Rwanda: BDF, Mobicash Bolster Financial Inclusion Efforts

Information Communication Technologies (ICTs) present huge opportunities for youth employment besides helping bring more people into the formal financial services bracket, Laurent Nsengiyumva, an adviser to the Southern Province governor, has said.

He noted that ICTs provide convenience when it comes to making payments, allowing people to perform financial transactions easily without travelling or making queues in banks and other service centres.

Nsengiyumva, who was speaking at the unveiling of a partnership deal between Business Development Fund (BDF) and MobiCash, an electronic payment services provider in Karongi District on Friday, added that ICTs were key enablers of business operations and help spur growth.

"The combined strengths of the partnership between BDF and MobiCash will ease access to financial services and bring on board the previously financially excluded Rwandans," he said.

Speaking after announcing the partnership, Pascal Nyagahene, the MobiCash chief executive officer, said the collaboration will enable more people in rural areas access formal financial services without any inconveniences, and also promote a cashless economy.

"We want people to open accounts with us that they will use to transact and pay taxes or passport fees, among others, in the comfort of their homes," he noted.

MobiCash was licensed by the National Bank of Rwanda (BNR) in September last year to provide mobile financial services. It facilitates electronic payments for services in both public and private sector institutions.

Under the deal, MobiCash will provide its services in all 30 BDF branches across the country.

The firm provides various financial services, like the payment of all Rwanda Revenue Authority (RRA) fees, including payment of visas and passports fees, cash-in and cash-out transactions, money remittance, as well as other value-added services, like buying airtime for all mobile networks, pre-paid electricity (cash power) and TV subscription charges.

SOURCE:THE NEW TIMES.