MTN Rwanda CFO, Dunstan Ayodele Stober addressing local media in Kigali (Photo Daniel Sabiiti)
The air in the yellow- branded Kigali boardroom crackled with a quiet sense of triumph as Dunstan Ayodele Stober, the Chief Financial Officer (CFO) of MTN Rwanda, briefed the media on the company’s Quarter 3 financial performance and future prospects.
This was not a story of sheer growth, but of a calculated, almost surgical, return to form. The numbers spoke for themselves: 222% profit improvement year-on-year, driven by a commitment to three non-negotiable pillars.
“This time last year, we faced significant challenges,” Stober began, his voice calm yet firm.
“Today, we’ve delivered solid growth above inflation, improved our margins, and, most importantly, generated strong cash for the business. But these numbers are just the foundation for what comes next: a decisive plan to improve the lives of every Rwandan subscriber.”
The plan, Stober elaborated, was directly inspired by the national drive for digital inclusion, echoing the urgency of the GSMA MWC 2025 (in Kigali) recommendations and the vision articulated by President Paul Kagame regarding the transformative power of Mobile Money.
Pillar 1: Sweating the Assets: A Data-First Strategy
Stober revealed MTN’s aggressive push to perfect its network, acknowledging that true digital transformation is impossible without superior connectivity.
The 4G Blitz: The CFO confirmed an “impressive” rollout of over 150 new 4G sites in a single quarter, a capital investment driven by ruthless efficiency and vendor negotiations.
“By the first quarter of next year, we expect all our 1,400+ sites across Rwanda to be fully 4G-enabled,” he announced.
This is more than just speed; it’s a direct response to customer complaints, an improvement the regulator has already acknowledged by formally withdrawing a recent quality-of-service enforcement notice.
Smarter Spending: Stober stressed that the 27% reduction in capital expenditure wasn’t a slowdown, but a focused discipline to “sweat every piece of asset we have.” All investment is now intentionally allocated to support growth, with data and 4G expansion at the core.
Pillar 2: The New Face of Affordability: Tunga Taci
The journalists quickly pivoted to the elephant in the room: affordability. Stober was transparent about the company’s past stumbles, including a Rwf 4 billion loss on a previous device financing model.
“Affordability for a smartphone is the key to unlocking the digital economy,” he stated. “Our new product, Tunga Taci, is built on the lessons of the past.”
Tunga Taci is a refined, robust device financing model that moves away from in-house risk to rely on trusted partners like Yellow, with talks underway to add more.
The strategy is to provide flexible payment options—over 6 months, 12 months, or more—making a better handset accessible to those earning their income incrementally.
Initial Success: In the short period since its launch, over 2,000 devices have been successfully rolled out through the program, a small but significant start, driven by a model designed to be transparent and reliable.
The MoMo Synergy: The Tunga Taci model is intentionally intertwined with Mobile Money. A customer’s ability to pay for a smartphone using their MoMo wallet over time creates a powerful synergy, driving both device penetration and MoMo usage in a sustainable cycle.
Pillar 3: Mobilizing the Unbanked:
The most poignant question came from the journalist who spoke of Kaduha, a rural area in Rwanda where people still cling to cash despite the ubiquity of MoMo. Stober immediately framed this not as a problem, but as the company’s core purpose.
“The key objective of Mobile Money is to bring a close-to-bank product to the unbanked,” he affirmed. “We will continue to push the boundary of where MoMo is used, and that goes hand-in-hand with our network expansion.”
To conquer the cash-preference in Kaduha and similar remote areas, MTN is focusing on two main improvements:
Ecosystem Expansion: The company has increased its merchant base by nearly 28% in twelve (12) months to almost 578,000 merchants.
This continuous drive ensures that anywhere a customer needs to transact—from a supermarket to a small kiosk—they have a reason to use MoMo.
Product Diversification (International Remittance): Stober cited the expansion of international remittance corridors as a powerful motivator for rural adoption.
“If a Rwandan working abroad can send money directly to a relative’s MoMo wallet in Kaduha, it gives that recipient a compelling, essential reason to join the mobile money ecosystem, bridging geography with finance,” he said.
Beyond the Numbers to Sustainability:
The final focus was on sustainability and responsible operations.
Stober affirmed that all the financial efficiencies, like the 65% reduction in international interconnect costs, are long-term wins.
Looking toward the future, the CFO confirmed that digitalization and Artificial Intelligence (AI) are integral to the operating model, exploring smarter ways to reduce the cost base through tools like chatbots in customer service.
He concluded with the company’s commitment to its ESG (Environmental, Social, and Governance) ambitions, pointing to the shift of the MTN fleet from traditional to full electric vehicles—a symbol of the entire business’s journey: moving from old technology to a more efficient, future-proof model.
“We still believe we are leading the journey towards making sure we support Rwanda in the journey of digitalization and financial inclusion,” Stober stated, the message clear.
The strong financial report was not an end, but the fuel for the next wave of investment that will ensure every Rwandan, from the capital to the remotest villages, can participate fully in the digital age.
