Rwanda’Bank of Kigali has partnered with Visa to launch ‘mVisa’, a mobile banking solution, a bid to make mobile banking services available to all.
“The mVisa which comes as the first innovative electronic product in the world will allow the bank’s clients to easily access their bank’s account via their phone and also help encourage non- account holders mainly rural folks to be bankable. We are proud to be the first bank to launch this product in the world,” said Lawson Naibo, the Bank of Kigali’s Chief Operations Officer,
Designed by Visa Inc. this service product has interoperability to mobile money in the country ad will usher Rwanda’s leading bank by market share and try to win more clients especially from the rural areas.
“Our product is an interoperable mobile branchless banking solution. It can service account holders from any other financial services provider in the country,” Naibo said.
The executive secretary of the Executive Secretary of Association OF Micro-finance Institutions, Rita Ngarambe, also noted that people have now shifted interest to mobile banking products and that is the reason behind encouraging financial institutions to come up with innovative products to serve as per the clients’ demands.
Ginger Baker, the Visa Rwanda Country Manager said the aim of mVisa is to bring the convenience and security of formal financial services to all Rwandans regardless of their locality.
Mobile usage in Rwanda is currently at 55 percent of the general population who have at least a mobile phone. This poses a favorable market for the product growth.
