Rwanda: BDF partners with MobiCash to provide mobile banking services
The partnership will enable more people in rural areas to access formal financial services.The Business Development Fund (BDF) has announced it is partnering with electronic payment provider MobiCash to provide financial services in all its branches in Rwanda.
The BDF - which was set up by the Development Bank of Rwanda - provides financing and guarantees for small and medium-sized enterprises (SMEs).
Small businesses and individuals will now be able to access services such as payments for goods and services, cash withdrawals and deposits, as well as remittances.
Pascal Nyagahene, chief executive officer of MobiCash, said that the partnership will enable more people in rural areas to access formal financial services.
He explained that the service is secure: "We found the use of biometric identification as the way to go because of its many advantages and protection from cyber theft."
Commenting on the new partnership, BDF chief executive Innocent Bulindi said the partnership will deepen financial inclusion and allow under-banked individuals and businesses to access financial services.