Central Bank endorses MTN “Mobile Money” service

The National Bank of Rwanda has approved MTN Rwanda’s request to offer a service that will enable its clients to send and receive money anywhere in the country. As a result, the operator is set to pilot the product dubbed “MTN Mobile Money” with selected agents countrywide.
Khaled Mikkawi.
Khaled Mikkawi.

The National Bank of Rwanda has approved MTN Rwanda’s request to offer a service that will enable its clients to send and receive money anywhere in the country.

As a result, the operator is set to pilot the product dubbed “MTN Mobile Money” with selected agents countrywide.
While the service will be available to all MTN subscribers across the country, non- MTN subscribers can also access the service by visiting an authorised dealer.

“We have appointed agents across the country and in a few weeks we should be ready to launch the service countrywide,” Khaled Mikkawi, MTN Rwanda’s Chief Executive Officer (CEO) said in a press release on Friday.

The service comes as a relief to millions of Rwandans who have either had to endure high money transfer charges imposed by banks or money transfer institutions like Western Union and Money gram.

According to MTN Rwanda officials, this initiative is meant to extend affordable, accessible and user friendly money transfer services to millions of the un-banked population in the county.

The new product also allows users to buy airtime, open “Mobile Money” accounts, deposit and withdraw cash at any MTN Mobile Money agent locations.

Albert Kinuma, the Head of MTN Mobile Money Operations said that MTN customers will be required to register for the service in order to enjoy benefits associated to mobile phone cash transactions. 

The same service is being offered by MTN Uganda and other regional telecom companies including Kenya’s Safaricom and Zain.

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