Swedish multinational telecommunication company, Ericsson has announced a partnership with the Rwandan Government, through the Ministry of Finance and Economic Planning, on financial inclusion.
The partnership will see the launch of a national interoperability switch, which is expected to be operational by early 2017, based on the Ericsson M-Commerce Interconnect solution.
The solution will enable financial and payments services providers in the country to connect to one common platform for seamless and real-time payment transactions.
Through the solution, Rwandan financial stakeholders will be able to create a real-time, irrevocable financial transactions processing solution with 24/7 availability.
VP and Head of M-Commerce for Ericsson, Peter Heuman said, “Africa has been a main driver for innovative mobile financial services. Ericsson M-Commerce Interconnect advances existing efforts by seamlessly linking banks, mobile operators, money transfer organizations, and payment and financial services providers – making the promise of true financial inclusion achievable,”
He added, “The work we are doing with the Government and people of Rwanda on this initiative is imperative for the country and region and we look forward to continued collaboration with countries throughout Africa and globally to build upon these important efforts.”
Through Ericsson’s Rwanda Interconnect Switch (RIS), financial and payment services providers within the country will be connected, enabling end-users to enjoy, in real time, a range of digital payments possibilities across all financial platforms and service providers.
Furthermore, the inclusion of informal sectors such as savings cooperatives and micro finance players in the ecosystem allow previously excluded citizens to participate in mainstream financial services, thereby increasing financial inclusion.
The partnership represents another step in Ericsson’s commitment to building the necessary global infrastructure for a new open digital economy.
“This partnership is a great testimonial to how collaboration between the public and private sector can transform the financial sector for the better. This deployment places Rwanda on track to becoming the first truly cashless society in Africa and we are very pleased to be part of making history on the continent,” said Fredrik Jejdling, Head of Region, Sub-Saharan Africa, Ericsson.