Rwanda moves swiftly towards cashless society

Cashless Society 2
Cashless Society 2 by Cameron Norman via Flickr

This article was originally published at Biz Community

Editor’s note: There is no doubt that going cashless brings many benefits to any society. However, it creates other problems due to 100% reliance on tech (networks, security, privacy). Having the option to pay with tangible cash is always a great idea. Don’t you agree?

Rwanda is continuing with its move to be the first cashless society in Africa, extending an agreement with Mastercard to strength its digital payment sector, it was announced at the World Economic Forum being held in Durban, South Africa, this week.

The Government of Rwanda and Mastercard have reaffirmed their shared commitment to the development of strong digital platforms to meet the needs of the country’s citizens and work towards Rwanda’s goal of promoting a cashless society.

According to FinScope 2016, 68% of adults in Rwanda have/use formal financial products/ services. The partnership agreement signed between MasterCard and the Rwanda Development Board at the World Economic Forum on Africa in Kigali in 2016 will have a significant impact on this number. Through the partnership, great momentum has been achieved, resulting in the agreement with Mastercard being renewed to incorporate the digitization of Rwanda social subsides under one inflows and outflows digitization project. (read more)

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