Customers of Rwanda Motorcycle Company (RMC) can now pay for motorcycles or buy accessories using SPENN and I&M Bank Rwanda as a mode of payment after the two companies entered into a partnership early this week. SPENN platform is a mobile banking application that enables Rwandans to make a range of financial transactions without using cash.
According to Daniel Aanonsen, Country Director of SPENN Rwanda, the new partnership with RMC is not only going to help buyers of motorcycles with quick transactions, but will also help RMC to carry out smooth and documented transactions. "We are happy to have entered into a partnership with RMC and are sure that the arrangement is going to benefit both the buyers and the seller to carry out smooth transactions,” he said.
Aanonsen also added that though most buyers may not be SPENN users, it is very simple and quick to register as a user and does not require you to have an account with I&M Bank. "We have already set up space at RMC and our staff will be here to explain to customers how to use SPENN to make transactions and the advantages of using the SPENN App. Using technology like this will replace physical currency with digital currency. This is part of supporting the Government’s vision of going cashless by 2020.”
The Commercial Director at RMC, Nsengiyumva Cédric, says that they entered into the partnership with SPENN and I&M Bank because they are working in accord with the country’s vision of having a cashless economy by 2020. "We have always wanted to speed up our transactions and SPENN is the solution. We want to be part of the country’s vision of a cashless economy and at the same time have the opportunity to be fast and efficient in doing business,” he said.
Nsengiyumva added that most of their customers are bound to like the new arrangement of paying through the SPENN App because it is fast and free, with no additional charges. "It takes between 10 to 15 minutes to make a cash transaction and involves a lot of counting bills, sometimes having to go to the bank, whereas with SPENN, the transaction can take less than 5 minutes and is free with no additional charges.”
The Kigali Prime Economic Zone-based Rwanda Motorcycle Company opened shop in May 2018 and has assembled more than 300 motorcycles since, with 130 sold in the country. It has seven motorcycle brands, Ingenzi, Indakangwa, Indahigwa, Imparage, Ifarasi and Inzovu, whose Kinyarwanda names define their strengths. The motorcycles cost between Rwf 1.2 million and Rwf 3 million each, depending on engine power and size. They have CG250 and CG125 engines.
SPENN was developed by Blockbonds, a Norwegian financial technology company working to formally financially include the unbanked population which remains relatively high in the country. The application allows smartphone users to transact and pay for goods and services. Unlike many other blockchain technology platforms, SPENN uses a different model that removes the need for cash by digitalising national currencies.
Blockbonds’ partnering with I&M Bank makes them the first financial technology company to digitalise the Rwandan franc. It also means that people, regardless of whether they are customers of I&M Bank, can now own a SPENN account. As a user, after downloading and registering with the app, you immediately have a digital account and the ability to transact with others in the financial system at no cost.