MTN Rwanda full-year results with CEO Mitwa Ng'ambi

MTN Rwanda has had a rather mixed past 12 months with the firm successfully listing on the Rwanda Stock Exchange while also being warned by regulatory bodies for service delivery. CEO Mitwa Ng'ambi shared insights on the impact of the COVID-19 pandemic on the company and the ICT sector as a whole. She mentioned a surge in demand for internet usage and mobile money services, leading to accelerated investments to meet the growing needs of consumers. The company reported a positive growth of about 20% year on year in the first half of the year, driven by increased internet usage and mobile money adoption. Ng'ambi highlighted the strategic shift in the telecom business model, emphasizing a focus on diversifying the portfolio and exploring adjacent business streams such as mobile money and messaging platforms like Ayoba. Regarding the Rwanda Stock Exchange listing, Ng'ambi expressed no surprise at the traction, noting the engagement with shareholders and the visibility it has brought to the company's performance and future strategies. She discussed the decision to establish mobile money as a subsidiary, citing the need for autonomy and agility in the fast-paced financial services sector. Ng'ambi also addressed the reinstatement of a 0.5% charge for Momo Pay transactions, explaining the rationale behind the decision and the ongoing efforts to educate and support merchants and consumers in the transition to digital payments.