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Rwanda accelerates digital financial services plans

By , IT in government editor
Rwanda , 30 Oct 2014

Rwanda accelerates digital financial services plans

The Rwandan government has joined the Better Than Cash Alliance in a bid to accelerate the use of ICT within the country’s financial services.

According to a statement the Rwandan government plans to transform the East African nation into a cashless economy and achieve 80% financial inclusion by 2017.

The Better Than Cash Alliance works with governments, the development community, and the private sector to adopt the use of electronic payments.

The Alliance provides support to those who commit to the transition.

The statement explains that as a member of the Alliance, Rwanda advances its commitment to the transition of all forms of government payments to electronic format.

"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 digitising financial transactions," said Claver Gatete, the minister of finance and economic planning.

Gatete added, “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.”

By joining the Alliance Rwanda also aims to expand the use of banking and retail transactions electronically, including in fuel stations, by merchants and customers across the country.

Dr. Ruth Goodwin-Groen, managing director of the Alliance said, "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.

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