The efforts to leapfrog the economy to cashlite have received another boost as Mastercard and government signed a memorandum of understanding on Thursday to bolster the digital infrastructure.
According to the agreement MasterCard will contribute towards building a platform that will bring together different systems of financial sector players to enable interoperability.
“Mastercard is bringing the infrastructure that is going to enable the system to work together that you can move any money from one bank to another regardless whose system it is,” said Amb. Claver Gatete, the minister of finance.
The government since 2011 has invested in a national payment system that of electronic transactions in the financial sector but this the minister says only shifted only provided a solution in the short term.
“Initially it was a solution but at the same time it’s like moving lines from the banking systems to ATM because we didn’t have what they call interoperability,” the Minister added.
Malhotra noted the government shares the commitment of MasterCard to realizing a world beyond cash. He said. “Our global reach and local experience makes MasterCard a perfect partner to help Rwanda meet its Vision 2020 strategy.
Raghu Malhotra, President of Middle East and Africa for MasterCard says that the partnership will help the government towards its efforts to create a cashless economy through driving financial inclusion to 90 percent by 2020.
“We are very privileged to sign this understanding with government of Rwanda where we will create a digital infrastructure for the country to achieve its vision 2020,” he said
The infrastructure includes digitization of school fees, national healthcare claim payments, a common mobile banking platform, provision of an online payment gateway for Rwanda Online as well as effective management of spending activities across borders.