I&M Bank Rwanda Plc together with SPENN Rwanda on May 3 launched the “Cash-Out” feature, enabling users to send funds to other local financial institutions with ease and convenience. The new fund transfer feature enables all SPENN users to easily send money from their mobile devices to any bank in Rwanda, including mobile money transfers. According to I&M Bank, the new service is set to revolutionise the way people make payments and send and receive instant cash payments in Rwanda, making it faster, more convenient, and more affordable than ever before. Speaking during the press conference that took place at Norrsken, I&M Bank Managing Director, Robin C. Bairstow, said SPENN is the first fintech platform in Rwanda that is completely interoperable, providing cost-effective solutions for customers. “The evolution of SPENN from a simple money transfer solution to a fully-fledged mobile banking product is a testament to I&M Bank’s commitment to listening to customer needs. We are proud to have disbursed over four billion in loans in just the first year of SPENN loans, a reflection of our mission to bank the unbanked,” he said. Bairstow further noted that the SPENN ‘Cash-Out’ feature brings I&M Bank one step closer to its goal of becoming the ideal mobile banking partner in Rwanda, empowering users with resources at their fingertips. “Our dedication to delivering tailored solutions and supporting the digital economy in Rwanda remains steadfast, and I&M is excited to continue innovating and shaping the future of mobile banking,” he added. SPENN Rwanda Country Manager, Julius Karake, said their goal has always been to provide customers with a convenient and secure digital mobile banking experience, declaring that the new feature is yet another way they do that. “SPENN has existing features that allow you to 'cash in' to your SPENN account through all I&M branches across the country and SPENN agents,” he said. Karake further noted that clients can send money from their SPENN account to their bank account for just from Rwf1,000 to Rwf149,999 to Mobile Money (MTN or Airtel) and they are only charged Rwf200 only. He said SPENN already has over 400,000 users registered and intends to introduce new features over the course of the following two weeks to further improve the platform’s usability and accessibility. This new feature comes on the heels of the successful launch of other SPENN products in Rwanda, including the SPENN loan product with no collateral and zero interest when paid back within 14 days, as well as SPENN CONNECT and SPENN FLOW, which enable businesses to make bulk payments to employees, vendors, and suppliers, supporting the shift towards a cashless business ecosystem at a minimal cost.
