Remember the last time you needed to send money from your MTN Mobile Money account to someone using Airtel? You had to find an agent, withdraw cash from MTN, then deposit it into Airtel—paying withdrawal fees, deposit fees, and sometimes traveling significant distances to complete a simple transfer.

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Or maybe you needed to move money from your bank account to your mobile wallet, only to discover the daily limit was too low or the fees too high. Those frustrations are now history.

Last December, Rwanda launched eKash, a unified platform that connects the country’s major financial institutions.

Currently 22 institutions are connected, including commercial banks, mobile money operators MTN and Airtel, and select SACCOs, with more joining regularly. This isn’t just another payment app. It’s digital infrastructure built entirely by African engineers that fundamentally changes how we move money.

What eKash actually does

Think of eKash as the highway system for your money. It creates seamless connections between all the places where your money lives. With eKash, you can instantly transfer funds from, say, Bank of Kigali or Ecobank to someone’s MTN MoMo; from Equity Bank to Airtel Money; from your I&M Bank account to a friend’s Bank of Africa account, or between any combination of connected financial providers.

The system enables what financial experts call financial connectivity. Previously, Rwanda’s payment system operated in silos. Banks couldn’t easily talk to mobile money providers, and different mobile networks couldn’t communicate with each other. eKash eliminates these barriers.

How to use eKash right now

Here’s what makes eKash revolutionary: you don’t need to register or download anything new. If you already have a bank account or mobile money, you already have eKash access.

To send money using eKash, just follow four easy steps:

Step 1: Dial *182*1*2# from any mobile phone, or use your bank’s existing USSD code, mobile app, or internet banking platform.

Step 2. Enter the recipient’s phone number (this becomes their eKash ID).

Step 3. Enter the amount you want to send.

Step 4. Confirm with your PIN.

The transfer completes in under 15 seconds, regardless of which bank or mobile network either person uses.

The money you’ll save

The cost structure is remarkably affordable. According to BPR Bank, eKash transactions cost as little as Rwf250 for transfers up to Rwf10 million. That’s far cheaper than the old method of multiple withdrawals and deposits.

For comparison, if you previously needed to withdraw Rwf500,000 from one mobile network and deposit it into another, you might have paid Rwf2,500 or more in combined fees. With eKash, that same transfer costs a fraction of the price.

Transfer limits also increased dramatically. You can now send up to Rwf10 million, up from the previous limit of Rwf2 million for bank-to-wallet transfers. This matters for business owners, families making large payments, or anyone handling significant transactions.

The fees remain consistent whether you're sending money within the same network or across different providers.

Security and privacy

eKash is operated by RSwitch, which holds international security certifications and uses multi-layered authentication and encryption. The system allows you to transfer money while keeping your personal banking details private. Recipients only see your phone number.

As with any digital payment system, protect yourself by never sharing your PIN, always verifying recipient names before confirming transfers, and being cautious of anyone pressuring you to send money urgently.

What’s coming next

Person-to-merchant payments through eKash have already launched, meaning small business owners can now accept payments from any customer regardless of which bank or mobile wallet they use. Coming soon are person-to-government and government-to-person transactions, which will streamline everything from tax payments to social benefit distributions.

Rwanda is also piloting cross-border connections with Tanzania’s instant payment system, which could eventually allow instant money transfers across East Africa using the same simple process.

The bigger picture

What excites me most about eKash isn’t the technology piece. It’s what it enables. When money moves freely between all financial providers, you’re no longer locked into a single bank or network out of convenience. You choose financial services based on which ones truly serve your needs. Financial freedom grows when you have genuine choice.

For small business owners, eKash eliminates a significant barrier. You no longer need multiple accounts or payment terminals to accept money from all your customers. For families, it makes supporting each other financially simpler and cheaper. This kind of infrastructure creates convenience and economic opportunity.

The best financial advice I can give you today: try eKash this month. Send money to a relative or friend on a different network. Notice how fast it is, how simple, how affordable. Then imagine what becomes possible when millions of Rwandans can all do the same thing, instantly, with anyone.

That’s not simply a better payment system. That’s national development you can hold in your hand.

Lynnette Khalfani-Cox is a personal finance expert, speaker, and author of 16 books including the New York Times bestseller "Zero Debt.” She and her husband Earl Cox are expanding their financial education firm in Rwanda to support financial literacy, entrepreneurship, and economic empowerment. Money Moves is a bi-weekly column providing practical wisdom and strategies for building wealth and financial security in Rwanda’s evolving economy.