Financial Services

Rwandan mobile payment volumes rise 206% last year

Buoyed by the lockdown, the value of mobile payment volumes in Rwanda increased by 206 percent in 2020 to Rwf 7.177 billion from Rwf2.349 billion in the previous year, statistics from the central bank show.

Mobile payment transactions increased by 85 percent from 378.8 million transactions in 2019 to 701 million transactions.

In 2020, Mobile points of sale (POS) increased significantly to 39,743, excluding the acceptance points provided by motorcycle taxi riders from 13,675 in 2019 with transactions value growing by 1,514 per cent in value from Rwf 52 billion to Rwf846 billion. 

Read also: Future-proofing your business when everything is changing

The growth across the channels was largely driven by the pandemic and measures to curb it which included the promotion of digital payments as customers and merchants sought safe means of payment to prevent the spread of the virus.


Apply For Funding GetFundedAfrica provides equity capital from $1,000 to $50,000. For larger amounts (Above $50,000) we organize syndicated funding rounds of up to $500,000. Apply Here

Going forward, to sustain the growth trends in mobile money payments and transactions the Central Bank has called on service providers to ensure continued merchant on-boarding across the country across all sectors as well as ensuring the availability and reliability of systems to build and maintain customer trust.

Read also: Proparco teams up with DEG, signs US$65mn loan to MCB to assist its customers affected by COVID-19

According to Peace Uwase, the Director-General of the Financial Stability at the Central Bank of Rwanda,  building on the progress made should also be characterized by enhanced security to ensure customers are not being defrauded as well as the timely resolution of customer complaints and expedited refunds where necessary.

Further considerations that will facilitate building on the progress made include pricing to ensure that it is affordable and also in line with the national cashless agenda.

Read original article here

Nichole Manhire

Is the media and brand manager at GFA News. She works very closely with editors and podcasters that contribute to telling the African business success story. For marketing and advertising send Nichole an email: nichole@getfundedafrica.com

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button