KCB Bank and GoSwiff, a global payment acceptance solutions provider, are rolling out a mobile payment solution (mPOS) for Rwandan merchants, to drive financial inclusion and digital payments in the country. The introduction of the mPOS solution, a first of its kind in Rwanda, coincides with the World Economic Forum in Kigali; which is emphasizing the need for Africa's key decision makers to pursue new approaches for structural transformation in response to rapid technological changes. The launch follows an earlier roll out of a similar mPOS service in Kenya.
mPOS is an affordable and convenient solution that seeks to connect the unbanked and under banked to the financial grid. 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 mPOS system will additionally bring efficiencies in areas like mass collection of insurance premiums, collection of public payments and market purchases.