KCB Bank Rwanda has stepped up efforts to promote digital finance and access to funding, payments and savings. According to Albert Akimanzi, the KCB Bank Rwanda head of marketing and corporate communication, there is need to sensitise the public about the importance of digital banking to increase financial inclusion in the country.
“Digital banking that can help increase access to financial services, as well as reduce the cost of transactions. It is, therefore, essential for financial sector players and other stakeholders to create public awareness about the existing products so they understand the benefits of embracing digital financing,” he said.
He was speaking during the Digital Banking Day at the University of Rwanda’s College of Business and Economics last week. KCB Bank is currently conducting a country wide awareness campaign to increase the uptake of digital banking products.
The campaign was designed to help enlighten the business students about the new technology in banking. Sector experts believe the youth should embrace financial technology to improve their quality of life and also help drive Rwanda toward a cashless economy.
Early this year, the bank launched awareness campaign on digital banking targeting the university students. Akimanzi said the bank is targeting the youth because “they are the most active users of new technologies. Banks should leverage this to promote cashless economy”.
Last week, the bank unveiled a new loan credit facility (Mobiloan), making it possible for customers to access small loans on their mobile phones.
George Odhiambo, the KCB Bank acting MD, said the new credit facility is part of the lender’s strategy to increase access to micro-credit. Customers can apply and receive small loans of between Rwf500 and Rwf500,000 on their mobile phones using the platform.