Rwanda: Launch of a new fingerprint banking service
A new mobile banking product called "MobiCash"- using a fingerprint scanner to authenticate users- has been launched in Rwanda on Thursday (May 16th).A new mobile banking product called "MobiCash"- using a fingerprint scanner to authenticate users- has been launched in Rwanda on Thursday (May 16th).
The service allows customers to save, send or transfer money or make payments via mobile phone, and all monetary transactions can be done exclusively with the account owner's fingerprint without the need of card.
CEO Patrick Gordon Ngabonziza told the New Times that customers can access their accounts through proximity agents where they can register to open up accounts, deposit, withdraw and transfer money.
"All shops will be provided with fingerprint readers. When shopping, people will only need to leave their fingerprint to pay, without entering a code or giving a signature," he explained.
He added that the service seeks to serve the rural poor through microfinance institutions and retail agents, including supermarkets and drug shops.
In Rwanda, 57.3 per cent of the population has access to a mobile phone and only twenty percent owns a bank account, according to the Rwanda Utilities Regulatory Agency.