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Bank of Rwanda, MTN partner on mobile money

Bank of Kigali (BK), the largest Bank in Rwanda, has entered into a partnership with Rwanda’s leading telecoms operator MTN Rwanda to offer services under its mobile money platform.

Under the partnership, BK will offer MTN mobile money existing and new subscribers the full bouquet of mobile money services including; account opening, cash deposits, transfers and withdrawals. At present, 41 of the bank’s 56 branches are offering the services but BK will continue to roll out the service to the remaining 13 branches by the end of the year.

“This is probably the biggest partnership between a telecom and a financial institution in Rwanda. We remain committed to bringing financial services closer to the people and we believe this partnership will further expand the potential that mobile money services have on banking the unbanked,” Lawson Naibo the Chief Operating Officer, BK said.

“An estimated 45% of households in Rwanda have access to a mobile phone and MTN mobile money can leverage our extensive branch network to increase the penetration of their service, while we can capitalise on the increased footfall to bring these customers into the formal banking sector,” he added.

Naibo said BK believes that the delivery of financial services through mobile telephony is where the real innovation and development is taking place in the retail market.

MTN Rwanda’s CEO Khaled Mikkawi added: “The mobile money platform should not be seen as competition to consumer banking but instead as a catalyst to services offered by leading financial institutions like BK. Rwandans can only benefit from greater convergence between conventional banking services and the mobility that mobile telephony offers.”

 

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