Letshego Rwanda bets on electronic banking to grow customer base
Local microfinance bank, Letshego Rwanda is counting on mobile and e banking platforms to deepen financial inclusion, days after it rebranded.
According to the bank’s CEO Joel Uwizeye, technology had become a key component in the banking sector that was counting on taming operational costs while reaching the traditionally unbanked population.
Uwizeye further added that the bank’s move to embrace technology in its quest to grow customer base is an attempt at supporting government efforts geared at increasing financial inclusion in the country, as well as promoting a savings culture, and the cashless economy initiative.
Government is encouraging Rwandans to embrace information and communication technology (ICT) tools, like debit and credit cards, and mobile money services to help reduce the use of paper money as it moves toward a cashless economy in the medium to long-term.
Already, most government services, such as birth certificate charges, passport fees, and taxes, are being paid for using e-payment platforms provided by banks, telecoms, and other financial service providers.
Uwizeye said the microfinance bank will partner with telecoms and other providers to roll out the service. He said that they have also set up a platform that will enable customers to use mobile phones to access their accounts, to deposit or withdraw money.
Customers will also be able to conduct other transactions using their mobile phones, he added. “We are committed to improving the lives of Rwandans beyond basic financial solutions.
“That’s why we are going to support bankable projects in sectors, including education, real estate, and agriculture,” Uwizeye said. He added that the bank will also support affordable housing initiatives to provide low and middle-income earners decent homes. It has also set aside a fund to boost entrepreneurship in the country to ensure sustainable development.
“We are ready to finance small business ideas, especially targeting the youth, that have the potential to create jobs and grow into big ventures,” he said.
