MTN Rwanda has finally launched the much anticipated ‘Mobile Money’ product targeting 100,000 subscribers in 2010.

The product of which MTN spent over $2 million to implement was launched yesterday at MTN Center in Nyarutarama. It will enable all customers on the MTN network sign up and begin transacting at will through the 120 agents that have been appointed.

The agents according to MTN officials are located across the country. Those who are not on the MTN network are also beneficiaries of this product as they can also receive money.

Benefits of MTN Mobile Money include sending and receiving money wherever from the convenience of ones mobile phone. Beneficiaries can also buy airtime for themselves.

Khaled Mikkawi the CEO MTN Rwanda described the launch as one of the most innovative initiatives that has been made available to Rwandans in recent times
"We have a network reaching over 90 percent or the population and it is only right that we leverage this coverage for a common good product that will go a long way in the financial deepening of the Rwandan economy,” Mikkawa said.

MTN pioneered mobile banking in South Africa in 2005 partnering with Standard Bank and commercially launched in Uganda in March 2009. MTN Rwanda will work will Commercial Bank of Rwanda (BCR) as the partner bank for MTN Mobile Money.

The CEO expressed his gratitude to the Governor Francios Kanimba of Rwanda and the team at the Bank for their absolute support in launching the product.

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