MTN in fresh financial crisis, fined $8.5million

Mtn Office in Rwanda

MTN Rwanda is immersed in fresh financial crisis as Rwanda's Telecom regulator has levied a heavy fine of 7 billion francs (8.5 million dollars) for running its IT services outside the country in breach of its licence.

The regulator in a ruling posted on its website in Kigali said MTN Rwanda was hosting its IT services hub in Uganda, which it had prohibited.

Anthony Kulamba, the spokesperson of Rwanda Utilities Regulatory Authority  said: “They are punished for relocating their IT services outside Rwanda, and this was deliberate,’’

Meanwhile MTN has said that it received notification about the fine.

“MTN has been engaging with the regulator on this matter over the past four months.

“MTN Rwanda is currently studying the official notification and will continue to engage with the regulator on this matter,” it said in a statement.

MTN which operates in 20 countries, has in recent times been at the receiving end of regulatory sanctions,2016  in Nigeria it suffered a major setback paying a fine of $600million for non compliance to regulations.