Tag Archives: africa money transfer

New online money transfer service to Rwanda

MTN Rwanda and MFS Africa today announced the launch of an online money transfer service that enables MTN Mobile Money customers to receive international remittances directly on their mobile phones.

MTN is a global communications company and cellular provider, focused on the Africa and the Middle East.

MFS Africa (Mobile Financial Services Africa)  connects money transfer operators, remittance hubs and banks to mobile wallet schemes across Africa. They also run web-based money transfer services on a white label basis.

MTNMMO international money transfer service

The website for the new online money transfer service is MTNMMO.COM.

Rwanda has large populations living overseas. Millions are in other African nations, and many more are in Europe and the United States. In fact, the Rwandan government even has a ministry (the Diaspora General Directorate) dedicated to serving the needs of the Rwandan diaspora.

Naturally, these millions of Rwandan emigrants need an easy way to send money home to their families in Rwanda.

With this new service, senders from outside Rwanda can now register on the website MTNMMO.COM and send funds from their debit card or bank transfer via the internet to Rwanda by simply entering a beneficiary’s mobile phone number. Funds are delivered immediately to the beneficiary’s Mobile Money account in Rwanda.

Mobile Money has already been offering this money transfer service within Rwanda itself. Now the service has been extended to senders overseas.

“Making the connection to MTNMMO.COM to enable international remittances together with MFS Africa was high priority for us to better serve our customers, understanding their need to use their Mobile Money accounts to receive money from abroad,” said Albert Kinuma, head of MTN Business. “We will continue to add new services to MTN Mobile Money, and grow our agent network, now standing at over 700 agents across Rwanda. With MFS Africa as a partner, we look forward to introducing additional products to Mobile Money in the near future.”

Auke Algera, the General Manager East Africa at MFS Africa said MTNMMO.COM is the first product being launched in Rwanda by the company. “The service extends the benefits of Mobile Money to the Rwandan Diaspora,” he explained. “We established ourselves in Rwanda because we are committed to deploying a range of innovative financial products for mobile money providers in the region.”

Africa: cash transfer options increasing

Cash transfer shop in Kenya
A Zain shop in Nairobi. Kenya has been introduced to a number of online payment options making e-trade a reality. Photo/FILE

From Kenya’s Daily Nation:

Posted Monday, February 22 2010 at 16:46

The internet landscape is changing fast after landing of the undersea fibre optic cables’ broadband gateway, with e-commerce activities now slowly warming up.

In less than two months, Kenya has been introduced to a number of online payment options making e-trade a reality.

On Monday, local IT firm, Intrepid Data Systems Ltd unveiled a real-time online mobile money payments solution.

Selling goods to African customers

Trading as iPay, the service incorporates Safaricom’s mobile cash transfer solution, Mpesa and Zain’s Zap to enable customers buy and sell goods and services across the region via their mobile phones.

It is designed and targeted at online merchants to enable them receive payments through an alternative means other than the traditional modes or credit cards.

Information and Communications ministry PS Dr Bitange Ndemo said; “Kenya is now ripe for e-commerce and that is why we are seeing all these innovations. The challenge will be whether we have enough content.”

Mr Steve Nyumba, Intrepid managing director said, “Our major idea was to package Mpesa and Zap into an online transaction processing that would allow merchants, service providers, not-for-profit organisations and consulting firms to receive real time payments off a secure platform that serves this region and beyond.”

New web-based mobile payments system in Kenya

Last year Agosta Liko, a smart tech businessman who runs Verviant Consulting Services launched PesaPal as a web-based mobile payments system for Kenya. It is similar to iPay.

Prior to the launch of these new innovations, merchants in Kenya who wanted to sell online needed to set-up subsidiary companies outside Kenya where they could then register for merchant bank accounts and payment processing services in other countries such as the UK or US.

This meant that payments would need to be processed via international services before being remitted to Kenya, leading to higher costs and lower margins.