Chantal Kagame has been appointed Chief Executive Officer (CEO) of MTN Mobile Money Rwanda Ltd, a newly-created fintech subsidiary launched this week by MTN Rwanda to provide and manage mobile money services in this East African nation.
The new CEO has been tasked to drive business development, strategy, innovation, and day to day operations of the company, reports from the capital Kigali said.
The appointment comes as the subsidiary of the South African mobile operator received the approval from the National Bank of Rwanda to establish its mobile money outlet.
Kagame said she was excited to have been given the opportunity to lead the fintech subsidiary.
“The prospects for future growth and expansion of mobile money (MoMo) services in Rwanda are immense. Our commitment is to enhance the MoMo user experience and keep innovating products and services aligned with our digital ambition,” she pointed out.
“The transition process to a standalone business has now kicked off and we look forward to cementing Mobile Money Rwanda Ltd as a key fintech player in the Rwandan market.”
MTN Rwanda CEO Mitwa Ng’ambi said the company was glad to announce the establishment of Mobile Money Rwanda Ltd as a wholly owned subsidiary of MTN Rwanda.
“One of the key pillars in our strategy is to establish platforms that our customers find valuable,” Mitwa said.
“Mobile Money has matured over the last ten years in Rwanda, and this marks a pivotal milestone in our journey toward a cashless economy.”
The mobile money sector in Rwanda appears to be growing considerably, with the number of registered accounts reaching nearly 16 million as of 2019, a rise of approximately 43.9% from the preceding year, according to Statista figures.