Airtel and Tigo have partnered to boost mobile money services in the country.

The two telecom companies last week agreed to establish a simless platform that will allow subscribers to send and receive money across both networks.

Tano Oware, Airtel Rwanda acting Chief Executive Officer, said the new platform is in line with the companies’ efforts to promote a cashless economy.

"The initiative provides our customers with an interoperability option that will allow them access money more easily using our mobile money transfer services. This further brings to light our determination to ensure that we achieve Rwanda’s agenda of promoting cashless economy,” Oware noted.

Interoperability in Rwanda’s mobile money sector is aimed at fostering financial inclusion, thus increasing the velocity on money in our financial ecosystem, he added.

Tongai Maramba, the Chief Executive Officer, Tigo Rwanda, said the initiative will help promote financial inclusion in the long run.

"Accessing financial services on mobile platform will make a massive difference in people’s lives. This particular platform, therefore, underlines our commitment to drive financial inclusion and join forces with government towards promoting a cashless economy,” Maramba told The New Times on Friday last week. The platform means Rwanda is now the second market in Africa to launch interoperability after Tanzania.

And, according to the Director for Airtel Money in Africa, Chidi Okpala, the initiative is a demonstration of Bharti Airtel’s commitment to deepen financial inclusion and facilitate cashless ecosystems across the continent.

Okpala applauded efforts by the National Bank of Rwanda to support this initiative and commitment to ensuring the long term success of mobile money services in the country.

There are more than 6.5 million Rwandans, more than half the country’s population, connected on mobile money platform across the country.

Meanwhile, mobile money platforms continue to show strong growth trends across the country.

Transactions using this platform have atleast increased from about 20 million in March 2014 to more than 35.1 million this year.

And, according to the central bank, the growth reflects a more than 122 per cent growth in monetary value, from Rwf115.7 million to Rwf257.4 million, over the same period.

business@newtimes.co.rw