Financial inclusion, financial literacy, and consumer empowerment have long been established as a pillar of economic development. However, until recently, few solutions were developed to ensure that no one is left behind, in a world where payments may have all been digitalised, but not necessarily been made easier for all.
If you’ve ever had to make a quick payment while waiting in line at the store or delivered the payroll of staff via mobile money, you know that for all the reliability of the process, it can be lengthy and difficult to track. You know the hassle of sending to the wrong business codes, or inputting the wrong digits to an otherwise carefully saved contact and struggling to obtain a reversal.
Rummaging through payment confirmation messages will give you a basic idea of your expenditure, but will require more effort than new technology now requires you to invest in managing your money.
Faranga, launched in 2024 and available on both the App Store and Google Play Store, is here to revolutionise how mobile money is used, allowing the solid but complex technology of USSD codes, to translate into the rapid, clean and carefully monitored payment process of leading banking solutions across the world.
There is no re-inventing the wheel, but rather, solidifying it
Founded by Jonathan Sack, a young Rwandan national with a background in software engineering and sales, Faranga’s development is a testament to the local will to secure greater leadership in tech entrepreneurship across the continent.
Faranga is an improved version of its pre-cursor PressPay (which is currently the highest-rated Rwandan application on the App Store). It simultaneously makes a case for complete, hassle-free reliance on mobile money payments in an increasingly cashless economy, and for safe, responsible spending.
Faranga offers features like real-time transaction tracking, budgeting tools, and improved security, which go beyond the capabilities of USSD systems. This shift to an app-based platform supports Rwanda’s efforts to promote digital transformation and financial inclusion, helping users manage their financial needs with ease.
The app, tried, tested, and perfected for easy and intuitive use, will leverage the momentum of a successful switch to a digital economy and a fertile ground for homegrown fintech solutions, to cement itself as the most reliable facilitator of mobile money solutions.
Supporting Rwanda’s economic transformation
Rwanda’s mobile money ecosystem, led by platforms like MTN Mobile Money, has grown significantly, creating a strong foundation for future innovation. The Rwf10 trillion transacted in 2021 highlights the country’s potential to lead the region in digital financial services.
Rwanda’s National Strategy for Transformation (NST2) prioritises innovation, job creation, and financial inclusion as key drivers of economic growth. Faranga supports these objectives by offering tools that help users make informed financial decisions and manage their money more effectively. Features like transaction tracking and budgeting are designed to foster a more financially aware society, contributing to NST2’s vision for economic transformation.
Faranga also aims to streamline financial operations for micro, small, and medium enterprises (MSMEs), which are critical to Rwanda’s economy. By simplifying financial management, Faranga helps entrepreneurs focus on growing their businesses, supporting the creation of productive jobs and driving industrial development.
Aligning with Rwanda’s fintech vision
Rwanda’s fintech strategy seeks to position the country as a regional leader in financial innovation. Faranga aligns with this vision by offering solutions that give users greater transparency and control over their finances. Its tools are designed to build trust in digital financial systems and make financial services more accessible to all.
Rwanda’s Vision 2050 aims to achieve high-income status and a high quality of life for its citizens. With the rapid growth of mobile money usage and a clear focus on digital finance, Rwanda is well-positioned to set an example for the region and beyond. Faranga, launched in 2024, seeks to support this vision by promoting a cashless economy and encouraging financial independence. Its emphasis on simplicity, transparency, and efficiency helps equip Rwandans to thrive in a rapidly digitising world.
Faranga’s role in Rwanda’s future
Faranga’s journey, led by Jonathan Sack, reflects the power of homegrown innovation in achieving national goals. Sack’s leadership highlights Rwanda’s commitment to fostering local talent and developing solutions that address the country’s unique needs. As Rwanda continues its journey towards sustainable growth and digital transformation, Faranga seeks to contribute meaningfully to the country’s ambitious vision.
Try it for yourself!
Download Faranga now on the Apple App Store or Google Play Store and enjoy faster, trackable payments, as well as precise spending insight, at no additional Mobile Money cost!