Mobile Operator Says It Processes Over 5,000 Mobile Banking Transactions Daily

Mobile operator MTN Rwanda reports it’s now processing over 5,000 mobile money service transactions every day through the company’s “MTN Mobile Money” service.

MTN Mobile Money was formally launched in February of this year and has already gained roughly 200,000 users and 286 agents across the country.  To use the service, the operator charges 250 Rwf (or roughly $.42) per transaction between 1,500 and 300,000 Rwf (roughtly $2.54 – $507.19), as long as the user is registered.

In addition, the service also allows users to buy things like airtime and data tiers, with the operator also looking to expand in the future to allow things like making loan payments and transferring funds between varying accounts.  MTN said its already invested over $2M in the new service, and that sending money for business-related expenses or to relatives are the two primary uses so far.

Though on a small scale, these are promising numbers in terms of mobile banking, money transfer and micropayments.  Consumers are still a bit weary of paying for larger items via mobile, but when it comes to small amounts, adoption is steadily picking up.