Mobile initiatives boost access to financial services, says Gatete

finance MINISTER Amb. Claver Gatete is rooting for more mobile banking initiatives, saying well developed financial systems are essential for sustainable economic growth. “Platforms like mVISA support our progress by providing access to electronic financial services. This helps break barriers, including the lack of access to physical bank branches,” he said. mVisa is one of the platforms that increase access to financial services, especially in the rural areas where there is low penetration of financial institutions. It also promotes financial education, as well as enhancing a cashless economy, which is the government target, according to the minister. Amb. Gatete was speaking at a function where Visa announced expansion of its services in the country in Kigali on Tuesday.Speaking at the same event, Visa country director, Ginger Baker, revealed that three more local banks would start offering mVisa services next year. They are KCB Bank Rwanda, Equity Bank and I&M Bank. Bank of Kigali and Urwego Opportunity Bank are the only banks currently offering the service.mVisa is a product of Visa Inc, an American global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries.“KCB Rwanda will enhance its current KCB Iwacu agent banking programme by adding the interoperable mVISA function to its customers and agent accounts, while Equity Bank will continue to provide access points for customers and will avail its agent network to the mVISA ecosystem in the coming months,” said Baker.

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Mobile initiatives boost access to financial services, says Gatete