optimistic about the growth potential For data and digital services, which also remain priorities for the remainder of the year through our consumer value propositions as well as Home Connectivity. We will continue to drive for expense efficiencies across the business and strengthen our operations and financial position to unlock efficiency and support margins,” the telco noted. In the recent quarter, the telco came under fire for challenges in quality of network quality especially for voice. Rwanda Utilities Regulatory Authority (RURA), issued an Enforcement Notice with regards to network quality of service. MTN Rwanda noted that they remain in close communication with the regulator to share the improvements seen in the network. In the same period, the Central Bank of Rwanda issued a directive on the zero-rating of fees/charges on transfers between e-money and deposit- accounts belonging to the same person. The development affected revenue of the firm as it was previously a revenue stream. In the first 6 months of 2021, MTN Rwanda reported an after tax profit of Rwf14.2 billion in the first half of 2021 compared to Rwf9.3 billion in the same period last year.
