Mobile money users for MTN Rwanda, the country’s telecom leader, have hit the psychologically significant one million mark, the firm has announced.

Bart Hofker, the MTN Rwanda chief executive officer, attributed the growth to introduction of innovative Mobile Money products that "have improved the value perceptions” with customers, such as the newly launched MTN Tap&Pay service, as well as the exciting offers during the Mobile Money Month and growing mobile phone penetration in the country.

Hofker added that mobile money transfer services have become popular due to low transfer costs, convenience and low risk factors associated with cashless transactions.

"Mobile Money demonstrates the demand for easy-to-use, safe, and affordable payment options. We are delighted with the current success of MTN Mobile Money, but we will continue to press on for even stronger performance and growth,” Hofker said.

The service contributes 10 per cent of the firm’s total revenue and "remains one of the major growth areas of financial transactions in the country as more people join the network”.

Over Rwf70 billion is pushed through the MTN mobile money platform per month from over seven million transactions, according to the firm.

"We will continue providing forward-looking solutions to enhance customers’ day-to-day financial experiences...We will continue to innovate and enter into partnerships with public and private sector organisations that will push MTN Mobile Money to great heights,” said Hofker while announcing the milestone on Thursday.