BMI View: We have made no major revisions to the Rwandan telecoms market outlook for Q118. Overall market growth has been weighed down by the poor performances of both Airtel and MTN, with the market shedding 691,000 subscribers in Q217.The mobile market contracted by 6.3% y-o-y ending June 2017 with 8.37mn subscribers for a penetration rate of 68.5%. With mobile penetration yet to reach 70%, we believe there is still room for operators to expand organically, but that will entail expanding networks beyond core urban markets where returns on network investments will be limited as a result of low customer expenditure power. We believe 3G/4G access will be a key growth driver for the overall mobile market. In the fixed voice market, we expect the combination of mobile substitution as well as CDMA and inactive fixed voice disconnection to continue decreasing fixed voice access.