Rwanda Joins Better Than Cash Alliance to Accelerate Digital Payments

Date: 
31 Oct 2014

Rwanda joined the Better Than Cash Alliance to accelerate its plans to transform itself into a cashless economy and achieve 80% financial inclusion by 2017. The shift to electronic payments will enhance the potential to advance financial inclusion and help people build savings while giving governments, development organizations, and companies a more cost-effective, efficient, transparent, and safer means of disbursing and collecting payments. This initiative advances the commitment to transition all forms of government payments to electronic forms. Additionally, Rwanda aims to expand the use of banking and retail transactions electronically, including in fuel stations, by merchants and customers across the country.

“We understand the crucial role ICT plays in all sectors of the economy, including finance. This is why we have endeavored to promote a cashless economy by digitizing financial transactions. Today the Government conducts its business electronically, including paying salaries. We have put in place policies that encourage payment digitization and continue to support the private sector, especially financial institutions to embrace the use of ICT to champion financial inclusion. We believe that partnering with the Better Than Cash Alliance will further our ambition to transform Rwanda into a cashless economy and ensure that every Rwandan is financially included,” said Claver Gatete, the Minister of Finance and Economic Planning, Rwanda. “We welcome Rwanda as the newest member of the Better Than Cash Alliance and commend the government’s leadership and commitment to continue transitioning away from cash. We recognize that while the opportunities of digital payments abound, getting there takes work and we stand ready to support our members. Digitizing payments is achievable when a government articulates a clear vision, leads by example, and provides the right incentives for the private sector to do what they do best: innovate, develop infrastructure, and create products designed to succeed in the marketplace,” said Dr. Ruth Goodwin-Groen, Managing Director of the Better Than Cash Alliance.

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Country: 
Rwanda