MTN Rwandacell (MTN Rwanda) announced its audited financial results for the year ended 31 December 2024, through the Rwanda Stock Exchange. Service Revenue grew by 4.6%, driven by a strong growth in subscribers and Mobile Money.
The results highlight a significant turnaround, generating a profit after tax (PAT) of Rwf 5.3 billion in the last quarter of 2024, driven by double-digit service revenue growth and disciplined capital allocation. This represents a 328.9% year on year (YoY) increase in profit after tax compared to Q4 2023, following a loss of Rwf 10.8 billion for the 9 months to September 2024.
MTN Rwanda delivered a 5.1% YoY growth in active subscribers, reaching 7.6 million users, cementing its place as a market leader with a steady improvement in market share. Strategic investments in technology and connectivity reinforced MTN Rwanda’s market position as the leading network provider in Rwanda, to deliver 4.6% growth in service revenue to Rwf 257.7 billion driven by a 30.3% YoY growth in Mobile Money, enabled by the strong adoption and usage of fintech services. Data revenue saw modest growth of 0.2% YoY, driven by a 35.7% growth in data consumption per active user, supported by the introduction of affordable data packages.
MTN also remained steadfast in its focus to deliver an enhanced customer experience, by completing the network modernization of Kigali, making the network more connected, digitised and efficient. In its continued efforts to support Rwanda’s digital economy, MTN Rwanda expanded its network population coverage to 99.7%, and Broadband coverage to 87.0%.
MTN Rwanda continued to drive Smartphone access during this period, to achieve a 36.8% YoY increase in smartphones on its network, compared to the same period last year, now totalling 2.7 million devices, contributing to the efforts to bridge the digital divide for Rwandans.
Home broadband subscriptions surged by 27%, reaching 11.6k, as more customers embraced MTN Rwanda’s fast, reliable, and efficient connectivity solutions for their homes. This growth underscores the trust and confidence of MTN’s loyal customers, who continue to benefit from enhanced digital services tailored to meet their evolving needs.
Voice revenue declined by 17.8% YoY, largely due to the impact of zero-rated Mobile Termination Rates (MTR).
Mobile Money Rwanda Limited (MoMo Rwanda) is at the forefront of Rwanda’s digital financial revolution, with active subscribers surging to 5.3 million in 2024. This rapid adoption drove an impressive revenue growth of 30.3% YoY, reflecting a fundamental shift toward digital financial services in Rwanda. More customers and businesses than ever before are relying on MoMo for everyday payments, savings, lending, and seamless money transfers, both locally and internationally, as well as between wallets and banks.
MoMoPay’s merchant network grew to over 520,000, with active users reaching a record 3.2 million, up from 2.7 million in 2023. Innovations like MoMoCard are driving Rwanda’s cashless economy, empowering customers to make secure payments locally and internationally, showing how Rwandans are embracing digital financial solutions in their daily lives.
Dunstan Stober, Acting Chief Financial Officer of MTN Rwanda
We are pleased to have witnessed a turnaround in our PAT in the last quarter of 2024, which was driven by double-digit service revenue growth and disciplined capital allocation. However, the company reported a net loss of Rwf 5.5 billion for the year, compared to 2023, due to a slowdown in revenue growth and rising operating expenses. EBITDA declined by 19.8%, with the EBITDA margin falling to 35.5%, primarily impacted by a 26.3% increase in costs and the effects of the Zero MTR directive on voice revenue. Despite these challenges, MTN Rwanda maintained financial discipline driven by cost expense efficiencies, and value-based capital expenditure, reducing by 15.3% YoY to Rwf 70 billion underscoring a strategic focus on optimizing network infrastructure to improve efficiency and enhance customer experience.
Mapula Bodibe, Chief Executive Officer of MTN Rwanda
2024 had its share of ups and downs, but we’re pleased to have ended the year strong. The profit turnaround we witnessed in Q4 demonstrated our resilience and commitment to achieving our goals. We focused on expanding our network and increasing 4G coverage to support the growth in subscribers and enhancing digital financial services to bridge the digital divide in support of Rwanda’s digital transformation efforts. At MTN Rwanda, we are not leaving anyone behind because we believe everyone deserves to enjoy the benefits of a modern connected life. Seeing more people and businesses trust our services was truly rewarding. Our partnerships and projects are all about using technology to make life better for all Rwandans. As we move into 2025, we are not settling for less for Rwandans! We are going to keep making progress, improving our network, and contributing to the efforts to build a more connected and digitised Rwanda.
Chantal Kagame, Chief Executive Officer of MoMo Rwanda
We are thrilled to see how MoMo is making life easier for Rwandans. Whether it’s paying bills, making transfers or getting quick financial help, MoMo has become a part of everyday life. It’s also helping to create jobs through our network of agents and merchants. In 2024, we took things a step further with the Dusangire Lunch campaign, which provided meals to over 3.4 million students. This program is about more than just food, it’s about helping kids stay in school, focus better, and build a brighter future for Rwanda. While making digital payments simple and safe is still our goal, we’re also focused on supporting communities and making a real difference in people’s lives.
