MTN Rwanda returned to profitability in the first quarter of 2026, with its mobile money service contributing more than half of the company's total revenue. The company reported a net profit of 3.4 billion Rwandan francs for the period, a significant recovery from a net loss of 2.8 billion francs in the same quarter of 2025.
The results, announced on May 11, 2026, show that MTN Mobile Money (MoMo) now accounts for 52% of the company's service revenue. This growth in fintech services helped drive a 21.5% year-on-year increase in service revenue to 55.8 billion Rwandan francs. Data revenue also saw strong growth, increasing by 32.4% to 13.9 billion francs.
CEO Mapula Bodibe attributed the turnaround to what she described as a disciplined execution of the company's Ambition 2025 strategy, which has focused on expanding digital and financial services. "Our performance in the first quarter demonstrates the resilience of our business and the success of our strategic focus on fintech and data," Bodibe stated in the company's earnings release. The company's subscriber base grew by 8.6% to 6.7 million, with mobile money users increasing by 11.2% to 4.3 million.
The performance in Rwanda reflects broader trends across MTN Group's operations in Africa. The parent company reported strong first-quarter growth across its markets, with group service revenue increasing by 11.1% year-on-year. Fintech revenue across the group grew by 21.6%, while data revenue increased by 16.1%. Group CEO Ralph Mupita noted that the company's fintech business now serves over 72 million active users across its footprint.
MTN's recovery in Rwanda comes after a challenging period for the operator in the East African nation. The company had faced regulatory pressures and increased competition in recent years, but the latest results suggest its pivot toward digital services is yielding results. The Rwandan market has seen increasing competition in the mobile money sector, with Airtel Money also expanding its services in the country.
The growth of mobile money as a revenue driver for telecom operators represents a significant shift in the African telecommunications landscape. What began primarily as a voice and SMS business has increasingly transformed into a platform for financial services, particularly in markets with lower banking penetration. MTN's experience in Rwanda mirrors trends seen in other African markets where fintech services now contribute substantially to operator revenues.
Industry analysts note that the success of mobile money services often depends on regulatory frameworks that enable innovation while ensuring consumer protection. Rwanda has been actively developing its digital economy infrastructure, with the government implementing policies to promote cashless transactions and financial inclusion. The country's relatively high mobile penetration rate, estimated at over 80%, provides a strong foundation for digital financial services.
Looking ahead, MTN Rwanda indicated it would continue to invest in network infrastructure and digital services. The company plans to expand its 4G coverage and enhance its mobile money platform with additional services. The operator's performance will be closely watched as an indicator of whether telecom-led fintech models can sustain profitability amid increasing competition from dedicated fintech startups and traditional banks expanding their digital offerings.