Rwandans without bank accounts can finally benefit from formal bank services, thanks to the launch of the prepaid Ecobank Visa CashXpress. 

Wilfred Bocco, the head of Domestic banking at Ecobank, said banked and unbanked population, who have access to automatic teller machines (ATM), point of sale (POS) machines and the Internet can use the card.

The development is expected to significantly augment the country’s efforts to transition into a cashless economy.

Students, employees, business people, and travellers, among others, can use the Ecobank Visa CashXpress.

"The days of travellers moving with unsecure cash should soon be history with this card,” Bocco said during the launch on Wednesday in Kigali.

Louise Murekatete, the Ecobank head of electronic banking and remittance, said the prepaid card facilitates faster transactions.

Murekatete explained that instead of sending money through the bank or money transfer services, parents can provide the prepaid cards to their school-going children.

"Those who want to buy tickets online or pay for hotel bills can access the service through the Internet. One can, alternatively, use an ATM or POS to make a transaction,” she said.

She added that security features on the CashXpress card have been enhanced, noting that it can be used in over two million ATMs and 20 million POS worldwide.

"Every time you make a transaction, the system sends an SMS alert to your mobile phone,” she added.

Speaking at the event, Lucy Mbabazi, a VISA representative, said the prepaid CashXpress gives customers more flexibility to interact regularly with their accounts, "which provides good financial statements”.

Steve Kalisa, the cards manager at Ecobank, explained that the prepaid CashXpress card enables different cardholders to use a single account.

Rwanda’s push toward a cashless economy has seen an increase in the use of debit and credit cards, mobile money transfer services, as well as mobile and Internet banking.

There were over 1,057 POS devices on the market as of June, an increase from 99 in 2010, according central bank statistics.

The devices are mainly used by traders, hoteliers, supermarkets, restaurants, and tour and travel agents. These POS agents partner with commercial banks to enable clients pay using electronic cards, such as VISA.

business@newtimes.co.rw