Rwanda’s eKash Instant Payment System Sees Explosive Growth
From the start of August to the end of September, the National Bank of Rwanda saw transactions on its eKash instant digital payment system jump from 140,000 to 1 million per month. The value of transactions also rose sharply, from about $7 million per month to around $1.5 billion per month. The Rwandan government considered .. The post Rwanda’s eKash Instant Payment System Sees…
From August to September, Rwanda's eKash instant payment system experienced explosive growth, with monthly transactions soaring from 140,000 to 1 million and transaction values increasing from $7 million to $1.5 billion. The National Bank of Rwanda (NBR) sought to ensure a level playing field between mobile money operators and banks by eliminating existing relationships and capping transaction fees at 20 francs, or less than $0.02.
The central bank aimed to reduce transaction costs and provide banks with new revenue streams through transaction data. Rwanda's financial inclusion rate stands at 20%, with credit access remaining an issue. The country is advancing regional cross-border payment integration, piloting integration with Tanzania's TIPS and coordinating with COMESA's Clearing House and the African Continental Free Trade Area's PAPSS.
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