Rwanda: MTN Rwanda to Pay Out Interest to Mobile Money Subscribers

MTN Rwanda has announced that it has started paying out interest to its 2.7 million Mobile Money customers for the first quarter (January to March) of 2019.

Payment of interest is in accordance with the e-money regulations set by the Central Bank to give Mobile Money customers' interest earned on MTN's escrow accounts.

This interest is calculated on an average monthly basis on the subscriber's wallet closing balances and awarded on a quarterly basis to all MTN Mobile Money users who actively use the service to make payments, send and receive money, among others.

MTN's Chief Business and Corporate Affairs Officer, Chantal Kagame, said, "MTN is committed to ensuring that its customers reap the benefits of using the Mobile Money service. With more and more digital transactions being done as we move towards a cashless society, we encourage our customers maintain an end of day balance on their wallets that earn them interest."

In this phase of driving a cashless economy and boosting financial inclusion in the country, she said that MTN Rwanda is repositioning itself as the MFS provider of choice in Rwanda and will continue to engage all its partners and customers to use and also save more on Mobile Money so they can get more interest on their money.

"MTN Mobile Money services have brightened the lives of all our customers as well as played a big role in developing Rwanda's financial infrastructure. The introduction of 'Mobile Money Cash Back' will not only increase customers' level of trust in Mobile Money services but increase money in the ecosystem backed by money in the bank", added said Kagame.

Kagame said that among reasons the public should adopt Mobile Money is that it's faster and safer as it reduces the bulkiness of carrying cash, improve overall efficiency in doing business and ultimately, save money.

In line with the Rwandan government drive for a cashless society, the penetration Mobile Money in the country has seen a continuous rise with the enhancement of existing offerings such as MoMoPay for merchants, Tap&Go payments for bus services, Bill Payments, Bank Push and Pull operations, Loans and Savings, Bulk Payments, Electricity purchase, Payment of Government services, Regional and International remittances among others.

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