M-Pesa now enters Rwanda in Safaricom, MTN pact

A Safaricom agent carries out an M-Pesa transaction. PHOTO | FILE 

By Allan Olingo, The EastAfrican

In Summary

• Move seen to deepen financial inclusion.
• Rwanda becomes the 11th country with M-Pesa footprint after Kenya, South Africa, Lesotho, DR Congo, Mozambique, Tanzania, India, Romania, Fiji and Egypt.

Rwandan customers can now make mobile money transactions with Kenya following a deal between Safaricom and MTN Rwanda, a move seen to deepen financial inclusion.

This partnership come months after Safaricom roped in Vodacom Tanzania to introduce cross-border transaction between customers on the respective networks.

READ: M-Pesa services between Kenya and Tanzania launched

Betty Mwangi, Safaricom’s financial services director, said that the initiative will not only benefit customers who may need to send money between the two countries, but also provide a reliable and affordable way for businesses to transact.

“This announcement will enhance cross-border trade within the region deepening financial inclusion through integration with existing and emerging financial services platforms,” Ms Mwangi said.

Last year, mobile money was the greatest facilitator of cashless economy in Rwanda, accounting for a 120 per cent growth in subscribers from 2.5 million to more than 5.5 million during the year.

Norman Munyampundu, MTN Business general manager, said that Rwanda was still charting its path to financial inclusion and this new partnership will be a powerful driver of economic growth. 

“We are looking at a very huge potential of the partnership in opening up our mobile money market,” Mr Munyampundu said

Rwanda becomes the 11th country with M-Pesa footprint after Kenya, South Africa, Lesotho, DR Congo, Mozambique, Tanzania, India, Romania, Fiji and Egypt.

READ: M-Pesa now spreads to seven African countries