Rwanda is moving far ahead of her regional peers in mobile payments solutions, the move is being made possible by KCB Bank and GoSwiff partnership.

The two organisations launched mobile payment solution (mPOS) for Rwandan merchants and will showcase their work in the sidelines of the World Economic Forum summit underway in Rwanda’s capital, Kigali.

GoSwiff is a global payment acceptance solutions provider and the partner organisation, KCB Bank Group, is East Africa’s largest commercial Bank and has presence in Tanzania, South Sudan, Uganda, Rwanda and Burundi.

The introduction of the mPOS solution coincides with the World Economic Forum in Kigali; which is emphasising the need for Africa’s key decision makers to pursue new approaches for structural transformation in response to rapid technological changes.

“mPOS is an affordable and convenient solution that seeks to connect the unbanked and under banked to the financial grid,” sayd KCB.

“The new mobile payment service will make it possible for businesses of any size to accept digital payments in Rwanda, with the simple use of a mobile application and an mPOS terminal. The launch follows an earlier roll out of a similar mPOS service in Kenya.”

The two partners also say, mPOS system will bring efficiencies in areas like mass collection of insurance premiums, collection of public payments and market purchases.

“It gives us great pleasure to introduce the mobile payment solution, mPOS, into the Rwandan market. This technology will enable seamless payments at both stationary and mobile locations which gives merchants the competitive advantage of dynamism. We are always aiming to provide financial solutions to our customers and with mPOS, payment of goods will be quick, secure and convenient. This initiative emphasises KCB Bank’s ambition to digitise payment platforms. We hope this will lead to substantial growth in digital payments across Rwanda,” said Maurice Toroitich, Managing Director, KCB Bank Rwanda.

Belinda Aka, Head of Business Development in Africa, GoSwiff said the World Economic Forum presented a perfect platform to demonstrate how technology continues to positively transform the financial landscape.

“This launch further demonstrates our commitment to financial inclusion in Africa through merchant digitisation. We are rapidly growing our regional reach in Africa; building the infrastructure to bring the unbanked and under banked to electronic payments in line with one of the core values of our company.”