MTN Rwanda bounced back into profit in the first quarter of 2026, driven by robust growth in both internet usage and mobile money services.
According to its financial records, the company declared a profit after tax of Rwf 10.8 billion ($6.8 million) for the quarter ending March 31, 2026, reversing the net loss reported in Q1 2025.
Compared to the telecom operator’s losses during the same period last year, the performance represents a significant improvement.
EBITDA, a gauge of operating profitability, increased 17.3% to Rwf 106.8 billion ($72.52 million), while service revenue increased 14.7% year over year to Rwf 295.7 billion ($200.78 million). Its EBITDA margin increased from 32.7% to 35.8% in the previous year.
The digital operations of MTN Rwanda were the primary drivers of growth. Monthly active users on its mobile money platform, MoMo, surged 17.3% to 6.2 million, while active data customers rose 14.1% to 2.8 million, suggesting growing demand for internet services.
Fintech income from MoMo services increased by 27.6%, while revenue from data services increased by 15.6%.
The company’s income foundation was strengthened by increased data consumption and home broadband usage in late 2025, which contributed to the recovery.
The findings indicate that Rwanda’s telecom industry is emerging as one of Africa’s fastest-growing digital economies, despite being smaller than markets like Nigeria or South Africa.
In the company’s Q1 financial report, Monzer Ali, CEO of MTN Rwanda, stated, “We remain focused on protecting affordability for our customers, accelerating efficiency across the business, and continuing to invest in the capabilities that will define the next phase of growth.”
Despite growing inflation and unpredictability in the world economy, Rwanda’s overall economy has persevered. The nation’s GDP grew by 9.4% in 2025 compared to 7.2% the year before, mostly due to industry and services. However, in early 2026, inflationary pressures had increased.
The National Institute of Statistics of Rwanda reports that between March 2025 and March 2026, energy costs increased by 25.5% while urban inflation averaged 7.6%.
In an effort to curb inflation, the National Bank of Rwanda also increased its benchmark interest rate to 7.25% in February 2026.
Both operating expenses and customer expenditure are being impacted by these constraints for MTN Rwanda. According to the company, supply chains and consumer purchasing power are under pressure due to rising energy costs and disrupted global trade flows caused by geopolitical concerns in the Middle East.
Nevertheless, the business keeps making significant investments in digital infrastructure and network expansion. MTN Rwanda reported that it continued its phased rollout of 5G services and increased 4G population coverage to 94.8% during the quarter.
Rwanda is still a tiny market as compared to larger MTN subsidiaries. In the first quarter of 2026, MTN Nigeria reported a profit after taxes of about $256 million, while Airtel Africa reported $227 million.
The 8.2 million members of MTN Rwanda are also significantly fewer than those of MTN Nigeria, which has 89.5 million users, or Airtel Africa, which has 183.5 million subscribers throughout its countries.
With 5.9 million individuals using mobile money, the country’s adoption of digital payments and financial inclusion has surpassed that of other larger African countries.
In contrast to the rapid network investment cycles taking place in major telecom markets like Nigeria and South Africa, MTN Rwanda stated that it is aiming for a capital expenditure intensity of between 7% and 10% of revenue.
As it continues to implement its long-term “Ambition 2025” strategy, MTN Rwanda called the return to profitability a “positive start to the year” despite macroeconomic uncertainty.
