Mobile Money Launched in Rwanda

The Governor of the National Bank of Rwanda Mr. Francois Kanimba has presided over the launch of MTN Mobile Money to the media at MTN Centre in Nyarutarama in Rwanda. This new mobile banking product which is compliant with local banking regulations, is a convenient, secure and affordable way of sending and receiving money anywhere from anywhere in Rwanda.

Customers on the MTN network can now sign up for MTN Mobile Money and begin transacting at will through the 120 agents that have been appointed and that located across the country. Those who are not on the MTN network are also able to receive money.

Mr. Khaled Mikkawi, the CEO of MTN Rwanda, described the launch as one of the most innovative initiatives that has been made available to Rwandans in recent times: ‘We have a network reaching over 90% or the population and it is only right that we leverage this coverage for a common good product that will go a long way in the financial deepening of the Rwandan economy.’

MTN pioneered mobile banking in South Africa in 2005 in a partnership with Standard Bank and commercially launched in Uganda in March 2009. MTN Rwanda has partnered with BCR as the key driver financial institution.
Mr. Mikkawi expressed his gratitude to the Governor of the National Bank of Rwanda and the team at the bank for their resolute support with which we would not have been able to launch: ‘I cannot thank the Governor enough for accepting our invitation to preside over this launch to the media. Sir we are humbled by you enthusiastic support and grateful for the opportunity MTN has to play a lead role in the economic and social transformation of Rwanda.’ The National Bank of Rwanda has played a central role in ensuring the product and the project complied with banking regulations.

MTN Rwanda partnered with the largest specialist mobile financial services provider, Fundamo. Fundamo’s leadership team has a strong background in the financial services industry and has applied the stringent design principles required for secure banking systems, whilst also taking full advantage of the unique characteristics of the mobile phone and the mobile user experience. This new style of mobile financial system represents a powerful convergence of the rigor of banking systems and the convenience, simplicity and ubiquity of mobile.

MTN Rwanda also work with Oscillyte Ltd, a consultancy firm that provides specialist strategy, marketing and product development skills and knowledge to organizations’ active in the telecommunications market and mobile in particular. The firm’s lead consultant Mark Guthrie has been Project Manager for MTN Mobile Money.

MTN Rwanda has planned an extensive communication campaign to sensitize the public on the benefits of MTN Mobile Money which include:
* Depositing cash into client’s account at Mobile Money agent outlets
* Sending and receiving money from the convenience of a mobile phone
* Managing ones Mobile Money account
* Withdrawing cash at any MTN Mobile Money agent location.