Bank of Rwanda, MTN partner on mobile money

VALUE ADDED SERVICES

|
Image: By BiztechAfrica
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.”

 



Share the News

Get Daily Newsletter

comments powered by Disqus

MORE VALUE ADDED SERVICES NEWS

Tigo Pesa returns TZS 3bn to customers

Tigo Tanzania has announced the first of its regular quarterly payments worth 3bn/- (US $ 1.8 million) to Tigo Pesa users.  Read More

Safaricom launches M-PESA mobile financial journal

Safaricom has announced the launch of M-Ledger, an Android based application that provides subscribers on the company’s network with a simple and easy to use financial journal to track and monitor their M-PESA transactions.  Read More

Airtel, Access Bank strike Access Money deal

Access Bank Plc has collaborated one of Nigeria’s leading telcos, Airtel to develop and launch a new mobile money service. Read More

Microsoft, Opera Software to extend Opera Mobile Store to more Nokia phones

Opera Mobile Store will replace Nokia Store as the default app store for Nokia feature phones, Symbian and Nokia X smartphones, following an agreement between Opera Software and Microsoft. Read More

Mobile transaction users to hit 2bn by 2017

A new report from Juniper Research has found that just over 2 billion mobile phone or tablet users will make some form of mobile commerce transaction by the end of 2017, up from 1.6 billion this year. Read More

Zero-rating key to customer acquisition - Airtel Africa

Making OTT services such as Facebook and WhatsApp available for free on mobile networks - or so-called “zero-rating” - is a key part of customer acquisition, according to Willie Ellis, head of products and innovation at Airtel Africa. Read More

Airtel to offer insurance cover for iPhone 6 and iPhone 6 Plus

Airtel has announced that it will offer a 2-year insurance cover to its customers who purchase iPhone 6 and iPhone 6 Plus in any of its designated outlets in Kenya.   Read More

EcoCash-Western Union link up

The Western Union Company, a leader in global payment services, and Zimbabwe’s leading mobile money service provider, Econet Wireless, have teamed up to offer consumers fast and reliable international money transfers. Read More

Mobile money services must innovate to be sustainable - Tigo

Mobile money services must continually be innovating if they are to make their business sustainable in the long-run, according to Diego Gutierrez, general manager of Tigo Tanzania. Read More

Mobile money operators must take holistic approach – panel

Companies launching mobile money services were urged by panelists at AfricaCom in Cape Town to approach the market strategically and holistically if they are to be sustainable.   Read More

PRESS OFFICES

Sage ERP AfricaSAP AfricaSage Pastel AccountingTrust PayVMWareSamsung ElectronicsMitsumi DistributionPhoenix DistributionMTN BusinessSchneider ElectricMultichoice

FEATURED STORY

GSMA: half a billion mobile subscribers in SSA by 2020GSMA: half a billion mobile subscribers in SSA by 2020

The number of unique mobile subscribers in Sub-Saharan Africa will pass the half billion mark in 2020, says a new GSMA report.

IN DEPTH

Africa lags on digital migration Africa lags on digital migration

Only three African countries have so far completed the digital migration process, and serious issues are hampering the migration in other nations.