New mobile money scheme introduced in Rwanda

Apr 15, 2011

A new mobile money system enabling people to make payments for loans and bills is to be introduced in Rwanda.

Launched by MTN, the initiative is a collaboration with the government, microfinance institutions and banks, the New Times reports.

The company is the country's leading mobile phone operator and its Rwandan sector ranks second only to Uganda in the number of mobile money transactions made.

Head of Mobile Money at the Nyarutarama-based telecom operator Albert Kinuma said people will have to register with the service before opening an account to process the payments.

By the end of the year, MTN - which last month introduced free incoming calls and SMS for certain customers travelling in Africa and South Africa - hopes to also be working with all corporate bodies on the scheme.

"I anticipate that these bodies will encourage more people to subscribe to us so that transactions are better and efficient," Mr Kinuma added.