Unguka Bank, MTN Rwanda partner in ‘Mobile Money’ venture

Thursday April 2012

  • Over 400,000 registered with MTN Rwanda’s Mobile Money
  • $90 million (Rwf54 billion) transacted through the service

NYARUTARAMA-MTN Rwanda and Unguka Bank today announce a business partnership that will allow subscribers on the MTN Mobile Money platform make transactions from any of the fourteenUnguka Bank branches.

Unguka Bank is already established in Rwanda with five branchesKigali and the other largely concentrated in the Northwestern part of the country. The partnership with Unguka means that the financial institutionnow joins the many othersthat are already partnering with MTN as Mobile Money agents.

MTN Rwanda already has similar partnerships with a number of other financial institutions that includeAgaseke, Amasezerano, Duterimbere, Rwanda Micro-Finance, Clecam, Coojad and some Umurenge SACCOs, specifically in Mahoko, Kigeyo, Mushubati and Nyaruguru.

“The partnership means Unguka will offer the service on behalf of MTN in return for an agreed commission. This bank comes on board to reinforce the existing channel of agents giving our clients more options and outlets to make transactions,”said Albert Kinuma the Ag General Manager MTN Business said.

“Unguka being a commercial bank makes it even more likely that clients will be assured of making any volumes of transactions. They wouldn’t at all have any cash shortage issues as may be the case with ordinary Mobile Money agents,”he added.

According to the Managing Director of Unguka Bank
“ “

As MTN Rwanda’s Mobile Money platform grows Kinuma added that the future is bright and exciting, with several innovative services in the pipeline.

Currently there are440,000 registered subscribers on the MTN Rwanda Mobile Money. Since its launch in February 2010 MTN Rwanda’s Mobile Money has transacted over $90 million (Rwf54 billion).

With MTN Mobile Money one can send money in the fastest, easiest and most affordable way to anyone, anywhere in Rwanda. To find out more about MTN Rwanda’s Mobile Money service please visit www.mtn.co.rw.

For more information:
Kezio-Musoke David                                  FaustinByakunda
MTN Public Relations                                     Unguka Bank (Managing Director)
0 78 8865 917                                              0788308210
keziom@mtn.co.rw           

About Unguka Bank
UngukaBank, is a commercial bank in Rwanda. The financial institution was founded in 2005, as Unguka Microfinance Limited. In 2011, during its sixth year of existence, the institution transformed into a commercial bank following the issuance of banking license by the National Bank of Rwanda and the bank rebranded. The bank is now a growing financial service provider, whose total asset valuation of ….

   

Press release