Rwanda processes 5,000 mobile banking transactions per day

MANILA, Philippines - MTN Rwanda has reported that it was responsible for 5,000 mobile money service transactions every day through the mobile operator’s service that enable users to transfer money electronically with their mobile phones.

The service dubbed “MTN Mobile Money” was officially launched in February 2010.

Sending money through the service attracts a fee of Rwf250 for any transaction between Rwf1,500 and Rwf300,000 for somebody registered while the transaction cost MTN Mobile Money hits Rwf7.5b varies between Rwf600 to Rwf4,000 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 $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.