News

Rwanda bank unveils mobile money transfer product

November 30, 2011

Banque Populaire du Rwanda recently launched a new product called IZI Cash that allows mobile banking users to transfer money to account holders who can then withdraw the funds from a BPR ATM, according to an article on AllAfrica.com.

"From your phone, send money to friends and family, and they withdraw it instantly from any BPR ATM, without need for an ATM card or bank account. Only the sender is a BPR account holder registered on mobile banking. The receiver only needs to have a mobile phone," said Richard Ndahiro, head of marketing and product development, BPR.

The mobile user can send funds from his or her phone and the recipient will receive a temporary PIN number to retrieve the funds.

Currently, BPR has more than 1.4 million clients, with 190 branches across the Rwanda.

"We intend to connect the rest of the branches in the first quarter of 2012," Ndahiro said.

For more information on this topic, visit our mobile banking research center.