Government efforts to promote digital payment systems have been boosted by the launch of MTN Rwanda’s Mobile Money (MoMo) Pay yesterday. The platform enables the telecom’s Mobile Money subscribers to pay for goods and services using their mobile wallets at no cost, said Norman Munyampundu, the MTN chief business officer. He added that the service is in line with the government effort to create a cashless economy. The system started with traders in Kigali City Market and in few days it will reach the whole country, according to Munyampundu.
“Cash payments are very risky as the money can be stolen. It’s also time consuming if one has to pay huge sums of money or when a trader has no loose change for balance,” he said, adding that a service provider can also easily calculate their outstanding balance or returns for the day.
Speaking at the launch, Bart Hofker, the MTN chief executive officer, said the MoMo Pay system would be rolled out across the country soon, ensuring that Rwandans, including businesses and clients, use secure means of business transaction,” he said.
Over 1.5 million MTN Mobile Money subscribers are targeted to use the system, and the firm is working to attract more users. MTN Rwanda has over 3.8 million subscribers as at end of February, 2018.
‘Platform is cheap’
Vieira Muzora, a pharmacist at Cure Pharmacy in Kigali City Market, is one of the customers that have already registered to the MoMo Pay platform. Muzora said it saved the firm from frequenct visits to the bank to deposit day’s earnings every day as “I can keep the money on my mobile account and deposit after some days”.
“Besides, it’s cheap because when I want to withdraw the money from MoMo Pay account, I am charged only one per cent in transaction fees, which is lower than using the usual Mobile Money services,” he said.
How MoMo Pay works
To use the service, one must buy a MoMo pay-enabled SIM card and should also have a TIN number. After registering on the platform, traders and service providers are given a code to use in the payment process. To effect payment, a customer should dial *182*3# and press “Yes” then follow prompts, including filling in the code of the trader and the price of the product.