The National Bank of Rwanda (NBR) will regulate the new mobile money transfer system that will soon be introduced by MTN Rwanda, the Central Bank Governor Francois Kanimba said.
Francois Kanimba said MTN has approached the National Bank of Rwanda and that the bank has issued MTN a license of operation based on MYN satisfying the operations criteria.
“It is important that this system be regulated because it is for the public interest and there is need to safeguard public interest,” explained Kanimba. The new system will be regulated through the laws governing the payment service providers and the payment system laws.
However, the timeframe in which this will start operations is not yet known as MTN is still working on the project which is expected to commence in the near future. The new service will help MTN subscribers transfer money between each other. Read the rest of this entry »
Zain and Western Union are to work together to deliver mobile money transfer services in countries in Africa and the Middle East through Zain’s new Zap platform. The Zap service provides Zain customers access to a full range of transactional services from their mobile phones. Customers can interact with select bank accounts, top-up or transfer airtime, and move money to businesses, friends and family. The service allows customers to pay bills such as electricity, and can even be used to settle grocery bills in the supermarket.
