Electronic payments 'will promote financial inclusion' in Rwanda
The Rwandan central bank has signed a new deal with Visa to encourage the use of cashless payment methods in the country.The Rwandan central bank has signed a new deal with Visa to encourage the use of cashless payment methods in the country.
It is hoped the initiative, which is part of the Rwanda Integrated Payments Processing System, will bring the nation a step closer to achieving a cashless society and encourage financial inclusion as the government will be able to reach more people, the New Times reports.
Infrastructure will be introduced to facilitate electronic payments across the country and mobile solutions will be used to improve access to those in more remote areas.
This could be particularly beneficial to individuals on lower incomes, as these low-cost payment methods offer pro-poor financial products.
Clearing and settlement services will be localised, while international money transfer to Rwanda will be made cheaper and more convenient.
Rwanda is not the only country to offer payment systems such as this, as the Central Bank of Nigeria already provides an initiative called Cash-lite that means more people have access to the country's banking system through the use of mobile payments.