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Up to 90 per cent of international money transfers to Rwanda through World Remit to Mobile Wallets, a new survey shows, highlighting the growing importance of mobile money transactions.
The report, which was released yesterday by WorldRemit, Leading international digital money transfer company, says that Rwanda – along with Tanzania – is experiencing the fastest growth in mobile money remittances in East Africa, increasing on average 9 [on the same month]
WorldRemit is an online money transfer service (19659002) "This is an international exchange of services to expatriates and migrant workers."
"Transfers to mobile money accounts make up 90 per cent of WorldRemit's transactions to Rwanda, and is growing rapidly," a statement from Worldremit reads in part. rapid surge ", it says," is in line with Rwanda's push towards a cashless economy, with the National Bank of Rwanda estimating that mobile money account u Increased by 18 per cent in 2017. "
The report was published in Kigali today.
The meeting, dubbed Mobile 360 Africa, is being organized by GSMA, a world reputed to be the leading provider of remittances to mobile money – processing
In Rwanda, WorldRemit partners with Tigo
MTN Rwanda's Chief Executive Officer, Bart Hofker, The New Times That he was not aware of how much he was Notices for these countries for Rwanda.
"Mobile money transaction is safe, fast, transparent, easy and relatively affordable. Another element that is important is that people do not need a bank account. The majority of Rwandans do not have bank accounts, "he noted.
The international money transfer through MTN Mobile Money is a fast growing business, he said," the controls are there. MTN Rwanda is audited and under oversight of BNR (Central Bank).
According to WorldRemit, remittances through mobile money accounts are "faster, lower-cost and more accessible" than transfers to bricks and mortar agents.
In line with this, WorldRemit 's data shows that Rwandans send money more frequently via mobile money platform – a month to mobile money accounts, compared to just 1.4 transactions to offline locations.
Mobile money remittances are recognized as a key driver financial inclusion.
"As part of WorldRemit's commitment to help under-served communities, the company has launched a pioneering project, in partnership with UNHCR, to promote digital remittances to refugees living in Gihembe camp in Gicumbi District." WorldRemit further noted.
Despite the presence of mobile telecom pay-out, agents in the camp, there is currently very little awareness or use of mobile money remittance providers, like WorldRemit.
"We started money transfers to Rwanda in 2012 and the rapid adoption of our services, which we appreciate in the future, and reliable service.
" We are committed to playing our part in Rwanda's drive for financial inclusion Andrew Stewart, WorldRemit's Regional Head of Middle East and Africa,
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