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Rwanda looks to electronic payment to cut costs and grow economy

As technology continue to deliver instant wins across various economic facets in Africa, technology companies have positioned themselves to chaperon the adoption of innovation among local communities to cut cost and foster economic growth.

In Rwanda debit card scheme SmartCash has launched a campaign to encourage Rwandans to embrace e-payments using merchants with Point of Sale (POS) terminals across the country.

The initiative seeks to boost Rwanda’s economic and financial ecosystem strategy of growing e-payments, which strengthens efforts toward a cashless economy, according to Jean Claude Gaga, the acting chief executive officer of RSwitch, the makers of SmartCash debit cards.

“More developing countries, including Rwanda, have embraced cashless payments, and as an electronic payments enabler, we want to support the country to achive this goal,” Gaga added. Gaga said they will also sensitise the public on the benefits of using e-payments facilities, like debit and credit cards in an economy, among others. SmartCash card payments are free of charge on POS, which include supermarkets, fuel stations, restaurants, and pharmacies.

According to the central bank, POS have increased from 1,009 in 2014 to over 1,700 in 2015. Though the number of POS is still low, usage grew by 124 per cent between 2014 and 2015.


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