Mobile banking service Mvisa launched in Rwanda

Jul 31, 2013

A new mobile banking solution launched by the Bank of Kigali (BK) is expected to improve access to financial services in Rwanda, especially in rural areas.

A new mobile banking solution launched by the Bank of Kigali (BK) is expected to improve access to financial services in Rwanda, especially in rural areas.

This new service "will allow the bank's clients to easily access their bank's account via their phone and also help encourage non-account holders
-
mainly rural folks -
to be bankable", BK's COO Lawson Naibo told East African Business Week.

The product, designed by Visa, is an interoperable mobile branchless banking solution which can service account holders from any other financial services provider in the country.

Users will be able to deposit cash, send money, top
up airtime, pay bills, pay merchant and view account mini
statements
via mobile phone.

Visa Rwanda's MD Ginger Baker said the aim of the product is to bring the convenience and security of formal financial services to all Rwandans regardless of their locality.

Currently, the country's mobile penetration stands at 55 percent,
while
1.3 million Rwandans (out of a population of 11 million) are currently financially excluded, according to a Finscope report.ADNFCR-2976-ID-801618725-ADNFCR