Cogebanque has signed a deal with MTN Rwanda that is tipped to boost cashless transactions in the country. The two companies pledged convenience and efficiency in terms of carrying out transactions while signing the partnership agreement in Kigali yesterday.

The new deal means all MTN Mobile Money subscribers will be able to deposit and withdraw money electronically using their mobile devices using the telecom firm’s "Push&Pull” service.

The facility will also allow Cogebanque customers to transfer (push) money from their MTN Mobile Money wallets to their bank accounts, or withdraw (pull) money from their bank accounts to their MTN Mobile Money accounts, according to Louis De Montfort Mujyambere, the business development director at Cogebanque.

Clients can transact up to Rwf1 million every day, Mujyambere said.

Improving access to financial services

The facility will improve access to financial services and provide convenience as it can be operated anytime and any place, where there is MTN Rwanda network, officials from the two firm said.

Mujyambere said the service offers more speed, convenience and simplicity in transactions and is secure. The partnership also shows how private companies are contributing to the government’s vision of promoting a cashless society.

"The Push&Pull service complements our efforts to ensure customer satisfaction and improved service delivery. This will ensure transparent management, as well as competitive and flexible pricing, strong technological capabilities, innovation and advisory services,” said Mujyambere while speaking at the agreement signing event.

Norman Munyampundu, the MTN Rwanda chief business officer, said the partnership supports efforts toward achieving a cashless economy.

He said the telecom firm handles more than 1.3 million Mobile Money subscribers who make 12 million transactions monthly worth Rwf89 billion in value terms. Cogebanque is the 10th bank to embrace MTN’s Push&Pull platform, said Munyampundu, adding that the platform so far handles up to Rwf2.6 billion per month.

How to use the service

Cogebanque customers need to be MTN Mobile Money subscribers to use the service. Customers will dial *182# and follow the necessary steps to be able to enjoy the services on the platform.

Driving digital inclusion

Mujyambere said the bank also consistently monitors latest market trends and strives to leverage on new innovations to be able to offer enhanced products and services that are tailored to meet its customers’ needs.

"Therefore, we are excited to enter into partnership with MTN Rwanda for an innovative integration of Push&Pull service which will enable customers to transfer, to pay bills quickly, easily and securely on their mobile phones,” he added.

Last year, MTN Rwanda launched a new mobile money payment solution, the MTN Tap&Pay, allowing subscribers to make payments electronically.

Cogebanque boasts of 22 branches and has agents all over the country.

"As the bank continues to grow and unlock its potential, it will continuously focus on growing its asset quality and profitability, anchored on sound risk management and governance framework,” Mujyambere pointed out.