Equity Bank Rwanda, RSwitch launch eKash to promote financial inclusion, cashless economy
Wednesday, June 26, 2024
Hannington Namara, Managing Director of Equity Bank Rwanda, and Blaise Pascal Gasabira, Chief Executive Officer of RSwitch during the launch of eKash payments platform to broaden financial services for Equity Bank on June 26

Equity Bank Rwanda and RSwitch, Rwanda’s national payment switch, launched the eKash payments platform on June 26, to broaden financial services for Equity Bank customers by enabling instant money transfers among local banks, mobile money operators, microfinance institutions (MFIs), SACCOs, and fintech companies.

The eKash platform, launched by RSwitch in 2022, is Rwanda’s National Digital Payment System. It’s an interoperable platform that allows seamless fund transfers between banks, mobile money operators, MFIs, SACCOs, and fintech companies.

This system is a step towards a cashless economy and aims to drive financial inclusion in Rwanda. The eKash platform is available through all Equity Bank platforms, including Equity Bank’s mobile application, retail, internet banking, and USSD.

To use eKash, one needs to register. After registration, you will need a unique ID, which helps identify you as a customer and specifies your bank or mobile network operator when sending funds.

According to Hannington Namara, Managing Director of Equity Bank Rwanda, while this milestone marks an entry into eKash services, it is just one of many initiatives Equity is undertaking to promote a cashless economy while driving financial inclusion and digitising services.

Hannington Namara, Managing Director of Equity Bank Rwanda

"As Equity, we have always been at the forefront of digitising our services and enhancing customer interaction. We are excited to add eKash services to our offerings and value this partnership immensely,” he said.

He also mentioned that currently, transferring money from a bank to a mobile wallet is limited to two million. With eKash, this limit will increase to 10 million, and the fees will vary based on the amount being sent. For bank-to-bank transactions, a standard fee applies, whereas, for bank-to-wallet transfers, the fees correspond to the increased limit.

"Using eKash makes sending money cheaper when sending larger amounts, compared to previous charges. The intention is to lower charges as transaction volumes increase.

"Promoting digital transactions over physical ones we aim to cut costs and resolve issues such as account dormancy. This approach enables users to manage their accounts remotely, making money transfers straightforward,” he added.

Blaise Pascal Gasabira, Chief Executive Officer of RSwitch, said they are excited to have Equity on board, the reason being Equity Bank is among the largest banks on the market and has a large retail customer base.

Blaise Pascal Gasabira, Chief Executive Officer of RSwitch speaks at the event. courtesy

He noted that eKcash primarily handles low-value transactions for retail. It’s a digital public infrastructure designed to ensure seamless, instant transactions. With this shared infrastructure, financial institutions can focus on innovation in the market.

"With this approach, we expect innovation to be more cost-effective, leading to lower transaction costs and making a significant impact on our economy.”

He noted that all commercial banks and mobile money operators are now fully interoperable for Person to Person (P2P) transactions, with plans to soon introduce other use cases. These new services will include P2B, Person to Government (P2G), and Government to Person (G2P) transactions.

About Equity Bank Rwanda

Equity Bank Rwanda Plc began its operations in 2011 and is registered as a commercial bank by the National Bank of Rwanda. The bank has its head office located in Kigali with a footprint of 46 branches and is supported by 4,062 agents, 1663 PoS merchants, and a network of 61 ATMs serving a total of over 1.3 million customers.

About RSwitch

Established in 2003, RSwitch operates the national e-payment switch in Rwanda. It primarily offers card issuance and management services through its flagship product, SmartCash, and Third-Party Processor services.

RSwitch is PCI DSS, PTS certified, and currently operates and manages the eKash scheme; an interoperable mobile instant payment switch (Rwanda National Digital Payments System, RNDPS).

Officials during the launch of eKash payments platform to broaden financial services for Equity Bank on June 26