Africas leading resource for digital financial services
East Africa
MobiCash to launch e-wallets for Rwandans
In a bid to provide formal financial services to all Rwandans, mobile banking platform, MobiCash Rwanda is set to launch electronic wallets to Rwandans that will enable the unbanked and underbanked access a variety of financial services.
Pascal Nyagahene, the MobiCash Rwanda chief executive officer said they are currently doing a pilot phase of the platform that will see people open accounts, deposit and withdraw money and send and receive money.
Account holders will also be able to carry out the existing value added services such as making Rwanda Revenue Authority (RRA) payments, purchasing electricity, pay-tv subscriptions and purchase airtime.
“We are removing all the barriers barring people, especially those in the grassroots from accessing formal financial services,” Nyagahene explained in an interview.
The 2016 Finscope Survey that was launched last month in Kigali indicated that 90% of Rwandans have access to financial services. However, 72% of them are excluded from formal financial services, up from 52% in 2012.
At the launch of the survey, John Rwangombwa, the governor of the National Bank of Rwanda (BNR) noted that use of mobile banking technology is key in getting those transacting informally to formal.
“Digital financial platforms especially those accessible on mobile phones, can be used as a tool towards bringing more Rwandans to formal financial services,” he said.
Nyagahene also noted that they are working with different financial sector stakeholders such as banks, payment switches and the mobile network providers to see that they integrate the MobiCash platform with theirs so as to enable people to easily transfer funds from their bank accounts or mobile money wallets to their MobiCash accounts, thus providing an array of options for people to work with affordably.
About MobiCash Rwanda
Launched in March last year, MobiCash is a cashless financial platform whose commitment is to bring a fundamental innovation with convenience and easy access to banking and payment services to everybody including those not served by financial institutions regardless of their financial status; thus, deepening the financial sector.
MobiCash solution offers a refreshing approach to mobile payment that overcomes the challenges of cashless payment of which security tops the list. It uses multi-factor authentication mechanisms such as; fingerprint, Near Field Communication (NFC) Cards and Voice biometric technology. Prior to authorising funds transfer.
comments