Ali Monzer Leads MTN Rwanda's Remarkable Return to Profit

Under the leadership of Ali Monzer, MTN Rwanda has staged one of the most notable corporate recoveries in the country's telecom sector. Appointed earlier this year after holding senior roles within the MTN Group, including Chief Technology and Information Officer at MTN Uganda and a short tenure as CEO of MTN South Sudan, Monzer has guided the company from a loss-making position in 2024 to a strong profit within nine months. His leadership has been marked by a sharper operational focus, a disciplined cost strategy, and a renewed emphasis on fintech innovation and digital inclusion.

For the first nine months of 2025, MTN Rwanda recorded a profit after tax of Rwf 13.3 billion, a dramatic improvement from a loss of Rwf 10.9 billion in the same period last year—representing a 222.7 percent turnaround. Service revenue grew by 14.2 percent to Rwf 216.2 billion, while earnings before interest, tax, depreciation, and amortization increased by 36.7 percent to Rwf 89.7 billion, lifting the EBITDA margin to 41.2 percent. Free cash flow more than doubled to Rwf 64.4 billion, supported by a 44 percent reduction in capital expenditure and a sharper focus on operational efficiency.

A major driver of the turnaround has been the growth of MTN Rwanda's fintech business, led by its MoMo (Mobile Money) platform. Active users grew by 12.2 percent to 5.8 million, while MoMoPay adoption expanded significantly across small businesses and merchants. This growth has deepened financial inclusion and made digital transactions more accessible to Rwandans. The fintech division has also become a key pillar of the company's revenue and long-term strategy, complementing growth in data and enterprise services.

MTN Rwanda's total mobile subscribers have now surpassed 8 million, a milestone that reflects strong customer engagement and product innovation. Among its initiatives, the company launched "Tunga Taci na MTN," a smartphone financing program designed to make devices more affordable through flexible installment plans. The initiative, developed with financial and retail partners, is part of MTN Rwanda's commitment to accelerating smartphone penetration and bridging the digital divide.

Rwanda's strong macroeconomic environment has further supported this rebound. The country's GDP grew by 7.2 percent in the first half of 2025, while the ICT sector expanded by 11.8 percent. MTN Rwanda has also strengthened its relationship with the Rwanda Utilities Regulatory Authority, resolving previous service-quality issues and building a more collaborative framework for growth.

Looking ahead, the company has reaffirmed its medium-term targets of achieving mid-teens growth in service revenue and maintaining EBITDA margins between 40 and 42 percent. Monzer's leadership has been widely recognized for restoring financial stability while steering MTN Rwanda toward innovation and customer-centric growth. Analysts credit his technology-driven approach and emphasis on disciplined execution as key factors in the company's turnaround.

MTN Rwanda's recovery under Monzer reflects a broader shift within Africa's telecom industry, where fintech and digital services are reshaping traditional business models. With its strong financial foundation, expanding MoMo ecosystem, and growing subscriber base, the company is now well positioned to lead Rwanda's next phase of digital and financial inclusion.