Mobile Money Transactions surging in Rwanda

Telecommunications giant MTN is one of the leading mobile money providers in Rwanda

Telecommunications giant MTN is one of the leading mobile money providers in Rwanda

The number of people using mobile money services in Rwanda has increased, with around 2.3 million Rwandan adults using the service, 34% of the population is registered with mobile money accounts while 10% use someone else’s Mobile Money account, according to the Rwanda Finscope 2016 report.

Considering multiplicity of mobile money accounts, there are 2.7 m mobile money accounts with 12% adults having more than one MM account. 40% Rwandan adults sent or received money in the six months prior to the FinScope2016 survey up from 13% in 2012.

Rwanda’s Prime Minister Anastase Murekezi who officially announced the Finscope2016 results this Thursday confirmed that Rwanda is on track to achieve its target of becoming a financial hub by the year 2020.

“Financial Sector Development in Rwanda has always been at the heart of our Economic Development Strategy. The survey shows us that we are on-track towards meeting our target of 90% financial inclusion by 2020,” Murekezi said.
The FinScope2016 report shows that reforms to promote financial literacy, SACCOs, electronic payments & savings Schemes have paid off.

According to the findings, 89% of Rwandan adults have used or currently use financial products meaning that Rwanda has 5.2 million people financially included out of the 12 million people today while agency banking has been rapidly growing with the number of bank agents rising from 844 in December 2012 to 2,555 in December 2015.

“We believe that financial inclusion is critical to achieve inclusive & sustainable economic growth & development.” Murekezi added.
Murekezi also said that the impressive results the country celebrates today, are fruits of combined efforts of the private and public sector as well development partners.

He also noted that despite the achievements much needs to be done, and the survey challenges Rwanda to reach universal financial inclusion in the near future.

The Deputy Governor of the National Bank, Dr. Monique Nsanzabaganwa said that “despite the challenges, the achievements in financial inclusion are encouraging, and called for even more determination”
Rwanda’s like a significant number of their neighbours in Uganda and Tanzania use their mobile devices to access their bank accounts, pay electricity and water bills or to shop.