Thursday, March 28, 2024
No menu items!
spot_imgspot_imgspot_imgspot_img
Ad

Top 5 This Week

bama cap

Related Posts

MTN Rwanda Introduces Mobile Money ATM & Bank Integration Services

MTN_Logo_onlyMTN Rwanda has partnered with KCB, RSwitch and I&M Bank to allow MTN Mobile Money subscribers transfer money between their Mobile Money and KCB bank accounts and also withdraw money from their Mobile Money wallets using I&M ATMs and other RSwitch connected ATMs, without the use of a bank card to initiate the transaction.

Below is the entire press release.

Kigali – Rwanda’s leading telecommunications provider, MTN, is pleased to announce a partnership with KCB, RSwitch and I&M Bank which aims to improve access to financial services in Rwanda.

With this partnership, MTN Mobile Money subscribers will not only be able to transfer money between their Mobile Money and KCB bank accounts, but to also withdraw money from their Mobile Money wallets using I&M ATMs and other RSwitch connected ATMs, without the use of a bank card to initiate the transaction.

Speaking at the launch, General Manager of MTN Business, Norman Munyampundu said, “MTN is constantly finding new ways of delighting customers through our Bold New Digital strategy. These services are truly unique as they cater to both the banked and the unbanked population of the entire country.”

Keza Monica, Head of Banking and Channel said that KCB’s strategy is to provide innovative ways of banking to its customers which is convenient and efficient to both the banked and unbanked.

“KCB’s partnership with MTN Mobile money is a game-changing endeavour which aims to improve lives, create jobs, spawn new enterprises, expand financial inclusion and promote a cashless economy in Rwanda. This service will enable customer to access their banking services through the Mobile money platform at their own convenience,” she continued.

To access Bank Integration services, a Mobile Money registered user will simply dial *182#, * Bank Services from the Mobile Money menu and follow the prompts. To withdraw money from an ATM the customer will first have to get a withdrawal code by dialling *182# > Banking Services > ATM and follow the prompts. The user will receive the 4-digit code by SMS which he/she will enter when making a withdrawal at the ATM.

“We are happy to partner with MTN and the Banks in providing card-less cash withdrawal services through the RSwitch Smartcash ATM network to MTN Mobile Money customers,” said RSwitch Head of Projects Catherine Ngali. “Through this milestone, ATMs within the Smartcash network will act as agents for MTN Mobile Money. This service is another step towards ‘fully functioning’ mobile wallets for MTN Mobile Money customers. We will continue to help providing the latest solutions to enhance customers’ day-to-day financial experiences. Mobile payments and card-less withdrawal provides customers with an easier, quicker and more secure way to access their money.”

When asked about the new partnership, I&M Head of IT and Transactional Banking Services, Innocent Muhizi said, “At I&M Bank, we are thrilled to yet again be partnering with a great institution in the efforts of reaching more Rwandans that have hitherto had limited access to these transaction services either by proximity or by the inevitable limitation of agency operational hours. We believe that the new services will create the much needed bridge to formal financial services while offering unmatched convenience for mobile money users. At I&M Bank, we are committed to continue championing innovation.”

With the new service the risks of physically handling money are significantly reduced by creating efficient ways of paying for goods, services and bills at any time of the day, without having to be physically present.

“Being able to access your Mobile Money through ATMs or Bank Integration services opens up a whole new portal of banking, effectively turning your mobile phone into an e-wallet with the convenience of being able to withdraw or transact money 24/7” Munyampundu concluded.

From January to June 2014, the volume of Mobile Money transactions have totalled over 87,000,000,000Rwf. MTN continues to lead Mobile Money in Rwanda with almost 1.7 million registered users since their launch in 2010.

MTN is expected to get into similar partnerships with other financial institutions in the months to come.

 

- Ad -
Sam Wakoba
Sam Wakobahttp://techmoran.com
Taking you on tour through Africa's tech and business ecosystem, one story at a time since 2010! Based out of Nairobi, Kenya, Sam is the founder and managing director of Moran Media, which runs  TechMoran.com, various other digital platforms and a startup incubation hub for Kenya's youthful entrepreneurs. Drop me a mail at [email protected]

Popular Articles