After three months of free mobile money transactions, charges will be reinstated on Monday 22nd June according to an announcement by the Central Bank.
However, following the lapse of the 90-day period, the charges are set to be reinstated next week, a move the central bank said is also aimed at ensuring the sustainability of digital payment services.
Removal of charges on Mobile Money transactions drove up the uptake and usage of mobile money with the value of funds transferred growing by 450 per cent in the first4 months of the year to reach Rwf 40 billion (over $ $42 million), data from Rwanda Utilities Regulation Authority shows.
The development was among other things a result of a move by Central Bank and local Telcos to temporarily remove charges on transfers between bank accounts and mobile wallets, mobile money transfers as well as removing merchant fees on payments for all contactless transactions.
The weekly value of money spent digitally mid-February to mid-April at merchant outlets increased 700 per cent further driving the uptake of cashless payments.
