MTN rwanda customers can now buy cash power on credit, thanks to ‘MTN Rahura’, a new payment solution that will enable subscribers to borrow cash power tokens and pay later using MTN Mobile Money.

"This soft loan facility will see MTN Mobile Money customers get advance credit to buy electricity tokens and repay the debt later.

"The service has been introduced to facilitate subscribers that may have run out of electricity units at an inopportune time and are not in a position to buy due to lack of funds or a cash power vending point being inconveniently far,” said Gunter Engling, the MTN Rwanda chief executive.

This is the firm’s latest venture into financial services as part of the company’s diversification strategy which has seen the mobile money platform grow to over 3.5 million mobile money subscribers since the service was introduced in 2010.

"We aim to provide the highest levels of service to our customers by bringing unprecedented convenience through mobile payment solutions,” added Engling. How it work

To be able to use this service, MTN Mobile Money users will dial *151# from their mobile phones, select option two and follow the prompts.

The amount borrowed and the service charge will be recovered when a subscriber deposits money on their MTN Mobile Money account.

However, the subscriber must have been on the MTN network for at least three months with an active MTN Mobile Money account.

To qualify, subscribers must also have a certain level of usage history, according to the telecommunications firm.

editorial@newtimes.co.rw