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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
Contact me when
the service is available

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