Customers seeking quick financial support or a convenient way to build savings can now access MoFaya, a new digital loan and savings solution launched by MoMo Rwanda in partnership with BPR Bank Rwanda Plc on August 1, according to the institutions. The service enables users to access funds and save directly through their Mobile Money wallets, offering a simpler way to manage everyday financial needs. Whether it's covering an unexpected expense, taking advantage of a business opportunity, or saving towards a personal milestone, MoFaya gives customers the flexibility to manage their finances with confidence through a simple, secure, and fully digital experience, stated MoMo Rwanda and BPR Bank Rwanda Plc. Customers can borrow up to Rwf2m with flexible repayment options MoFaya enables eligible customers to borrow between Rwf1,500 and Rwf2 million, with flexible repayment periods of three, seven, 14, or 30 days, allowing them to choose an option that best suits their financial needs. Interest rates are transparent and competitive, ranging from 2.5 per cent to 9 per cent, depending on the selected repayment period, with shorter repayment periods attracting lower interest rates. In addition to instant access to credit, customers can also save directly through MoFaya and earn attractive interest rates ranging from 5 per cent to 8 per cent, depending on the savings target they choose. The solution encourages customers to not only meet immediate financial needs but also plan confidently for the future, the bank observed. How to access MoFaya Accessing MoFaya is simple and convenient. Customers can dial *182*5*6# and follow the prompts to apply for a loan or start saving. Once approved, loan funds are instantly disbursed into the customer's MoMo wallet, enabling them to transact immediately. MoFaya strengthens access to digital credit and savings Speaking at the launch of the new service, Chantal U. Kagame, Chief Executive Officer of MoMo Rwanda, said every innovation at MoMo Rwanda begins with understanding the everyday realities of its customers, with MoFaya designed to help them meet their day-to-day financial needs. “Sometimes people need a little financial support to bridge the gap before payday, respond to an emergency, or take advantage of an opportunity. Other times, they simply want an easy and reliable way to save towards their dreams. MoFaya gives our customers the flexibility to do both—from wherever they are, at any time, and directly from their phones,” she said. “Together with BPR Bank Rwanda Plc., we are making financial services more accessible, more convenient, and more empowering because everyone deserves solutions that help them move forward with confidence. The launch of MoFaya reflects the shared commitment of MoMo Rwanda and BPR Bank Rwanda to expand access to inclusive digital financial services. By combining the convenience of Mobile Money with trusted banking expertise, the partnership enables more Rwandans to access affordable credit and grow their savings through secure and customer-centric digital solutions. Speaking on the partnership, Patience Mutesi, Managing Director of BPR Bank Rwanda Plc, said the collaboration reflects the bank's commitment to making financial services more accessible, convenient, and relevant to customers' everyday needs. “Through our partnership with MoMo Rwanda, MoFaya extends the reach of affordable digital credit and savings solutions to more Rwandans, enabling them to respond to immediate financial needs, invest in opportunities, and build a stronger financial future,” she said. “This collaboration reflects our continued commitment to advancing financial inclusion through innovative, customer-centric solutions that empower individuals and businesses to thrive. As Rwanda continues to embrace digital financial services, MoMo Rwanda remains committed to developing innovative solutions that simplify everyday life, empower individuals and businesses, and contribute to a more financially connected nation, its management said. More information about MoFaya and other MoMo Rwanda services can be accessed on the MoMo Rwanda website (www.mtn.co.rw/momo) or through the company's customer care team. About MoMo Rwanda MoMo Rwanda is MTN Rwanda's FinTech subsidiary, established in April 2021 to provide secure, accessible, and innovative digital financial services across Rwanda. Today, the company serves more than 6 million customers through a nationwide network of over 65,000 Mobile Money agents and more 600,000 MoMoPay merchants. Through continuous innovation and strategic partnerships, MoMo Rwanda continues to make digital financial services more accessible while supporting Rwanda's journey towards an inclusive, cashless digital economy. About BPR Bank Rwanda Plc. BPR Bank Rwanda Plc is Rwanda's largest bank by customer base, with a nationwide network of 73 branches, serving individuals, SMEs, corporates, and institutional clients across the country. As a member of the KCB Group, the Bank combines deep local expertise with regional strength to deliver innovative, customer-centric financial solutions. Through continuous investment in digital banking, strategic partnerships, and inclusive financial services, BPR Bank is committed to expanding access to affordable banking and supporting Rwanda's socio-economic development. Guided by its brand promise, For People. For Better., the Bank empowers customers and communities with solutions that help them grow, prosper, and build a better future.
