The service dubbed “MTN Mobile Money” was officially launched in February 2010.
Sending money through the service attracts a fee of Rwf 250 for any transaction between Rwf 1,500 and Rwf 300,000 for somebody registered while the transaction cost MTN Mobile Money hits Rwf 7.5b varies between Rwf 600 to Rwf 4,000 for somebody unregistered.
Rwanda’s largest mobile operator by market share says the service has managed to attract about 200,000 users and 286 agents across the country.
People sending money for business or relatives are the main users of mobile money.
Currently, the product in which MTN Rwanda invested over US$2 million, also allows users to buy airtime once they have registered for the service.
The company is targeting to expand usage of the service beyond money remittance to allow clients from financial institutions such as microfinance institutions (MFIs) to be able to pay loans and make savings deposits, transfer money from their savings account to their mobile money account.
Though the mobile money transfer service -the first of its kind in the country, MTN says it is taking advantage of their wide network coverage to enhance access to financial services.