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JOINT MEDIA RELEASE
Thursday 28th June 2012
BK rolls out ‘Mobile Money’ services in partnership with MTN Rwanda
KIGALI: - 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 KhaledMikkawi 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.
About MTN Mobile Money in Rwanda:
Since its launch in Rwanda, MTN Mobile Money has been one of the most success stories in the telecom industry. With now 3 million subscribers, MTN Mobile Money has close to half a million subscribers and has transacted volumes of over Rwf70 billion. The service has steadily been developed to impact users, mostly those with limited access to financial services. A recently GSMA Mobile Money report identify MTN Rwanda as being among the 8 fast-growing mobile money economies in the world.
About Bank of Kigali:
Established in 1966, Bank of Kigali is the largest bank in Rwanda by total assets, with a 33% market share as of 31 March 2012. The Bank has 56 branches in Rwanda and provides retail and commercial banking services to over 100,000 individuals and over 13,000 legal entities. In 2011, the Bank became the second domestic company to be listed on the Rwanda Stock Exchange. Since 2009, the Bank has been recognized for three years running as the Best Bank in Rwanda by emeafinance and Bank of the Year by The Banker. In 2011 it was also recognized as the Company of the Year by the Kenya Institute of Management Rwanda. In 2012, it was further bestowed with the Best East African Bank Award by the African Banker magazine.
For Media Inquiries:
Bank of Kigali MTN Rwanda
Davis YukehMannasseh Kezio-Musoke David
0788 305889 0788865917
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