Mastercard, Rwanda extend financial inclusion pact

DURBAN – RWANDA and Mastercard have reaffirmed their shared commitment to the development of strong digital platforms towards Rwanda’s goal of promoting a cashless society.
The partnership seeks to address the needs of the country’s citizens.
It was initially signed between MasterCard and the Rwanda Development Board at the World Economic Forum (WEF) on Africa in Kigali in 2016.
Named SIKASHI, the project is focused on digitising numerous state services to improve the efficiency and transparency of public services and ultimately promote the move to a cashless society.
Clare Akamanzi, Chief Executive Officer of Rwanda Development Board and Cabinet Member, said this was a critical pillar of Rwanda’s broader Vision 2020 to create a knowledge-based economy in a world beyond cash.
Key focus areas of SIKASHI include school fees payment digitisation,providing an online payment gateway services for RwandaOnline,
contributing to the creation of an interoperable mobile banking platform,addressing the national healthcare claims disbursement and payment processes, and contributing to the effective management of foreign exchange process flow.
Daniel Monehin, President for Sub-Saharan Africa and International Markets Lead for Financial Inclusion at Mastercard, said in the last year, the Rwanda and Mastercard had leveraged each other’s strengths to deliver on a number of these goals.
This is particularly in the payments, disbursements and subsidies of health, pensions and education: centralized and digital platforms.
According to FinScope 2016, 68 percent of adults in Rwanda have/use formal financial products/services.
– CAJ News