RWANDA · TELECOMS AND FINTECH
MTN Rwandacell, the Rwandan unit of MTN Group, a South African telecoms group, said on Friday 6 November 2026 that quarterly profit after tax rose 81% to Rwf13.2 billion (about US$9.0 million). Rwf stands for Rwandan francs, and the phone and mobile money company shows how fast digital payments are growing in East Africa, where many people pay and receive remittances by phone.
Key Facts
- The profit Profit after tax rose 81% to Rwf13.2 billion (about US$9.0 million) in the third quarter.
- The earnings Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 26.9% to Rwf42.2 billion (about US$28.7 million).
- The margin The nine-month EBITDA margin rose 3.1 points to 43.1%, above the 40% to 42% target range.
- The users Active users of MoMo, MTN’s mobile money service, rose 12% to 6.5 million.
- The date MTN Rwandacell published the results on Friday 6 November 2026.
What Happened in the Third Quarter
MTN Rwandacell said in its results statement that third-quarter earnings before interest, tax, depreciation and amortisation (EBITDA) rose 26.9% to Rwf42.2 billion (about US$28.7 million). EBITDA is a common measure of operating earnings before financing costs and accounting charges.
Profit after tax rose 81% to Rwf13.2 billion (about US$9.0 million) over the same three months. Over nine months, it rose 130.3% to Rwf30.3 billion (about US$20.6 million).
Nine-month EBITDA climbed 29.1% to Rwf112.7 billion (about US$76.6 million). The margin, which is EBITDA as a share of revenue, rose 3.1 percentage points to 43.1%.
That margin sits above the company’s medium-term guidance range of 40% to 42%. The company said service revenue growth and a cost-efficiency programme offset the effect of inflation.
Service revenue, the income from services sold to customers, rose 20% over nine months to Rwf259.4 billion (about US$176 million). The company said fintech, meaning financial services delivered by phone, led that growth.
Revenue from MoMo, MTN’s mobile money service, grew 29.1%. Mobile money lets people store money on a phone and send it to others.
How Many Customers Joined
Mobile subscribers rose 7.5% to 8.7 million. Active data subscribers, who use mobile internet, rose 15.9% to 2.9 million.
Active MoMo users rose 12% to 6.5 million. Because fintech led service revenue growth, mobile money is now central to the business.
Why It Matters
Chief executive Monzer Ali said growth was diversified across data, enterprise and fintech. He said strong economic growth and a moderating fall in the franc, Rwanda’s currency, helped the company by containing its dollar-denominated costs.
Ali also said elevated inflation and tighter monetary conditions held back household spending. The company cited Rwanda’s real gross domestic product (GDP) growth of 9.7% year on year in the first half of 2026 as context.
eKash and the New Fee Cap
eKash is the instant-payment system of Rwanda’s central bank, the National Bank of Rwanda, which routes transfers between bank accounts and e-money wallets. It went live on 14 July.
The company said customer fees are capped at Rwf20 (about US$0.014) for transfers under Rwf10 million (about US$6,800). Ali said the effect on third-quarter results was not material and that it is early.
The company expects the regulated tariff to lower revenue per interoperable transaction over time. An interoperable transaction is a transfer that moves between different providers’ systems.
What Happens Next
The company expects inflation to ease and the franc’s depreciation to moderate. It forecasts Rwandan GDP growth of 7.8% for the year.
It aims to sustain growth in service revenue and profit after tax. It reaffirmed medium-term guidance of mid-teens service revenue growth and an EBITDA margin of 40% to 42%.
The guidance also includes capital spending intensity of 7% to 10%, which means capital expenditure as a share of revenue. The company will give a further update on eKash with its annual results.
What It Means for Investors and Readers Abroad
For US readers following African markets or remittances, the report shows how quickly phone payments are scaling in Rwanda. MTN Rwandacell is listed on the Rwanda Stock Exchange and has no US listing.
More coverage is on the Rwanda news hub and in Africa news in English. The next test is the eKash update that the company will give with annual results.
What Is Not Known
The company has not said how eKash will change fintech revenue, and it will update at annual results. The full-year result is also not known.
Frequently Asked Questions
How much profit did MTN Rwandacell make?
Profit after tax rose 81% to Rwf13.2 billion (about US$9.0 million) in the third quarter. Over nine months it rose 130.3% to Rwf30.3 billion (about US$20.6 million).
What is eKash and does it hurt MTN Rwandacell?
eKash is the National Bank of Rwanda’s instant-payment system, live since 14 July. The company says the effect on third-quarter results was not material, but expects lower revenue per interoperable transaction over time.
What does MTN Rwandacell expect next?
It expects inflation to ease, franc depreciation to moderate and Rwandan GDP growth of 7.8% this year. It aims to sustain growth in service revenue and profit after tax.
Sources: MTN Rwandacell Plc, unaudited results statement for the quarter and nine months ended 30 September 2026, 6 November 2026 (mtn.co.rw/financial-results and rse.rw); National Bank of Rwanda, eKash instant-payment system.
This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. How we use AI · Report an error