Rswitch and Veneka, an international payments company, have signed a partnership deal to ease access to financial services among microfinance institutions (MFIs) in the country.

The partnership allows RSwitch interoperability project to integrate microfinance institutions into the mobile financial services ecosystem powered by Veneka’s Luminus software.

Daniel Barrientos, the RSwitch chief executive officer, said the partnership will help integrate the country’s payment systems, which will help reduce the cost of electronic transactions, noting that it is less costly to operate than the traditional methods of delivering financial services.

It will also strengthen financial inclusion at all levels of the pyramid, enabling populations that traditionally have been excluded to access such services, he added.

"We are delighted to offer a fully integrated platform to Rwanda’s financial institutions to further enable an all-inclusive financial industry. Our local and regional financial institutions are in for a boost,” Barrientos said.

RSwitch said the initiative will interlink financial institutions, creating a seamless interface between banks, MFIs, and mobile network operators in Rwanda, a development that will allow customers to transfer or receive money across institutions.

Veneka managing director Evans Musodza said the project is expected to boost financial inclusion in the country, noting that the firm will facilitate the creation of integrated payments systems, including that of RSwitch. RSwitch is the national e-payment switch of Rwanda.

Veneka facilitates card, mobile and e-banking payment solutions for banks and processors, according to Musodza.

RSwitch signed an interoperability deal with telecoms, to enable mobile money transfers between networks in October 2015.

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