MTN Rwandacell (MTN Rwanda) announced its reviewed interim financial results for the six months ended 30 June 2025. During a period of strong commercial execution and disciplined operational focus, MTN Rwanda delivered a robust improvement in profitability, with solid earnings growth supported by enhanced cost efficiency measures under our ongoing expense optimization program.
In a landmark achievement, we became the first operator to commercially launch 5G in Rwanda, reinforcing our commitment to innovation and future-proofing our network for accelerated digital growth.
This step, alongside targeted efficiency initiatives and agile capital deployment, positions us well to sustain momentum in the second half of the year and beyond.
During the first half of the year, total subscribers increased by 3.5% to 7.8 million. Active Mobile Money (MoMo) users grew by 9.1% to 5.6 million, while active data subscribers reached 2.4 million. Service revenue grew by 13.1% to Rwf 137.4 billion, supported by a 10.1% increase in data revenue to Rwf 23.3 billion. This reflects the strength and effectiveness of our innovative and compelling value propositions.
In June 2025, MTN Rwanda proudly launched the country’s first-ever commercial 5G network — a transformative milestone in Rwanda’s digital evolution. This achievement is not only a technological breakthrough, but also a clear demonstration of our commitment to advancing Rwanda’s digital transformation in alignment with the country’s Vision 2050, NST1, and NST2 priorities.
By deploying next-generation connectivity, we aim to unlock a wave of innovation, enhance public and private sector service delivery, and enable inclusive economic participation across urban and rural communities. Our investment in future-ready infrastructure and high-performance digital platforms positions us as a key enabler of Rwanda’s ambition to become a knowledge-based, technology-driven economy
This milestone affirms MTN Rwanda’s role as a strategic partner in national development — leveraging our scale, expertise, and infrastructure to accelerate digital inclusion, empower local innovation, and drive long-term socio-economic impact.
MTN Rwanda’s strong financial performance in the first half of 2025 reflects our steadfast commitment to disciplined execution, customer-led innovation, and long-term value creation. As we advance Rwanda’s digital transformation agenda, we are not simply rolling out technology, we are deliveringaccessible, high-impact digital solutions that enhance lives, empower businesses, and strengthen communities.
Mobile Money Rwanda Ltd (MoMo Rwanda) has continued to deliver a standout performance over the period, with MoMo revenue increasing by 29.1% to Rwf 68.6 billion. This performance was underpinned by continued growth in active MoMo merchants, which increased by 29.7% year-on-year (YoY) to 572k, alongside a rise in transaction volumes and value to 1.4 billion and Rwf 21.9 trillion, respectively.
EBITDA increased to Rwf 56.1 billion, with the EBITDA margin improving by 9.1 percentage points. Profit After Tax (PAT) recovered to Rwf 6.3 billion, a notable rebound from a loss in the prior year period. This strong performance was driven by solid growth in service revenue, coupled with the positive impact of realized expense efficiencies in the first half of 2025.
Ali Monzer, Chief Executive Officer of MTN Rwanda
With the successful launch of 5G, accelerated 4G migration, and relentless focus on cost efficiencies, we are positioning MTN Rwanda to lead the market in both relevance and resilience. Our strategy is clear and proven: bold investment in future-ready infrastructure, precision in execution, and putting customers at the core of every decision we make. As CEO, I remain confident in our ability to sustain this momentum, unlock new growth frontiers, and deliver meaningful, consistent returns for our shareholders.
Chantal Kagame, Chief Executive Officer, Mobile Money Rwanda Ltd
MoMo Rwanda continues to deepen its role in bridging the digital and financial inclusion gap across Rwanda. We’ve achieved robust growth in active users and merchant adoption, reflecting the platform’s trustworthiness and relevance in everyday life. Through strategic partnerships and the rollout of innovative products such as the MoMo virtual card and K’avance we are further strengthening our ecosystem. Our goal remains clear: to provide accessible and secure financial services tailored to the diverse needs of all Rwandans.
Dunstan Ayodele Stober, MTN Rwanda Ag. Chief Finance Officer
We are pleased to present our half-year results, showcasing strong growth across our business units. EBITDA demonstrated a solid growth performance of 43.7% during the first half of 2025, achieving a commendable EBITDA margin of 40.4%. This reflects the strong execution of our cost transformation program and improved quality of our earnings. We are confident in a stronger second half of 2025, underpinned by disciplined execution of our Expense Efficiency Program and strategic capital investments to strengthen our network.
