MTN Rwanda Plc is banking on sustained digital and fintech growth to extend its profit rebound after what Acting Chief Financial Officer Dunstan Ayodele Stober described as a “tenacious turnaround” that has delivered four straight quarters of profitability.
In an exclusive interview with The Kigali Financial Journal, Stober said the company’s focus on cost discipline, smart investment in data infrastructure, and diversification within fintech has strengthened its balance sheet and positioned it for long-term growth.
“We’ve been tenacious about making sure we deliver profit this year,” Stober said. “We’ve done that for four consecutive quarters now, starting from Q4 last year. And we’ve tried to do this with initiatives that are sustainable.”
MTN Rwanda’s EBITDA margin expanded 7.2 percentage points to 41.2 percent in the third quarter, while service revenue climbed 14.2 percent year-on-year. The performance, Stober said, was underpinned by rapid growth in Mobile Money revenues, which surged 30.2 percent, and expanding data usage supported by 156 new 4G sites and over 140 5G sites rolled out in Kigali.
The company’s cost of sales dropped 12.2 percent year-on-year, marking one of the strongest efficiency gains in its regional operations. Stober said the improvement reflects a structural reset in MTN’s cost base, optimizing international traffic routes, adopting off-balance-sheet device models, and reinvesting savings into network growth.
“It’s been a massive revamp of our cost base,” he said. “We save money where we can to reinvest where we need to particularly in data transmission and network expansion. That’s how we fund growth sustainably,” he added.
Looking ahead, Stober said 2026 will shift from pure cost-cutting to reshaping the company’s cost structure to support long-term investment in digital infrastructure. While the current year benefited from efficiency gains, the next phase will focus on reinvesting those savings to sustain revenue growth above inflation.
“Next year won’t be only about reducing costs,” he noted. “It’s about reshaping the cost structure. We’ll save in some areas and reinvest back into the business, mainly to enhance top-line growth through our commercial execution and network investment.”
MTN Rwanda expects to close 2025 with EBITDA margins between 40 and 42 percent, mid-teen revenue growth, and a continued push toward full 4G coverage across its network. Stober said the company aims to have all its sites 4G-enabled by early 2026, a milestone that will deepen digital inclusion and support broader data adoption.
The company is also refining its “Tunga Taci na MTN” smartphone financing program, developed with Yellow Digital Retailers, to improve affordability and accelerate smartphone penetration. While still in early stages, Stober said results are “encouraging” and that additional partners will be brought on board to scale the model.
MTN Rwanda’s fintech unit now contributes more than half of total service revenue, underscoring its growing importance in the country’s digital economy. Stober said the company plans to continue expanding advanced MoMo services such as payments, lending, and remittances, which he described as key growth pillars.
The focus, he added, is now on balancing efficiency, reinvestment, and innovation, ensuring the telecom operator maintains its momentum while advancing Rwanda’s digital transformation.
“We have a sustainable path to continue delivering this performance,” Stober said. “Our goal is to keep growing above inflation, maintain our cost structure, and drive long-term value through disciplined investment.”
