The government of Rwanda has joined a new initiative that will see the country work with the United Nations (UN) to promote a cashless economy by incorporating electronic payments in all operations across the country.
With an aim to achieve up to 80 per cent financial inclusion by 2017, Rwanda has committed itself as part of the Better Than Cash Alliance, a UN initiative that works with governments, private sectors and the development community to adopt the use of electronic payments.
Already the government has put in place electronic systems in various business services, including paying salaries to their employees in a bid to encourage digitization of payments.
“We understand the crucial role ICT plays in all sectors of the economy, including finance. This is why we have endeavoured to promote a cashless economy by digitizing financial transactions,” said Claver Gatete, Minister of Finance and Economic planning in the country.
Rwanda also seeks to continue supporting the private sectors, especially financial institutions to embrace the use of ICT so as to contribute in the country’s goals to achieve financial inclusion.
Major financial sectors that the country seeks to support in the cashless system implementation is the banking services as well as retail transactions at fuel stations, that will see merchants and customers pay electronically.
Funded by the Bill & Melinda Gates Foundation, USAID and MasterCard among others, Better Than Cash Alliance is hosted by the United Nations Capital Development Fund (UNCDF) and currently has 19 members.
Better Than Cash Alliance seeks to accelerate the shift to digital payments across the globe by providing expertise in the transition so as to fulfil the goals of empowering people and growing emerging economies.
