MTN Mobile Money Press Release

MTN Centre Nyarutarama: The Governor of the National Bank of Rwanda Mr Francois Kanimba this morning presided over the launch of MTN Mobile Money to the media at MTN Centre in Nyarutarama.
This latest ground breaking product that is fully compliant with all banking regulations, is a convenient, secure and affordable way of sending and receiving money anywhere from anywhere in Rwanda.
Effective today 3rd February 2010, customers on the MTN network sign up for MTN Mobile Money and begin transacting at will through the 120 agents that have been appointed and that located across the country. Those who are not on the MTN network are also able to receive money.
Mr. Khaled Mikkawi the CEO MTN Rwanda described the launch as one of the most innovative initiatives that has been made available to Rwandans in recent times. ‘…We have a network reaching over 90% or the population and it is only right that we leverage this coverage for a common good product that will go a long way in the financial deepening of the Rwandan economy…’
MTN pioneered mobile banking in South Africa in 2005 (partnership with Standard Bank) and commercially launched in Uganda in March 2009. MTN Rwanda will work with BCR as the partner bank for MTN Mobile Money.
The CEO expressed his gratitude to the Governor of the National Bank of Rwanda and the team at the Bank for their resolute support in launching the product. ‘... I cannot thank the Governor enough for accepting our invitation to preside over this launch to the media. Sir we are humbled by your enthusiastic support and grateful for the opportunity MTN has to play in the economic and social transformation of Rwanda…’

The National Bank of Rwanda has played a central role in ensuring the product and the project complied with banking regulations.

MTN Rwanda partnered with the largest specialist mobile financial services provider, Fundamo. Fundamo´s leadership team has a strong background in the financial services industry and has applied the stringent design principles required for secure banking systems, whilst also taking full advantage of the unique characteristics of the mobile phone and the mobile user experience. This new style of mobile financial system represents a powerful convergence of the rigour of banking systems and the convenience, simplicity and ubiquity of mobile.
MTN Rwanda also work with Oscillyte Ltd a consultancy firm, provides specialist
strategy, marketing and product development skills and knowledge to
organisations' active in the telecommunications market and mobile in
particular. The firms lead consultant Mark Guthrie has been Project Manager for MTN Mobile Money.
MTN Rwanda has planned an extensive communication campaign to sensitise the public on the benefits of MTN Mobile Money.
Benefits of the MTN MobileMoney include;
• Deposit cash into your account at Mobile Money agent outlets
• Send and receive money wherever from the convenience of your mobile phone.
• Buy airtime for yourself and other MTN customers
• Manage your Mobile Money account – check balance or change pin.
• Withdraw cash at any MTN Mobile Money agent location.