MTN Rwanda has signed a Rwf50 billion loan syndicated by eight local banks to expand its growing services countrywide.
The seven-year loan is to fund MTN’s capital expenditure program for this year until 2020 which is aimed at the expansion and modernisation of the Network and related IT systems.
At the signing of the agreement, MTN Chief Executive Officer, Bart Hofker, said that this investment is driven by the year on year growth of MTN’s customer base by 26%, growth in voice minutes by 51%, data traffic of 155% Terabytes and Mobile Money users by 54%.
“Our 3G population coverage has expanded by 23% points in the same period. We foresee this trend continuing and as such, are positioning ourselves to remain the Number 1 Network in Rwanda.
As of this year, MTN Rwanda has already invested over Rwf22 billion in network expansion and modernisation, which is expected to accelerate the delivery of richer services to MTN subscribers leading to growth created by the uptake of its improved services.
This is a strategic collaboration with the local financial institutions, will allow MTN to complete its investment journey and ensure that customers continue to experience the best network in Rwanda.
The loan fund was mobilised from Ecobank Rwanda, Cogebanque, BPR Atlasmara, I&M Bank, Bank of Kigali (BK) Kenya Commercial Bank (KCB), Equity Bank, and GT Bank.