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.
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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
