Telecoms company MTN Rwandacell Plc (MTN Rwanda) generated a turnover of 249.3 billion Rwandan francs ($194.3 million) during the financial year 2023, according to its latest financial results published on Friday 15 March. These figures represent a year-on-year increase of 11.2%.

The Rwandan subsidiary of MTN Group attributes its performance to strong growth in several business segments bringing service revenues to RWF 246.5 billion, up 11.2%. During the year, the company invested RWF62.2 billion in its network to improve service quality and customer experience.

MTN Rwanda says it achieved these performances despite “  a difficult operating environment  ” marked in particular by the depreciation of the local currency compared to the US dollar and foreign currency shortages. The company added that the cancellation of local mobile termination rates (MTR) occurring in August 2023 had a negative impact on its financial performance.

In the medium term, MTN Rwanda is committed to continuing investments in the extension and modernization of its network, in the deployment of competitive services and in increasing the number of subscribers in order to accelerate the growth of service revenues. . For 2024, the company has set a goal of achieving 99% population coverage for 2G and 3G. For 4G, the telecoms operator wants to exceed the 90% threshold.

Source: Agency EcoFin