Mobile Telecommunications Network (MTN) Rwanda, the Rwandan branch of South Africa-based mobile telecommunications company MTN, reportedly has announced a partnership with Kenya Commercial Bank Group (KCB) and I&M Bank, which both offer corporate and retail banking services in Kenya, and RSwitch, an electronic payment service firm based in Rwanda, to offer cardless automated teller machine (ATM) services in Rwanda. The partnership will allow clients of MTN to access services through KCB, I&M Bank and RSwitch ATMs without the use of a bank card. Instead, the process of withdrawal will require registered account holders to use the ATM to request a 4-digit code be sent to their mobile device to be entered into the ATM in order to complete the transaction.
As of 2013, MTN reported total revenue of ZAR 135 billion (USD 13 billion) and total assets of USD 21 billion. As of September of the same year, KCB Group reported total assets of KES 385 billion (USD 5 billion). As of 2013, I&N Bank reported total assets of KES 141 billion (USD 2 billion). Financial data on RSwitch is unavailable.
By Sarah Luo, Research Associate
About Mobile Telecommunications Network (MTN)
Established in South Africa in 1994, Mobile Telecommunications Network Group (MTN) is a multinational telecommunications provider that offers voice and data communication services to individuals and businesses. MTN also operates MobileMoney, a money-transfer service that can be used on cellular devices. MTN reported total revenue of ZAR 135 billion (USD 13 billion) and total assets of USD 21 billion as of 2013. As of July 2013, MTN reports approximately 120 million subscribers in 21 countries in Africa and the Middle East.
About Kenya Commercial Bank (KCB)
The Kenya Commercial Bank (KCB) Group is a publicly traded financial services company that is based in Nairobi, Kenya. KCB Group operates subsidiaries in Kenya, Burundi, Rwanda, South Sudan, Tanzania and Uganda. As of December 2012, KCB Group reported total assets equivalent to USD 4.3 billion.
All Africa: Rwanda: MTN’s New Deal With Commercial Banks to Enhance Financial Services
MicroCapital, May 27, 2014: WorldRemit to Allow Payouts to MTN’s MobileMoney E-wallets in Uganda
MicroCapital, April 17, 2014: Airtel, MTN Group Partner to Provide Mobile Money Transfers Between Burkina Faso, Ivory Coast
MicroCapital, August 23, 2013: Mobile Telecommunications Network (MTN) Ghana Launches “ATM Cash Out” Service to Mobile Money Subscribers
MicroCapital, July 30, 2013: Ecobank, Lonestar Cell MTN Launch “Mobile Money School Fees Payment Service” in Liberia
MicroCapital Universe Profile: Mobile Telecommunications Network (MTN)
MicroCapital Universe Profile: Kenya Commercial Bank (KCB)
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