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MTN Rwanda in partnership with the Commercial Bank of Africa (CBA) has launched MoKash, a mobile savings and loan service plan for MTN mobile money subscribers.

The service allows MTN Mobile money users to save money, earn interest on their savings as well as acquire loans on a short term basis via their mobile phones. It will go a long way in extending banking services to the local folk that don’t have access to the mainstream banking system.

The Rwanda launch follows the success of the same product on the Ugandan market since its inception in August 2016.

According to sources inside MTN Uganda, by the end of 2016, MoKash subscribers had grown up to more than 1.3 million, with more than 3,000 MoKash loans were processed every day.

“The launch of MoKash is in line with the government’s objective of making Rwanda a cash-less transaction economy, and we are proud to play our part to this vision,” Claver Gatete, Rwanda’s Minister of Finance and Economic Planning told local Press.

L-R: MTN Rwanda chief executive Bart Hofker, Rwanda central bank vice governor Monique Nsanzabaganwa, and Isaac Awuondo, CBA’s group managing director during the launch

On his side, Isaac Awuondo, the CBA’s group managing director said; “we believe that we are aiding financial inclusion and will thereby add substantial value to the development and social well-being of Rwandans across the country.”

He added that making a deposit into MoKash Bank account for MTN mobile money subscribers will be done free with no ledger fees or minimum balance requirements.

MTN Rwanda subscribers can dial *182# to access the product for as long they are registered on mobile money.

Rwanda Utility regulatory agency (RURA) estimates the number of mobile phone users at over 8.9million with over 4 million registered on the MTN network.

Photo Credit: Inspire Rwanda (Twitter)