MTN Rwanda crossed a major milestone in late 2025. As announced by MTN Rwanda, pushing its total mobile subscriber base past 8 million, reaching approximately 8.1 million by the end of September, as announced by MTN Rwanda with fintech continuing to power the operator’s recovery and expansion in one of Africa’s most digitally ambitious markets.
The figures come from the company’s unaudited results for the nine months ended September 30, 2025, released in early November. Mobile subscribers grew 6.9% year-on-year to 8.1 million, while active data subscribers increased 7.5% to 2.5 million. The fintech arm, centered on MTN MoMo, saw active users rise 12.2% to 5.8 million, supported by a merchant network that expanded to 578,000.
Service revenue climbed 14.2% to Rwf 216.2 billion, detailed in the nine-month interim report summary (roughly $160 million at prevailing rates), with MoMo revenue surging 30.2% to Rwf 109.4 billion and now accounting for over half (50.6%) of total service revenue. Advanced fintech services, payments, remittances, and lending, grew 37.0% and contributed 28.5% of MoMo revenue, reflecting deeper adoption beyond basic transfers.
The performance delivered a sharp turnaround: EBITDA rose 36.7% to Rwf 89.7 billion, pushing the margin to 41.2% (up 7.2 percentage points), while profit after tax swung to Rwf 13.3 billion from a prior-year loss of Rwf 10.9 billion, a 222.7% improvement. CEO Monzer Ali highlighted the subscriber milestone as evidence of customer trust and the brand’s role in Rwanda’s digital push.
This momentum fits Rwanda’s broader trajectory toward a cashless, connected economy. With national mobile penetration high and government targets for universal broadband and financial inclusion, MTN’s dominance, recently reported at 64% market share by the Rwanda Utilities Regulatory Authority, positions it as the lead driver. Fintech has become the growth engine, outpacing data (which also grew strongly) and offsetting softer voice trends as users shift to bundles and digital services.
The results build on earlier 2025 gains. By mid-year, subscribers stood at 7.8 million with 5G rollout underway, and the Q3 update reinforced the pivot: data and fintech now form the core of revenue, mirroring patterns seen in MTN Uganda and other group operations where digital services offset maturing voice markets.
For MTN Rwanda, sustaining this trajectory means continued investment in network quality, device affordability (including smartphone initiatives), and fintech innovation to capture more transaction value. Regulatory stability and competition from Airtel remain factors, but the operator’s scale and ecosystem depth provide a strong moat.
The 8-million-plus subscriber mark is more than a number, it’s validation of MTN’s strategy in a market that prizes digital inclusion as a national priority. As Rwanda advances its Vision 2050 goals, MTN’s fintech-led growth positions it not just as the largest telecom player, but as a foundational enabler of the country’s economic digitization.
