MTN Rwanda Signs Frw 50bn Syndicated Loan for Network Expansion
MTN Rwanda has signed a Frw 50 billion 7-year tenure loan with a syndicate of local banks. The loan is to fund MTN’s capital expenditure program for this year until 2020 which is aimed at the expansion and modernisation of the Network and related IT systems.
At the signing of the agreement, MTN Chief Executive Officer, Bart Hofker said that this investment is driven by the year on year growth of MTN’s customer base by 26%, growth in voice minutes by 51%, data traffic of 155% Terabytes and Mobile Money users by 54%.
“Our 3G population coverage has expanded by 23% points in the same period. We foresee this trend continuing and as such, are positioning ourselves to remain the Number 1 Network in Rwanda. We also view this partnership with local financial institutions as critical, and we thank them for their support, commitment and confidence in MTN Rwanda’s vision and growth, as well as the development of the country as a whole,” Mr Hofker added.
During 2018, MTN Rwanda already invested over Frw 22 billion in network expansion and modernisation, which is expected to accelerate the delivery of richer services to MTN subscribers leading to growth created by the uptake of its improved services.
This is a strategic collaboration with the local financial institutions, will allow MTN to complete its investment journey and ensure that customers continue to experience the best network in Rwanda.
The loan which is provided by a syndicate of eight banks is made up of;
- Ecobank Rwanda
- BPR Atlasmara
- Bank of Kigali
- Equity Bank
- GT Trust Bank