New mobile payment system launched in Rwanda
The solution is being rolled out to Rwandan merchants.KCB Bank and payment solutions provider GoSwiff are rolling out a mobile payment solution for Rwandan merchants that is expected to boost financial inclusion and digital payments in the country.
The mPOS solution,
the first of its kind in Rwanda, seeks to connect the unbanked and under banked to the financial grid by allowing businesses to accept digital payments through a mobile application and an mPOS terminal.
The system, already in use in Kenya, is expected to bring efficiency in areas like mass collection of insurance premiums, collection of public payments and purchases.
"This technology will enable seamless payments at both stationary and mobile locations which gives merchants the competitive advantage of dynamism (…) it emphasises KCB Bank's ambition to digitise payment platforms. We hope this will lead to substantial growth in digital payments across Rwanda," said Maurice Toroitich, Managing Director, KCB Bank Rwanda, quoted by Rwanda Focus.
Belinda Aka, Head of Business Development in Africa at GoSwiff, added: "This launch further demonstrates our commitment to financial inclusion in Africa through merchant digitisation. We are rapidly growing our regional reach in Africa; building the infrastructure to bring the unbanked and under banked to electronic payments."