MTN Rwanda has launched the 3rd edition of its annual Mobile Money (MoMo) Month to support and further Rwanda’s national agenda of accelerating a cashless economy.
The one-month campaign launched on Thursday at Nyamata Market in the Eastern Province is based on the theme “Let’s Go Cashless”.
The event was used to specifically educate traders in and around the market about the benefits of MTN Mobile Money.
MoMo month will also be marked by a series of events countrywide expected to deepen awareness and educate Rwandans about Mobile Money.
Detailing how the service has grown exponentially over the years, MTN’s Chief Business and Corporate Affairs Officer, Chantal Kagame said,
“With close to two million monthly active subscribers, 27,000 agents, 15,000 merchants across the country and 13 partner banks, MTN is well positioned to lead to the digital agenda for all forms of payments in Rwanda and remains one of the major growth areas of financial transactions in the country as more people join the network.”
In line with its 20th anniversary celebrations, MTN will also be recognizing, rewarding and appreciating customers who have been using MoMo since its inception.
“Not only will we be celebrating with our customers, but we will use this opportunity to gather feedback on our services and resolve customer queries, carry out product education in order to improve customer experience and reward customers at various touchpoints,” added Chantal Kagame.
In Rwanda, customer behaviour has changed favourably towards using more MoMo innovative services such as merchant (MoMoPay and Tap&Pay) and bill payments, bank push & pull, loans and savings, bulk payments, electricity purchase, payment of government services (Fines, fees, taxes, Mutuelle de Sante) and payment of public transport.
MTN Mobile Money currently contributes 17 percent of the company’s revenues to date.
MTN has further seen a steady growth in the number of Mobile Money subscribers of above 1.9 million who make more than 20 million transactions monthly worth Rwf150 billion in transaction value.
Rwanda’s mobile money ecosystem has expanded extensively with additions such as the payment of Taxi Moto and Cab fares in partnership with Yegomoto, YegoCab, paying of parking fees among others.
With 4 internet coverage at 96%, Rwanda current state of achieving a cashless economy shows steady grow and appetite for paperless payments as government embarks on community education despite the reach of services being limited to urban areas and flexibility of tailor made services.
For example, Rwanda Utilities Regulatory Authority (RURA) 2016-2017 report shows mobile money number transactions increased by 73.3%, from 168,612,455 to 291,901,031 and the transaction value from Rwf1, 093,497 to Rwf2, 176,936 which represents a 99.08% increase.