MTN Rwanda launches Fintech Subsidiary

MTN Rwanda has received approval from the Central Bank to set up its FinTech subsidiary, Mobile Money Rwanda Ltd, in a move that is likely to intensify competition in the financial system.

The firm, which was permitted to run the operator’s mobile money operations from April 27 and will be headed by CEO Chantal Kagame. Kagame will drive business development, strategy, innovation, and the day-to-day operations of the company.

MTN already provides mobile payment services under the name MoMo, a service launched in 2010. MTN claims the largest market and value share in the increasingly competitive telecommunications industry in Rwanda.
MTN Rwanda Chief Executive, Mitwa Ng’ambi said that the new structure is also expected to ensure that the business segment is agile and well-poised for growth and innovation.

“Mobile Money has matured over the last ten years in Rwanda, and this marks a pivotal milestone in our journey toward a cashless economy,” she said.

“The transition process to a standalone business has now kicked off and we look forward to cementing Mobile Money Rwanda Ltd as a key FinTech player in the Rwandan market,” announced Chantal Kagame the new Chief Executive Mobile Money Rwanda Ltd.