Mereja Forum

[Awash]

Another coon, like asswash:

Eritrea is so bad even the top athletes flee every chance they get as the tyrant enjoys every suffering he inflicts on the people. MDG my foot.

[Zmeselo]

[Awash]

Rwanda Makes Gains In Going Cashless

by Staff WriterOctober 30, 2019

Billions of money are being exchanged electronically among Rwandans at a highly growing rate despite challenges of behavior change.

Rwanda’s Central Bank (BNR) has today launched another phase of the digital payment awareness campaign which it says will be much wider than the one in 2017.

“The cashless journey has been progressive, with digital financial services increasing over time. Over the last eight years, the value of e-payments to GDP increased from 0.3% in 2011 to 34.6% in 2019,” John Rwangombwa the Central Bank Governor said at the launch Wednesday.

Earlier figures by Rwanda Utilities Regulatory Agency (RURA) showed that Mobile phone subscriptions had reached 9,665,544 in October 2018. The Agency said that about Rwf10.7 billion was transacted electronically last year.

He said it is complex to change people’s behaviour in a day, but with commitment and collaboration from the people seated in this room and other stakeholders, he is very certain it is doable.

According to the statistics Rwangombwa provided, digital loans have increased in volume by 270%, from 99,027 loans worth 1.9billion in 2017, to a volume of 367,103 loans in June 2019 worth 14.2 billion.

He notes that this has doubled the number of individuals accessing loans through formal financial services in just one year.

For example, the Governor revealed that as of June 2019, traditional Points of Sale machines using cards had increased to 3,046, compared to 2,801 in 2018 and 227 in 2011.

More efforts have also been seen in the push for the use of digital financial services which through the introduction of micro digital savings and digital loans.

The government of Rwanda last year approved a Payment System Strategy (2018-2024) aimed at further developing systems and structures that will help realise cashless economy.

“We have challenges affecting the digital payment in Rwanda. We are therefore calling for collaboration between the public and private sector to promote better access, adoption, and usage of digital financial services and products,” Rwangombwa said.

In support of this chasless economy agenda, MTN says it has invested in 30,000 agents across the country, who are expected to educate consumers who don’t have access to television or radio.

Mobile-cellular telephone subscriptions per 100 inhabitants according to RURA is leveled at 81.39% (2018).