MTN Rwandacell PLC (MTN Rwanda) has unveiled its audited financial results for the 2023 financial year, showcasing robust growth across its platform business units.
The company’s sustained commercial momentum led to a service revenue growth of 11.2% year on year (YoY), driven primarily by strong performance in Data, Fintech, and Enterprise business segments.
Data revenues experienced a significant surge of 21.4% YoY, attributed to a 14.3% increase in active data customers and the introduction of MTN’s 4G network.
The rollout of 4G resulted in a remarkable 506% surge in 4G users, translating to improved connectivity and faster data speeds.
Moreover, a 26% YoY rise in smartphones connected to the network contributed to a 27% smartphone penetration.
The success of the Macye Macye device financing program played a pivotal role in driving smartphone adoption and enhancing internet access for users.
The robust growth in data traffic, up by 20.8%, not only reflects MTN Rwanda’s efforts to bridge the digital divide but also underscores its commitment to providing a modern connected life for all.
Furthermore, Mobile Money Rwanda Limited (MoMo Rwanda Ltd), a subsidiary of MTN Rwanda, reported strong subscriber growth, reaching 4.9 million active subscribers. This achievement resulted in a solid 33.6% YoY growth in Fintech revenues, driven by a remarkable 69.2% YoY increase in the adoption of advanced services. The expansion of MoMoPay merchants from 141k to 337k underlines MoMo Rwanda’s dedication to expanding its ecosystem and promoting financial inclusion.
Chantal Kagame, Chief Executive Officer of Mobile Money Rwanda Limited, expressed pride in the company’s efforts to advance financial inclusion and economic empowerment through innovative Fintech solutions.
Additionally, the Enterprise business unit delivered solid results with a 15.0% YoY revenue growth across all services, including Voice, SMS, Data, and ICT solutions. This growth was supported by a 22.7% increase in the Enterprise subscriber base, reaching 249.6k.
Mark Nkurunziza, Chief Finance Officer of MTN Rwanda, highlighted the company’s financial performance, emphasizing the positive impact of the launch of its own 4G network.
However, challenges such as the revision of interconnect rates affected EBITDA performance.
Looking ahead, Mapula Bodibe, Chief Executive Officer of MTN Rwanda, emphasized the company’s commitment to driving innovation, digital and financial inclusion, and delivering best-in-class service to customers.
Despite the challenging operating environment, MTN Rwanda remains focused on providing leading digital solutions and contributing to Rwanda’s progress.
Moreover, MTN Rwanda continues to prioritize Environmental, Social, and Governance (ESG) initiatives, including climate action, health, education, diversity, and inclusion. Notable efforts include tree planting, healthcare support, and fundraising initiatives for social causes.
As MTN Rwanda celebrates 25 years of operations in Rwanda, it remains strategically positioned to provide connectivity solutions and deliver an excellent digital experience to customers, while contributing to sustainable development and shared value creation for stakeholders.
