MTN Rwanda, NCBA add value to mobile money offering

by PHYLLIS BIRORI 

KIGALI – MTN Rwanda and NCBA Bank have pledged to deepen financial inclusion in the country by adding some value-added features to the MoKash product.

Lock Savings and Loan Top Up have been added to Mokash, a digital savings and loan product offered on the MTN Mobile Money menu in partnership with the bank, as announced on Monday.

The Loan Top Up feature enables customers to access additional funds on their existing loan, within their approved limit, during the first 20 days.

“Loan Top Up reflects the real rhythm of our customers,” Chantel Kagame, Chief Executive Officer of MTN Mobile Money (MoMo) Rwanda, said.

“Our customers make financial decisions in real time; a market trader may restock today and quickly realise that demand has grown. With MoKash, we are standing alongside them as a trusted financial partner, offering instant and flexible support that adapts to their daily realities.”

Kagame said the evolution reinforced a commitment to building digital financial solutions designed around how customers live and work.

Lock Savings enables customers to save and commit funds for periods ranging from one to 12 months.

Customers can earn up to 8 percent interest per annum.

“Lock Savings reflect how our customers want to grow,” Maurice Toroitich, Managing Director of NCBA Bank Rwanda, said.

“A parent setting aside school fees, a trader saving to expand stock or a young professional building a financial cushion – these are everyday ambitions. We want to enable customers to transform short-term income into long term progress.”

Since its launch in 2017, Mokash provides instant access to credit without paperwork, collateral or long approval timelines.

It has grown to serve over 5 million customers, 40 percent of them women and 60 percent youth.

The platform currently disburses 10 000 loans daily.

MoMo, MTN Rwanda’s fintech subsidiary, has over 6,2 million subscribers and more than 66 000 mobile money agents.

Through its partnership with MoMo on Mokash, NCBA reports it has attracted over 5 million customers, making it Rwanda’s largest retail bank.

– CAJ News