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Mobile Money (RW)

Mobile money refers to a technology that allows users to store, send, and receive money through mobile devices without the need for a traditional bank account. As of 2024, approximately 86% of the adult population are utilizing mobile money services.

Method
Mobile Money (RW)
LPM Market Share
37%
Payments
No
Refunds
No - refunds not supported
Type
E-wallet
Local Card Scheme
Users
6.9M
Disbursements
Yes
Yes
Chargebacks
No
Authorization currency
RWF
Authorization
speed
Instant
Recurring
No
No

Reasons for Popularity

Financial Inclusion: Mobile money services have played a crucial role in enhancing financial inclusion, with 96% of Rwandans now being financially included. This is particularly beneficial for low-income and rural populations who may lack access to traditional banking services

Convenience and Accessibility: Mobile money allows users to perform transactions easily and quickly without needing to visit a bank. This convenience is especially important in rural areas where banking infrastructure may be limited

Adaptation to Local Needs: Service providers like MTN have invested in understanding local customer needs through market research and pilot testing, ensuring that their offerings are relevant and user-friendly