It will now be easy for KCB Bank Rwanda customers to access small loans to cater for emergencies or restock thanks to the bank’s new mobile credit product.

Albert Akimanzi, the marketing and corporate communications head, said the KCB Mobiloan is part of the lender’s strategy to increase access to micro-credit through its mobile banking facility.

"Customers will be able to apply and receive small loans of between Rwf500 and Rwf500,000 instantly on their mobile phones,” he said.

He added that the system will be launched next week.

However, one must be a KCB account holder, registered on KCB Mobi and qualified as per predefined criteria, he added.

Investing in digital and mobile banking according to sector experts will further help reduce the cost of transaction and doing business not only in Rwanda but across the region.

The National Bank of Rwanda has been encouraging sector players to innovate and bring products that will help increase access to finance and financial inclusion as well as help reduce the cost of credit.

According to Finscope report released last year, formal inclusion is currently at 68 per cent with mobile banking contributing more than 23 per cent. Rwanda targets universal financial inclusion by 2020.