Equity Bank Rwanda, RSwitch Launch eKash Platform

Equity Bank Rwanda and RSwitch have teamed up to introduce the eKash payments platform, aiming to transform Rwanda’s financial landscape.

Launched on June 26, eKash enables instant money transfers among local banks, mobile money operators, microfinance institutions (MFIs), SACCOs, and fintech companies.

RSwitch originally launched eKash in 2021 as Rwanda’s National Digital Payment System, emphasizing its interoperability.

This allows seamless fund transfers across different financial services, supporting Rwanda’s shift towards a cashless economy and enhancing financial inclusion.

Hannington Namara, Managing Director of Equity Bank Rwanda, highlighted the platform’s benefits: “eKash expands our digital services, promoting a cashless economy and improving financial inclusion.”

Users can now transfer up to 10 million Rwandan francs from banks to mobile wallets, a substantial increase from the previous limit of two million. Transaction fees vary based on the amount sent, with standard rates for bank-to-bank transactions and adjusted fees for bank-to-wallet transfers.

Blaise Pascal Gasabira, CEO of RSwitch, underscored eKash’s role in facilitating low-value retail transactions and fostering innovation among financial institutions. He also mentioned plans to introduce Person-to-Government (P2G) and Government-to-Person (G2P) transactions soon.

Equity Bank Rwanda, operating since 2011 with a network of 46 branches and over 1.3 million customers, will integrate eKash across its platforms, including mobile apps and internet banking.

RSwitch, established in 2003, manages Rwanda’s e-payment switch and adheres to rigorous security standards like PCI DSS and PTS certifications.

The launch of eKash marks a significant step towards a more digital economy in Rwanda, promising greater convenience, reduced costs, and broader financial access for all.