21 July 2017
download the report now

Rwanda makes cashless push in bid to increase financial inclusion

30 October 2014  |  13942 views  |  1 African lady on laptop

Rwanda has joined the Better Than Cash Alliance to help accelerate the adoption of electronic payments in the country as part of a commitment to achieve 80% financial inclusion by 2017.

The Better Than Cash Alliance was set up in 2012 by a group of development organisations, foundations and private companies, including Citi and Visa, to lobby for a shift towards electronic payments in the fight against global poverty.

The group argues that moving to e-money has the potential to advance financial inclusion and help people build savings while giving governments, development organisations, and companies a more cost-effective, efficient, transparent, and safer means of disbursing and collecting payments.

Rwanda has embraced the idea. The East African country already pays all government employees electronically and is bidding to ultimately transition to a cashless society as a way of bringing citizens into the formal economy and helping it meet the ambitious target of 80% financial inclusion within the next couple of years.

The tie-up will see the country benefit from policy, technical and financial assistance as it works to identify and implement the most effective approach to encouraging Rwandans to ditch cash.

Claver Gatete, minister of finance and economic planning, says: "Today the Government conducts its business electronically, including paying salaries. We have put in place policies that encourage payment digitisation and continue to support the private sector, especially financial institutions to embrace the use of ICT to champion financial inclusion.

Ruth Goodwin-Groen, MD, Better Than Cash Alliance, adds: "We recognise that while the opportunities of digital payments abound, getting there takes work and we stand ready to support our members. Digitising payments is achievable when a government articulates a clear vision, leads by example, and provides the right incentives for the private sector to do what they do best: innovate, develop infrastructure, and create products designed to succeed in the marketplace."

Comments: (1)

Hitesh Thakkar
Hitesh Thakkar - FIS Payments Software and Services India - India | 30 October, 2014, 11:13

Rwenda  has been moving towards matured payments on m-payments as well as direct benefit transfer.  They are on citizens biometric authentication database. 

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Gates Foundation launches challenge to boost mobile money acceptance

Gates Foundation launches challenge to boost mobile money acceptance

18 September 2014  |  8039 views  |  0 comments | 19 tweets | 16 linkedin
Digital payments crucial to economic growth - World Bank report

Digital payments crucial to economic growth - World Bank report

28 August 2014  |  14811 views  |  0 comments | 40 tweets | 30 linkedin
Visa targets developing world with plug-and-play mobile money service

Visa targets developing world with plug-and-play mobile money service

13 February 2013  |  9307 views  |  0 comments | 15 tweets | 10 linkedin
'Better Than Cash Alliance' to push e-payments in fight against poverty

'Better Than Cash Alliance' to push e-payments in fight against poverty

20 September 2012  |  6944 views  |  0 comments
Rwandan telco to launch m-banking service

Rwandan telco to launch m-banking service

12 January 2009  |  6113 views  |  0 comments

Related blogs

Create a blog about this story (membership required)
visit vasco.com/news/PSD2-compliant-solutionsvisit www.finastra.comvisit www.ncr.com

Top topics

Most viewed Most shared
German fintech factory FinLeap raises EUR39 millionGerman fintech factory FinLeap raises EUR3...
12484 views comments | 19 tweets | 15 linkedin
EPC gears up for pan-European instant paymentsEPC gears up for pan-European instant paym...
9742 views comments | 10 tweets | 28 linkedin
Mastercard to buy AI outfit BrighterionMastercard to buy AI outfit Brighterion
8577 views comments | 14 tweets | 20 linkedin
Barclays rides payments-as-a-service wave with investment in Form3Barclays rides payments-as-a-service wave...
7766 views comments | 16 tweets | 12 linkedin
hands typing furiouslyThe Digital Trade Chain: the blockchain tr...
7615 views 0 | 5 tweets | 16 linkedin

Featured job


Brussels or Frankfurt

Find your next job