Connecting Africa is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 3099067.

Business of Tech

MTN sees double-digit revenue growth in Rwanda & Uganda

Article Image
MTN's operations in Rwanda and Uganda have reported strong interim growth with revenue and subscribers increasing in the East African nations, while data and fintech revenue is also on the rise.

MTN Rwanda reported a service revenue bump of 21.5%, to 105.1 billion Rwandan francs (US$103 million), for the six months to June 30, 2022. Meanwhile MTN Uganda reported a 10% increase in service revenue, to 1.09 trillion Ugandan shillings ($281 million).

MTN Uganda's mobile subscribers increased by 8.9% year-on-year (YoY), to 16.3 million, and MTN Rwanda now has 6.6 million users, ticking up 1.7% YoY against the backdrop of new SIM registration guidelines which kicked off in September 2021.

Data drive

Data customers were on the rise with MTN Uganda increasing 21.8% to 5.7 million and MTN Rwanda adding 23.9% more data customers to total 2.2 million. Data revenue rose 36.8% and 14.6%, in Uganda and Rwanda respectively. This follows good growth reported by peer MTN Ghana this week.

"With the aim to deliver a superior data experience to our customers, [MTN Rwanda] embarked upon an accelerated 4G penetration drive which has seen the number of active 4G users grow by five times over the period," MTN Rwanda CEO, Mitwa Ng'ambi said.

"This approach coupled with initiatives to drive smartphone penetration will bolster data revenue growth in the long run."

MTN Uganda CEO, Wim Vanhelleputte, said the opco had delivered resilient results despite economic constraints like increased inflationary and currency pressures putting pressure on the spending power of its customers.

"This has largely been influenced by higher fuel prices, rising domestic food crop prices due to dry weather conditions across the country, as well as persistent global production and supply chain challenges," he said.

Fintech flourish

Fintech revenue shot up 52.4% YoY in Rwanda on the back of growth in both MTN Mobile Money (MoMo) and airtime lending service Xtratime. MTN Rwanda's MoMo revenue was up 57.8% YoY, driven by growth in active MoMo subscribers of 9.1% as well as increased transaction volume (up 38.3%) and value (up 22.8%).

In Uganda MTN's fintech revenue increased 20.5% and subscribers grew 14.1% to 9.8 million. This was boosted by successful products like MoSente, which is a partnership with Jumo offering micro loans on mobile money. It also saw growth in savings and lending product, MoKash, and MoMo Advance, which is an overdraft facility, both in partnership with NCBA bank.


Want to know more? Sign up to get the weekly Connecting Africa newsletter direct to your inbox every Friday.


Both the CEO's of these opcos were reporting their final results, with Ng'ambi moving to MTN Cameroon to take over as CEO in September 2022.

Vanhelleputte has taken on the new role of operations executive for MTN's markets in West and Central Africa (Liberia, Guinea-Conakry, Guinea-Bissau and Congo-Brazzaville) and is replaced in Uganda by Safaricom's chief consumer business officer Sylvia Mulinge.

MTN Group will report its half-year results on August 11, 2022.

Related posts:

*Top image source: warrenski on Flickr CC 2.0

— Paula Gilbert, Editor, Connecting Africa

Innovation hub

Video

Interview: Qualcomm execs on mentorship for African startups

Qualcomm Technology VP for Engineering, Sudeepto Roy, and Elizabeth Migwalla, VP for Government Affairs, join Connecting Africa for a video interview about Qualcomm's Make in Africa Mentorship Program.

Story

Hot startup of the month: Pan-African fintech KamaPay

This month's hot startup is pan-African fintech KamaPay, which helps individuals and businesses make cross-border payments on the continent.

More Innovation hub

Latest video

More videos

Sponsored video

More videos

Industry announcements

More Industry announcements

Flash poll

All polls

Africa Tech Perspectives

Story

Deep dive into East Africa's tech startup ecosystem

New survey reveals a lack of access to investors, reliance on international VCs and global recession trends as the biggest barriers for East African tech startups to access funds.

Story

Challenges and opportunities for women's tech careers

A new survey reveals that COVID-19, the cost-of-living crisis, skills shortages and a lack of mentorship have negatively affected women's career development over the past two years.

Story

Survey: Opportunities for Women in Tech

Take our new survey for women across Asia, Europe and Africa looking at the biggest challenges and opportunities for women-led enterprises and trends in tech careers for women.

More AfricaCom perspectives

Upcoming events

London Tech Week
June 13-16, 2023
Queen Elizabeth II Centre, Broad Sanctuary, London SW1P 3EE
Cybertech Africa 2023
August 1-2, 2023
Kigali Convention Center, Kigali, Rwanda
Africa Tech Festival, Home of AfricaCom and AfricaTech
November 13-16, 2023
CTICC, Cape Town
More Upcoming events

Guest Perspectives

Story

Omdia View: February 2023

By Omdia Analysts

In February 2023 key events in the Middle East and Africa included a major Internet project for Africa's underserved by Liquid Intelligent Technologies and Microsoft as well as a 5G launch in Tanzania – that and more in this month's Omdia View.

Story

Omdia View: July 2022

By Omdia Analysts

Kenya and Zambia move towards 5G with new spectrum allocations while Tunisie Telecom plans to shut down its 3G network - that and more in this month's Omdia View.

More Guest Perspectives

Partner perspectives

All Partner Perspectives

Like us on Facebook

Newsletter Sign Up


Sign Up