TransUnion Africa has announced the launch of a mobile credit reporting platform in Rwanda. Named "Menyesha", which means 'inform me' when translated, it offers consumers the ability to check their credit score in real time.
Notably, Menyesha uses SMS and USSD given the low smartphone penetration in Rwanda.
“Menyesha addresses the main issues standing in the way of Rwandans who want to make use of digital services to improve their credit health. As one of Sub-Saharan Africa’s most digitally forward countries, Rwanda has much to gain by using financial technologies like Menyesha to leapfrog traditional banking systems previously characterised by high exclusion, delivering financial services conveniently and affordably to all levels of society," said Aimable Nkuranga, Country Manager at TransUnion.
TransUnion has said that it will offer the Menyesha service in Rwanda through different telecommunication companies. The first one to roll-out the service to consumers will be MTN Rwanda.
“Access to credit enables small businesses to expand, creating employment opportunities, reducing inequality and providing much-needed stimulation for the Rwandan economy at large,” said Nkuranga.
It is hoped that Menyesha will help financial services providers in Rwanda to avail their services to more consumers, who would otherwise struggle to get credit due to negative credit profile or a lack of credit history. The other aim is to help Rwandan consumers to be knowledgeable about their credit profiles and in return, keep them in good standing.
In a country where less than 30% of the citizens have a bank account, Menyesha will also allow consumers to know the total amount of debt they have outstanding with various financial services providers at any particular time. Menyesha can support transactions to various lenders and financial institutions directly, immediately, and using only their mobile devices, while payments related to Menyesha will be completed via mobile money.Share this article via: