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Rwanda accelerates move to cashless economy by joining UN-backed alliance

India Blooms News Service | | 31 Oct 2014, 10:12 am
New York, Oct 31 (IBNS) The Government of Rwanda moved on Thursday to accelerate plans to transform into a cashless economy by joining a United Nations-backed initiative that supports countries’ transitions to electronic payments.

With the assistance of the Better Than Cash Alliance, which is hosted by the UN Capital Development Fund (UNCDF), the Government of Rwanda will transition all forms of government payments to electronic ones. Other aims include achieving 80 per cent financial inclusion by 2017 by, among other improvements, expanding the use of banking and retail transactions electronically, including in fuel stations, and by merchants and customers across the country.

“We welcome Rwanda as the newest member of the Better Than Cash Alliance and commend the Government’s leadership and commitment to continue transitioning away from cash,” Dr. Ruth Goodwin-Groen, Managing Director of the Better Than Cash Alliance, said in a press release.

“We recognize that while the opportunities of digital payments abound, getting there takes work and we stand ready to support our members,” she added. The Better Than Cash Alliance is funded by the Bill & Melinda Gates Foundation, Citi, Ford Foundation, MasterCard, Omidyar Network, United States Agency for International Development and Visa Inc.

Working with governments, the development community and the private sector to adopt the use of electronic payments, the alliance provides support to those who commit to make the transition. Efforts aim to help people who lack access to formal financial services such as bank accounts, and who often subsist almost entirely in an informal, cash-only economy.