This process not only incurred them high costs, with two withdrawals and transfer fees, but also required traveling long distances in some cases, just to find a nearby agent. Other challenges included the time-consuming process of transferring money between banks, which often involved long delays.
These inconveniences led to the creation of eKash, the Rwanda National Digital Payment System (RNDPS) hosted by RSwitch. eKash serves as a one-stop-shop for all your money movement needs. It eliminates the frustrations previously associated with money transfers.
Developed through a partnership between institutions like Access to Finance Rwanda, Ministry of Finance and Economic Planning, the Ministry of ICT and Innovation, Rwanda Information Society Authority, National Bank of Rwanda, AfricaNenda and financial service providers, eKash was designed to eliminate these inefficiencies.
Today, Rwandans can transfer money instantly across different financial service providers, whether using mobile apps, internet banking, or USSD codes, all in a faster and more secure way.
How does eKash work?
Powered by RSwitch, eKash operates through a network of partnerships with all commercial banks, major financial institutions, and mobile money operators in Rwanda. This allows seamless transfers between different banks and mobile wallets.
One of the standout features of eKash is its instant transfer capability. Whether moving money from one bank to another or from a bank to a mobile wallet, transactions are completed in seconds. eKash simplifies money transfers, eliminating the stress and delays previously experienced.
What's new?
Significant improvements have been made to eKash based on valuable user feedback, simplifying the way people send money. Now, registration is no longer required to use eKashâ€" users can transfer money across different providers seamlessly, with no extra steps.
Simply dial 1821*2#, or use a bank's USSD code, app, or internet banking platform, to transfer funds instantly without any signup or complex procedures. For those who value anonymity, eKash also offers a proxy feature.
This allows users to send money while keeping their personal information private, ensuring a secure and discreet transfer experience.
eKash has undergone complete rebranding. The rebrand is not just a fresh look but comes with a more streamlined user journey. The fresh new look will be visible across all platforms, including the website and social media.
'To drive financial inclusion and ensure access for everyone, we've fundamentally reimagined and streamlined the journey to accessing eKash. Our mission has always been to break down the barriers in Rwanda's payment ecosystem, and this simplified journey reflects our commitment to serving all Rwandans' said Blaise Pascal Gasabira, CEO of RSwitch.
What's coming?
RSwitch is getting ready to roll out the next phase of eKash: Person-to-Business (P2B) payments. This upcoming feature will streamline interactions between individuals and businesses, making it easier for users to send payments for everyday goods and services, and for businesses to receive payments efficiently.
Further updates will be shared as the launch approaches. Keep on the lookout and ears on the ground by following RSwitch and eKash on social media platforms.
As eKash continues to grow, RSwitch remains dedicated to financially connecting Rwandans. By breaking down the barriers that once stood in the way.
With a deep understanding that financial inclusion is key to Rwanda's progress, RSwitch is committed to ensuring everyone has access to the tools and services they need to thrive, working tirelessly to create a more connected and empowered future for all.
To join millions of Rwandans using eKash. Dial *182*1*2#, or use your bank's USSD code, mobile app, or internet banking platform.
IGIHE
Source : https://en.igihe.com/news/article/ekash-the-future-of-digital-payments-in-rwanda
