With an aim of becoming a cashless economy, Rwanda has attracted a number of investors to help steer the dream of the state. Customary changes have been made by the government and with the banking sector to see them achieve their dreams with the least time possible.
I&M Bank Rwanda Ltd, in partnership with Blockbonds have introduced a new mobile banking app with cost free payment services. The former party has been a main facilitator in the process with the country’s vision and the pioneer of the project.
The mobile banking app dubbed SPENN cover a number of payment services in both personal and business accounts. Other than coming with a plethora of cost free mobile payment services including cost-free money transfers, cost-free payments and lots more, the app comes with cost-free business solution. This is however limited to the user’s upgrade of SPENN+.
The need for internet accessibility to make the process successful is a priority to be looked into. The country has an increased number of internet users owing to the influence of smart phones in the country, and service providers need to up their games to offer better services to their customers.
Blockbonds is the first actor in digitalizing Rwanda’s currency as it hopes to build a strong cashless economy. The milestone should help Rwandans come out of the cash environment and land in a different form altogether that is effective and efficient with the dynamism of change.
The firm is adamant the ripe market in the country will embrace their product and phase out the prevalent situation of cash economy. They believe with a wider market it will necessitate the influence of their product and help them gain grounds with their product in the nation. It should be an easy task working with the government, in line with their objectives.