Rwanda: Central Bank implements several payment systems innovations

Feb 25, 2013

Rwanda's Central Bank governor Claver Gatete announced on Friday (February 15th) that several payment systems innovations will be implemented this year that will strengthen the core structure of the financial sector.

Rwanda's Central Bank governor Claver Gatete announced on Friday (February 15th) that several payment systems innovations will be implemented this year that will strengthen the core structure of the financial sector.

The bank will complete several projects by the end of 2013, including upgrading cheque standards and implementing the East African Commodities Exchange, which will act as a platform linking the regional capital markets.

It is also looking at completing the ongoing connectivity to the East African payment system and installing a new banking software system, the New Times reports.

"The new standardised cheques are now being issued by banks to their clients. The cheques have more security features and this will help to fast-track the cheque payments system, with more security and trusted methods of processing," said Mr Gatete.

He added that the East African Payment System (EAPS) is undergoing internal tests and that cross-border tests with the Bank of Tanzania will soon start.

The Central Bank is testing a new mobile service in partnership with Visa called Mvisa, which is expected to improve access to banking services in the country, where 20 percent of the population has access to a bank account.ADNFCR-2976-ID-801544214-ADNFCR