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New data reveals that 90% of WorldRemit’s international money
transfers to Rwanda go to mobile money wallets.
Kigali and London, July 2018: Leading digital money transfer company
WorldRemit has released new data that shows Rwanda – along with
Tanzania – is experiencing the fastest growth in mobile money
remittances in East Africa, increasing on average 9% month-on-month.
Transfers to mobile money accounts make up 90% of WorldRemit’s
transactions to Rwanda, and is growing rapidly.
This rapid surge is in line with Rwanda’s push towards a cashless
economy, with the National Bank of Rwanda estimating that mobile money
account users increased by 18% in 2017.
These new findings were announced by WorldRemit ahead of Mobile 360
Africa hosted in Kigali by GSMA, a body representing mobile operators
across the world. WorldRemit is the leading global provider of
remittances to mobile money – processing 74% of all international
transfers landing in mobile money accounts. In Rwanda, WorldRemit
partners with Tigo/Airtel and MTN mobile telephone operators.
Remittances to mobile money accounts are faster, lower-cost and more
accessible than transfers to bricks and mortar agents. In line with
this, WorldRemit’s data shows that Rwandans send more frequently to
mobile money – 2.6 times a month to mobile money accounts, compared to
just 1.4 transactions to offline locations.
Mobile money remittances are recognised as a key driver of financial
inclusion. As part of WorldRemit’s commitment to help under-served
communities, the company has launched a pioneering project, in
partnership with UNHCR, to promote digital remittances to refugees
living in Gihembe camp in Gicumbi district.
Despite the presence of mobile telecom pay-out agents in the camp,
there is currently very little awareness or usage of mobile money
remittance providers, like WorldRemit.
Andrew Stewart, Regional Head of Middle East & Africa, comments: “ We
started money transfers to Rwanda in 2012 and the rapid adoption of
our service shows that customers appreciate our fast, secure and
reliable service. We are committed to playing our part in Rwanda’s
drive for financial inclusion, so that even the hardest-to-reach
communities can experience the benefits of digitisation.”