New card system aims to boost Rwanda's cashless economy
A new card system is set to be introduced in Rwanda in the near future.A new system centred around electronic cards is aiming to bolster Rwanda's cashless economy.
Developed by national payment infrastructure specialist RSwitch, the technology is expected to be introduced in an effort to help people pay for goods and services throughout the country.
The New Times reports that the rollout also aims to stem the flow of liquid cash throughout Rwanda's economy.
The use of cards as payment devices is already a commonplace phenomenon throughout the country, but these are mainly provided by international companies like Visa and MasterCard.
However, RSwitch's new product will be locally-made and ensure that users are able to utilise their normal automated teller machine (ATM) cards to pay for goods and services.
"Now they will be able to use it for a variety of services including paying for their daily expenses," said Konde Bugingo, chief executive officer at the company, in an interview with the New Times.
Last month, Francois Kanimba, minister of trade and industry in Rwanda, urged African nations to pursue a cooperative banking model in order to create a more integrated financial system.