KCB Bank and GoSwiff, a global payment acceptance solutions provider, are rolling out a mobile payment solution (mPOS) for Rwandan merchants, to drive financial inclusion and digital payments in the country.
The introduction of the mPOS solution, a first of its kind in Rwanda, coincides with the World Economic Forum in Kigali; which is emphasizing the need for Africa’s key decision makers to pursue new approaches for structural transformation in response to rapid technological changes. The launch follows an earlier roll out of a similar mPOS service in Kenya.
mPOS is an affordable and convenient solution that seeks to connect the unbanked and under banked to the financial grid. The new mobile payment service will make it possible for businesses of any size to accept digital payments in Rwanda, with the simple use of a mobile application and an mPOS terminal. The mPOS system will additionally bring efficiencies in areas like mass collection of insurance premiums, collection of public payments and market purchases.
“It gives us great pleasure to introduce the mobile payment solution, mPOS, into the Rwandan market. This technology will enable seamless payments at both stationary and mobile locations which gives merchants the competitive advantage of dynamism. We are always aiming to provide financial solutions to our customers and with mPOS, payment of goods will be quick, secure and convenient. This initiative emphasizes KCB Bank’s ambition to digitize payment platforms. We hope this will lead to substantial growth in digital payments across Rwanda,” said Maurice Toroitich, Managing Director, KCB Bank Rwanda.
“The World Economic Forum presents a perfect platform to demonstrate how technology continues to positively transform the financial landscape. GoSwiff’s partnership with KCB Bank Group in Rwanda is a testimony to the possibilities at hand,” said Belinda Aka, Head of Business Development in Africa, GoSwiff. “This launch further demonstrates our commitment to financial inclusion in Africa through merchant digitization. We are rapidly growing our regional reach in Africa; building the infrastructure to bring the unbanked and under banked to electronic payments in line with one of the core values of our company.”