Simtel targets five million customers by next year

Simtel, Rwanda’s inter-bank electronic payment service provider is targeting five million customers. Rogers Munyampenda, Smitel’s Chief Executive Officer (CEO) said they are to be connected to electronic transaction by next year. Simtel plans to achieve the target number of clients when Rwandans start using the recently issued national identity cards to access banking services. “Using Automated Teller Machines (ATMs) is not the end of the story in electronic transaction. We want to introduce it at the point of sale,” Munyampenda said. Point of sale is where one accesses services using his electronic card. The CEO also said the ID cards would reduce the digital divide as simple information technology will be introduced in rural areas. “We want to involve the informal sector and also extend the service to micro finance institutions,” Munyanpenda said. Adding that; “we are fulfilling the pledge of the new investor”. African Development cooperation now owning 70 per cent in Simtel, pledged to increase the number of ATMs in the country and increase the number of electronic transaction products. Statistics from Simtel show that the number of clients using the ATM cards has increased from 21,099 people in September last year to 33,722 in August this year. Simtel is also planning to convince more business outlets to accept visa cards at their point of sale. This would connect more businesses in the country to the international retail electronic payment network. The move would increase and facilitate electronic payments among financial institutions, merchants, consumers, businesses and government entities. Munyampenda said, currently only 35 business outlets in Rwanda accept visa card, with Nakumatt being the latest on the list. But most of this these are mainly dominated by travel and tour agencies and hotels and restaurants. Ends

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Simtel targets five million customers by next year