TechInAfrica – The financial technology (FinTech) has rapidly increased in the financial sector, like banks and other financial institutions. These institutions offer convenient transactions and secure to obtain customer’s trust in using their services. The most common service of financial institutions is mobile money transactions. However, have you ever wondered what would happen to your mobile account when you die?
Mobile Money (MoMo) and Airtel Money, the money transaction services in Rwanda, have initiated alternative ways to secure your money by passing it on to your relatives in case you’re in a state of death or unable to use your mobile money account. The service was first implemented in 2010 and taken over by Airtel-Tigo.
The officials said that the unclaimed money in MoMo and Airtel Money are supposed to be declared by the provider to the National Bank of Rwanda (BNR) after the account is inactive for five years. To claim the money, the relative has to provide proof that they are legal beneficiaries of the money on the account.
According to MTN Rwanda, they record money transfers worth Rwf150 billion everyday done by 2.1 million MoMo users. For your information, MoMo users in Rwanda are around 3.9 million, so, based on the transaction record, there are 1.8 users don’t have a mobile money account nor have used it.
MTN Rwanda Official, Arthur Rutagengwa who is in charge of MoMo, explained that they have not calculated the real amount of money on inactive or dormant accounts. He noted that it’s prohibited for the second person to access clients’ accounts because it will lead to cybercrimes and MoMo theft. Therefore, it’s only legal relative who can access the money left on the account.
However, one proven source claimed that the process of possessing the left money on the deceased’s account is way too complicated that makes him give up. The process requires him to file a case to the police and in court. Additionally, he has to provide a death certificate and other documents from the local government to confirm that he is legal to be passed on the left money.