MTN’s new deal with commercial banks to enhance financial services

MTN Rwanda has entered a partnership with KCB, RSwitch and I&M Bank to help improve access to financial services in Rwanda.

MTN Rwanda has entered a partnership with KCB, RSwitch and I&M Bank to help improve access to financial services in Rwanda. 

The new mobile Money and bank integrated service deal will see MTN’s mobile money subscribers transfer and receive money either via KCB bank accounts or I&M ATMs.

Subscribers will also be able to access this service through RSwitch connected ATMs, without the use of a bank card to initiate the transaction. 

Norman Munyampundu, General Manager of MTN Business, said the company is constantly finding new ways of serving customers through its Bold New Digital strategy. 

“These services are truly unique as they cater for both the banked and the unbanked population,” Munyampundu said at the launch of the system.

Keza Monica, Head of Banking at KCB, said that the bank’s strategy is to provide innovative ways of banking to its customers which is convenient and efficient to both the banked and unbanked. 

“KCB’s partnership with MTN mobile money is a game changer which aims to improving lives, create jobs, spawn new enterprises, expand financial inclusion and promote a cashless economy. This service will enable customers to access their banking services through the Mobile money platform at their own convenience,” Keza said.

To access Bank Integration services, a mobile money registered user will simply dial *182#, select Bank Services from the mobile money menu and follow the prompts. To withdraw money from an ATM the customer will first have to get a withdrawal code by dialling *182# > Banking Services > ATM and follow the prompts.  Subscribers will receive the 4-digit code by SMS which they will enter when making a withdrawal at the ATM.

“We are happy to partner with MTN and the Banks in providing card-less cash withdrawal services through the RSwitch Smartcash ATM network to MTN Mobile Money customers,” saidRSwitch Head of Projects Catherine Ngali. 

I&M Rwanda’s , Head of IT and Transactional Banking Services, Innocent Muhizi, said,  that  the system will aid Rwandans with unlimited  access to  financial  transaction services  thus boosting economic growth.