Mobile Money agents will not suffer losses after transfer charges removal Rwangombwa

On 20 March 2020 at 05:09

Mobile Money agents were promised they will not suffer losses after the Central Bank of Rwanda (BNR) announced on Wednesday, March 18th, 2020 that all mobile network operators will allow zero charges on money transfer.

Starting March 19th, 2020, BNR announced that mobile network operators and banks will allow zero charge transfers on all payments between bank accounts and mobile wallets, zero charges on Mobile Money transfers and zero merchant fees on all POS payments.

While many Rwandans received the news enthusiastically, Mobile Money agents addressed concerns that they will suffer loss because they made a profit from charges on money transfers.

In an interview with Rutagengwa Arthur, MTN Rwanda Mobile Financial Services Senior Manager, he told Radio Rwanda that mobile money agents are safe as charges were waived only for customers but that they will keep receiving commission for all money transfers made.

Mobile money agents told IGIHE that the transfer fees came in handy since commission money was provided only by the end of the month.

BNR waived mobile money charges to prevent physical contact during the coronavirus pandemic.

John Rwangobwa, BNR Governor said that safety comes first during the coronavirus outbreak and that the decision to waive transfer fees was driven by the need to protect Rwandans during the pandemic by promoting cashless transactions. "BNR encourages using digital channels and contactless mobile payments to curb the transmission of coronavirus."

BNR will follow up closely on the implementation of the aforementioned measures.

Hon. John Rwangombwa,The Central Bank Governor