The lack of the use of cashless payment methods affects national economy-BNR – UMUSEKE – News indeed
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The National Bank of Rwanda calls upon Rwandans to increase efforts in using cashless payments tools as to benefits more to national economy rather than paying cash.

The Governor of the National Bank of Rwanda John Rwangombwa(third from right) urges Rwandans to embrace the use of cashless payment methods

The loss resulting from the lack of the use of cashless payment methods equals to 17 billion Frw yearly, the Governor of the National Bank of Rwanda John Rwangombwa said.

The governor of the National Bank of Rwanda said that as he launched the cashless payment methods campaign that has to be done in partnership with the Rwanda Private Sector Federation.

National bank of Rwanda spends two billion to pay that manufacturers who fabricate money papers and coins that Rwandans use in a daily basis.

This yearly expenditure costs a lot to Rwandan national bank and economy at large.

The rest of money that is stocked in all banks of Rwanda require at least 15 billion Frw to be taken care of, Rwangombwa said.

This cost results from the payments for security for both money and bank personnel, all logistics necessary to keep the money safe, among other operations.

Rwangombwa revealed that the National Bank with its partners are creating models that will help all Rwandans embrace the cashless economy in the near future.

It intends to spread the new and cheap cashless payment tool labeled QR-Code

Rwangombwa explains every buyer equipped with a smartphone will be able to scan an QR Code written down to a paper hanged in any shop and pay the corresponding amount.

He added that the National bank undertook consultations with other financial institutions and telecommunication centers as to find out which cashless method that befits many people’s wishes.



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