MTN makes history, lists on Rwanda Stock Exchange

MTN Rwanda has listed its shares on the Rwanda Stock Exchange (RSE), as it made history by being the first mobile network operator to list its shares on the RSE.

With this development, Crystal Telecom Limited’s shareholders now hold a direct 20% stake in MTN Rwanda and can trade their MTN Rwanda shares directly on the RSE. These shares were previously held by Crystal Telecom PLC.

This was disclosed by the company in a statement issued and seen by Nairametrics.

What MTN is saying

CEO, MTN Rwanda, Mitwa Ng’ambi said, “We are honoured to be the first telecommunications network provider in Rwanda to be listed on the RSE. We are committed to further establishing our presence, expanding our connectivity, driving digital inclusion and contributing to the sector and economy.

“We are grateful to our customers, partners and stakeholders and look forward to this new chapter. Listing on the RSE is a major milestone for us and the platform for even better and bolder things to come.”

MTN Group President, Ralph Mupita said, “This listing will assist in deepening the Rwandan capital markets by broadening public ownership over time and will also establish the basis for a new and emerging telecoms and technology asset class on the exchange.”

What you should know

MTN Group had met with President Kagame of Rwanda and other government officials ahead of the listing.

Mupita, who led the team to the President, explained that Rwanda holds a special place in the MTN Group history as the first market it expanded into from South Africa in 1998.

Mupita, who was accompanied by MTN VP for SEA region, Yolanda Cubs and CEO of MTN Rwanda, Mitwa Ng’ambi, also discussed the role that digital infrastructure and services can play in diving the Rwanda Vision 2050, and ensuring every Rwandan can enjoy the benefits of a modern connected life.

Ahead of its listing by introduction on the RSE, MTN Rwanda changed its status from a private company to a Public Liability Company (Plc) effective December 2020. The full company name has therefore been changed from MTN Rwandacell Limited to MTN Rwandacell Plc.


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