Airtel to introduce mobile money platform

Airtel Rwanda is set to launch its mobile banking platform dubbed “Airtel Money” by the end of this year as it steps up efforts to increase market share following the launch of its operations in Rwanda early this year. Marcellin Paluku, Country Manager Airtel Rwanda, said the platform will provide rural tailored innovative mobile financial solutions to both financially excluded and the banked population, a move that is likely to boosting initiatives to promote cashless economy.“What we are going to bring here as a mobile banking solution will be quality,” he said in an exclusive interview with Business Times yesterday.Like other platforms MTN mobile money and Tigo Rwanda’s Tigo cash, subscribers will be able to send and receive money, pay their bills, and access their bank accounts.“For example, what is unique with our product is that people will be able to withdraw from ATMs which is not happening today,” he said.Airtel Rwanda is a subsidiary of India’s Bharti Airtel, which has operations in 20 countries across Asia and Africa The launch of Airtel money will be a boost to the economy.Airtel money platform faces competition from MTN and Tigo mobile money platforms, which have been growing rapidly. Both telecom operators have partnerships with some banks. MTN’ mobile money alone transacted over Rwf70 billion since it was launched. “What we expect is to see these telecom companies making their products available and more affordable for the rural poor, if we are to realise the impact of cashless economy,” Job Opar, a consumer protection consultant, said.There is growing optimism within the market that mobile money platforms will also increase mobile penetration. Government targets mobile penetration rate of 60 per cent of the country’s population by the end of this year, up from over 47 per cent currently.

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Airtel to introduce mobile money platform