SPENN Rwanda, in partnership with Technoserve and I&M Bank Rwanda, has launched the innovative Regenerate Rwanda project to enhance rural financial inclusion through digital innovation. Unveiled this February, the initiative seeks to bridge the digital financial gap in rural communities, with a particular focus on empowering women and youth. SPENN is an innovative digital banking platform offering cost-free money transfer services in Rwanda. ALSO READ: SPENN revolutionises business transactions with new bulk payment feature The platform serves both banked and unbanked populations, providing comprehensive financial products to consumers, agents, and businesses, enabling seamless financial transactions. Through SPENN’s digital banking solution, users will enjoy free money transfers, 4 per cent interest on savings, and access to instant loans. Merchants will benefit from cost-free payment solutions and simplified business tools, while agents will receive competitive commissions as they assist their communities in accessing these digital financial services. Project impact and reach The initiative targets six key districts across Rwanda: Muhanga, Nyanza, and Huye in the Southern Province, and Rusizi, Nyamasheke, and Rubavu in the Western Province. Through this ambitious project, the platform aims to transform financial access for over 20,000 individuals, create employment opportunities for more than 500 women and youth, empower over 5,000 merchants with digital business tools, and enable free, seamless transactions through the SPENN Business platform. ALSO READ: I&M Bank, SPENN Rwanda launch feature to ease fund transfers to local financial institutions During the agent training event, Julius Karake, Country Manager of SPENN Rwanda, emphasised the project's impact, saying, Today, we successfully trained 200 new agents, mostly youth, with women making up the majority. This achievement brings us closer to our clients by ensuring they have local agents to assist with transactions. “Most importantly, we've created 200 job opportunities in the Southern Province, further advancing financial inclusion in the region, he added. Agent network development SPENN has made significant progress in establishing its agent network, successfully training 394 agents—192 in the Western Province and 202 in the Southern Province. ALSO READ: SPENN to promote financial literacy among the youth These agents will serve as financial ambassadors within their communities, facilitating digital transactions and promoting financial literacy. One of the trained agents, Beza Cynthia from Muhanga District, shared her enthusiasm. She said, I believe SPENN is making a significant impact by offering financial services with the lowest fees. This will help people in my community manage their money more effectively and securely. Supporting national vision In addition to expanding its agent network, the project aligns with Rwanda’s National Strategy for Financial Inclusion, supporting the country’s commitment to expanding financial access to all citizens. The initiative’s focus on digital solutions advances Rwanda’s digital transformation agenda while contributing to the government’s vision of building a cashless economy.
