In an effort to enrich the experience of its customers, Bank of Kigali (BK), the largest Bank in Rwanda, has entered into a partnership with Rwanda’s leading telecoms operator MTN Rwanda to offer services under its mobile money platform.
Under the partnership, BK will offer MTN mobile money existing and new subscribers the full bouquet of mobile money services including; account opening, cash deposits, transfers and withdrawals.
At present, 41 of our 56 branches are offering the services but BK will continue to roll out the service to the remaining 13 branches by the end of the year.
MTN pioneered the mobile money platform in Rwanda in February 2010. Since its inception, the service has transacted volumes of over Rwf70 billion.
“This is probably the biggest partnership between a telecom and a financial institution in Rwanda. We remain committed to bringing financial services closer to the people and we believe this partnership will further expand the potential that mobile money services have on banking the unbanked,” Lawson Naibo the Chief Operating Officer, BK said.
An estimated 45 percent of households in Rwanda have access to a mobile phone and MTN mobile money can leverage our extensive branch network to increase the penetration of their service, while we can capitalize on the increased footfall to bring these customers into the formal banking sector,” he added.
Mr. Naibo also said that since the mobile phone is the most ubiquitous distribution channel on the continent at the moment BK believes that the delivery of financial services through mobile telephony is where the real innovation and development is taking place in the retail market.
MTN Rwanda’s CEO Khaled Mikkawi said that with looming and growing competition in Rwanda’s financial industry, MTN as the market leader in the country also leads the way by creating partnerships with financial institutions, to widen access to services.
“The mobile money platform should not be seen as competition to consumer banking but instead as a catalyst to services offered by leading financial institutions like BK. Rwandans can only benefit from greater convergence between conventional banking services and the mobility that mobile telephony offers,” Mr. Mikkawi said.
Albert Kinuma, Head of MTN Business said that the partnership is in tandem with the company’s strategy of stretching the mobile money’s footprint beyond the regular agent outlets.
“Through MTN’s innovative products, we may deploy different channels as a way of promoting customer satisfaction. It is now possible for senders from outside Rwanda to register online (MTNMMO.COM) and send funds from their debit card or bank transfer to MTN Mobile Money in Rwanda,” Mr. Kinuma said.
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