Report shows that MTN Rwanda raked in $102 million revenue in H1 2023

MTN Rwanda has released a report documenting its unaudited financial results for the first half of 2023. The telco’s service revenue increased by 14.7% from the previous year’s haul. Beyond growing its service revenue, the telco also made some major strides in the volume of mobile money subscribers, active data subscribers, and more. 

As mentioned, its service revenue between H1 2022 and H1 2023 grew from Rwf 105 billion (about $89 million) to Rwf 120 billion (about $102 million). For context, service revenue refers to the profit that MTN generates from its operations or business units through a base transmission station (BTS). 

The telco also saw an increase in the volume of mobile subscribers. According to the report, it hit 7 million subscribers in the period under review. Based on the previous figure (6.6 million), there was a 6% year-on-year (YoY) increase. 

Its active data subscribers also grew from 2.2 million to 2.3 million, reflecting a 5.1% difference YoY. It also grew the volume of individuals using MoMo, a company-owned platform that offers various financial services. Between H1 2022 and H1 2023, the number of MoMo users in Rwanda grew by 14.4% YoY to 4.4 million. It had 3.9 million users this time last year. 

For clarity, mobile subscribers are those that have been active for 90 days. MTN classifies data and MoMo users as those that performed an activity within 30 days. 

Read also: Mastercard to buy stake in MTN’s $5.2 billion fintech unit, MoMo

MTN Rwanda largely optimistic about the future 

Commenting on its outing in H1 of 2023, Mapula Bodibe, the CEO of MTN Rwanda, noted that the company had a “solid financial performance” during the period of review. She further stated that it demonstrated the telco’s drive to spearhead the growth of digital solutions for the nation’s growth. 

Last month, MTN Rwanda released its 4G LTE network across 80% of its sites in the East African country. Airtel launched its own last month too. It’s worth noting that this move broke a monopoly that Korea Telecom Rwanda Networks (KTRN), the sole provider of 4G services, had held since 2013. 

Until recently, KTRN offered 4G services to MTN, Airtel, and other telcos on a wholesale basis. But with their services now live, that deal is certain to end. 

Bodibe also commented on the telco’s strategy for the year’s second half. She said MTN Rwanda would prioritize its fintech offerings through MoMo. Beyond serving as a revenue stream, increased usage of MoMo has a long-term benefit for Rwanda’s economy. 

Like other African countries, Rwanda is keen on transitioning to a cashless economy. MoMo and other fintechs operating in the country have a major role to play in that area. MTN Rwanda will also focus on expanding its network coverage to 99% of the country’s population before 2023 ends.