Rwanda: Bank expands digital banking with payment solution

Jan 20, 2017

The solution will enhance Rwanda’s cashless economy agenda.

The Managing Director of Kenya Commercial (KCB)
Bank Rwanda, Maurice Toroitich has announced the bank's readiness to launch an electronic payment solution by February 2017, a solution designed to expand digital banking services in Rwanda. The solution- "mVisa" will enhance Rwanda's cashless economy agenda by facilitating financial transactions on mobile banking, point of sales (PoS), agency banking, mobile payment systems and internet banking. Toroitich
in an interview said "the facility (mVisa) will enhance areas such as mobile banking, points of sale (POS), mobile payment systems, agency banking, as well as Internet banking, investing in digital and mobile banking which
will further help reduce the cost of transactions and doing business in Rwanda and across the region. "The new mobile payment service will make it possible for businesses of any size to accept digital payments in Rwanda. With the simple use of a mobile application and mobile POS terminal, bank clients can directly access their bank accounts on the go and settle transactions without visiting their branches." This innovation will increasing access to financial services in the country.