The mVisa network is expanding further in Rwanda with the I&M Bank Rwanda the latest to join. I&M Bank Rwanda, a member of the I&M Group, is the third bank to join the mVisa network in Rwanda after Urwego Opportunity Bank and Bank of Kigali. mVisa is an interoperable mobile money service which allows users to send money through their mobile phones. This means person-to-person transfers can happen across networks and institutions participating in mVisa. mVisa can also make business-to-business payments as well as business-to-consumer payments easier and more efficient. Christian Bwakira, Country Manager for Visa in Rwanda, said the take-up for mVISA in Rwanda has been very positive so far, as the participating institutions generate a “network effect” for mobile financial services. “More partners are expected to come on board this year with two more banks already committed to joining mVisa,” he said. Customers with an mVisa account from one institution can visit any mVisa agent, even if the agent is contracted and managed by a different institution. Sanjeev Anand, the I&M Bank Rwanda Managing Director, said the partnership with Visa will support financial inclusion and provide formal financial services to those in need. “Visa continues to work with our local partners; banks, government, businesses and telecommunications operators to advance Rwanda’s electronic payment capacity in order to support economic growth,” Bakwira said. In 2011, the government and Visa agreed to lay the foundation for an electronic payments network, promote electronic payments innovation, and fund and promote financial literacy programmes in all sectors of society.
