Wednesday
November 6
2019

Is Mobile Money Too Expensive in Rwanda?

By Collins Mwai

In most of Kigali’s business outlets, a client paying for a product or service via Mobile Money is often required to add at least Rwf300 considered as withdrawal charges.

This renders cashless payments more expensive than paying cash over the counter and has led to reluctance by entrepreneurs to embrace the cashless payment system that the Government, through the National Bank of Rwanda (BNR), promotes.

This could also explain why despite the growth of mobile money penetration and transactions over the years, much of the money is cashed out or used for airtime purchases.

Photo courtesy of Simone D. McCourtie.

Source: The New Times (link opens in a new window)

Categories
Finance
Tags
cashless, digital payments, financial inclusion, financial services, fintech, mobile money