The entry of Visa Inc into the Rwandan market has raised expectation about the transformation and modernisation of electronic banking system through global visa payments technology.
Visa Inc—a globally respected payments technology company—comes in the wake of disappointing operations of SIMTEL, the national switch operator for interbank, that facilitates financial transactions through Automated Teller Machines (ATMs).
It also comes at a time when the central bank has launched a project called Rwanda Integrated Payments Processing System (RIPPS) in its drive to embrace a cashless economy to promote convenience and reduce risks in financial transactions.
Despite the Central Bank’s relentless push for modern payment systems, commercial bank clients always complain about the malfunctioning, unreliability and limited applications that characterise the ATM cards.
Visa has promised to deliver meaningful local programmes that meet the needs of Rwandans, a development that will boost the country’s vision of a creating a cashless economy through the development of a fully-inclusive financial system.
The project by Visa is also expected to further promote the country’s trade sector as well as facilitate tourism and investments through convenient and secure payment systems.
Yet if Visa is to live up to its expectations, it must deliver efficient and affordable products.
Delivering reliable and affordable products is the best way to encourage more people to embrace electronic payment systems.