‘Mobile Banking’ a welcome addition to financial sector

With a banking population of not more than 21 percent in Rwanda, it translates into approximately 1.9 million Rwandans with access to financial services according to the Central Bank. To send money from one point of the country to another, one experiences unnecessary hurdles. The process involves a lot of time consuming procedures that in a way discourage people from transferring money using banks. Today, MTN Rwanda launches a technological innovation that puts in place a seamless process of sending and receiving money. The service dubbed ‘Mobile Money’ enables one to make a financial transaction using a mobile phone or any mobile device with SIM card technology. The process is secure and less time consuming. Once one has loaded money on their ‘Mobile Money’ accounts it can be sent from within the comfort of your home, car or anywhere with an MTN network. The beneficiaries will be able to buy utilities like electricity, pay salaries and many more other applications that are designed for this platform. Though MTN’s subscribers will be able to connect to the service for free, the recipient does not need to be an MTN customer, or have a mobile phone. This means that all Rwandans will be able to benefit from this service. This new innovation which is also being developed to enable the Diaspora benefit should be embraced as something that is bringing financial services closer to the people. It is also an ICT advancement that brings Rwanda closer to being a regional ICT hub as envisaged in the country’s Vision 2020. If well utilised it could change the way corporate bodies audit systems. Financial institutions should also embrace it as a partnership and not as a competitor. It comes as a complimentary to an already growing banking industry. Ends

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‘Mobile Banking’ a welcome addition to financial sector