Rwanda: RSwitch Partners With Telecoms to Boost Electronic Money Transfer Services

The Rwanda national payment switch (RSwitch) yesterday facilitated the first electronic -money interoperability between Airtel and Tigo telecommunication companies. This followed a recent deal reached between the two telecom companies to boost mobile money transfer services, last week. The new interoperability platform will facilitate and enable e-money transfers between Rwanda's mobile network operators.

It is also expected to reduce the cost of transactions and help boost efforts to achieve a cashless economy. Daniel Barrientos, the RSwitch Chief executive officer, said, Rswitch has already repositioned its infrastructure to support this objective.

"Integration of payments systems is a key part of what we stand for as RSwitch and our infrastructure has been reinforced to provide the most efficient e-payments services across the country and abroad," Barrientos told The New Times, yesterday.

Our mandate is to enable financial inclusion especially at the bottom of the pyramid and seamless e-payments solution which will go a long way in reducing the cost of electronic transactions between operators in the country, he added. Both Airtel and Tigo are confident, the deal will make it easy for subscribers to send and withdraw money with great convenience.

"Accessing financial services on mobile platform will make a massive difference in people's lives. This particular platform, therefore, underlines our commitment to drive financial inclusion and join forces with government towards promoting a cashless economy, Tongai Maramba, the Chief Executive Officer, Tigo Rwanda, told this publication last week.

Bringing microfinance on board

Meanwhile, RSwitch is working on a strategy that will help integrate Micro finance institutions as part of full financial inclusion and cashless economy agenda. There are more than 6.5 million Rwandans, more than half the country's population, connected on mobile money platform across the country.

Meanwhile, mobile money platforms continue to show strong growth trends across the country. Transactions using this platform have atleast increased from about 20 million in March 2014 to more than 35.1 million this year.

And, according to the central bank, the growth reflects a more than 122 per cent growth in monetary value, from Rwf115.7 million to Rwf257.4 million, over the same period.

SOURCE:THE NEW TIMES