Digital payment services users increase 166% after eKash roll out in Rwanda
The number of people actively using interoperable digital payment services in Rwanda jumped from 740,787 users in the corresponding period in June to 1.9 million users by the end of July, following the roll out of eKash, the National Bank of Rwanda said.
The rise represents an increase of 166%, according to the central bank.
Rwanda adopted e-Kash around mid-July providing a common instant payment infrastructure that enables customers to send, receive, and make payments across licensed financial institutions in a more accessible, reliable, affordable, and inclusive manner.
In a statement on Wednesday, the central bank said eKash has processed more than 10.5 million transactions with an average of over 98 percent successful transaction rate since its roll out.
During the period, customers transfered over 960 billion Rwandan francs (about 654.5 million U.S. dollars) through the platform, the statement said.
The central bank commended the public for their continued trust and constructive feedback which it said has contributed to the ongoing improvement of the service.
The central bank noted that while most transactions were completed successfully, some customers experienced delays and failed transactions during the initial rollout.
It added that continuous improvements are being implemented to strengthen system performance and enhance customer service.
According to the central bank, the transaction limit through eKash is up to 10 million Rwandan francs (about 6,765 U.S, dollars) per transaction, while the maximum fee chargeable for a P2P transfer through eKash was set at 20 Rwandan francs per transaction.
The system can be accessed through ones’ bank’s mobile app, mobile wallet, USSD or internet banking platforms, and customers will continue using their existing bank accounts and mobile wallets to make transfers.
