Tech & Business

Indian investors set aside $14 million in new e-commerce transport tech in Rwanda

The e-commerce is the next big thing taking over in many nations. With the pushing of cashless economy idea, a number of innovations have sprung up in transport, hospitals, and banks among others to see the idea welcome and implemented. Soon, after the introduction of Uber in the market other cashless transport technologies are venturing to the same.

Taxi-moto will soon be launched in Rwanda, actually in June and will be more concentrated on passengers using commercial motorcycles. The passengers will purchase services using their mobile phones and other cashless avenues.

The system, ‘Yego Moto,’ is owned by Indian investors and will use Global Positioning System (GPS) devices that will be installed on motorcycles to deliver information about the journey covered and will be connected to passenger’s phone, according to officials.

Addressing the media on Friday, Karanvir Singh, the chief executive and managing director of Yego Innovation Ltd, said the system is aimed at promoting cashless economy and helps both passengers and operators benefit from the technology in various aspects and will encourage fairness between both parties.

Some of the taxi-moto operators at times feel that because it is a competitive environment, they have to charge high fares.

“We have a meter-reader that shows you the distance covered and how much time was spent on the road then automatically calculate to come up with the fare,” he said.

“One can pay by mobile money system, but we will also soon introduce credit and debit cards from banks,” he said.

The total investment in the system, according to management, is worth $14 million (about Rwf11bn) and they say they expect returns in four to five years.

Installation of the system on motorcycles will be free.

There will also be no charges whenever the passenger pays with mobile money as the company has already worked it out with telecommunications companies.

This, Singh said, is expected to encourage the culture of saving.

“Basically, when the money is paid by a client to us, it will be transferred to the motorists via mobile money or to their bank account, and if the rider gets money, they will be able to do savings,” he noted.

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