Kigali — MTN Rwanda has started paying out Frw93 million (US$102 762) interest to its 2,7 million Mobile Money customers for the first quarter of 2019.
Payment of interest is in accordance with the E-money regulations set by the Central Bank of Rwanda 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.
MTN's Chief Business and Corporate Affairs Officer, Chantal Kagame, said, the company was committed to ensuring that 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," she said.
Kagame also encouraged Rwandans to always transact using Mobile Money as a faster and safer way that 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.
"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," Kagame said.