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MTN Rwandacell Plc has received approval from the National Bank of Rwanda to set up its FinTech subsidiary, Mobile Money Rwanda Ltd, to provide and manage Mobile Money services in Rwanda

Chantal Kagame has been appointed as its CEO to drive business development, strategy, innovation, and day to day operations of the company.

The setting up of Mobile Money Rwanda Ltd is in line with MTN Rwanda’s strategy to lead digital solutions while contributing to the national economic strategy on enhancing cashless transactions that offer convenience and security to all Rwandans.

MTN Rwanda CEO Mitwa Ng’ambi said, “This restructure will ensure that the Mobile Money business remains agile, well poised for future growth and accelerated 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.”

Kagame added, “Our commitment is to enhance the MoMo user experience and keep innovating products and services aligned with our digital ambition. 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.”

The establishment of Mobile Money Rwanda Ltd does not in any way affect, nor change the delivery of services to current Mobile Money customers. Mobile Money customers will continue to enjoy access to the wide range of MoMo products and services, the more than 30,000 Mobile Money agents and 60,000 MoMoPay merchants across the country.

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