KIGALI, July 14 (Xinhua) -- Rwanda has adopted a national digital instant payment system, effective Tuesday, in a move expected to advance financial inclusion through a single, secure payment platform, according to the National Bank of Rwanda.
In a statement issued Monday, the central bank said that the eKash system provides a common instant payment infrastructure that enables customers to send, receive, and make payments across licensed financial institutions in a more accessible, reliable, affordable, and inclusive manner.
"Person-to-Person (P2P) interoperable transfers will be processed through eKash. Customers will be able to send and receive money instantly between bank accounts and mobile wallets, including bank-to-bank, wallet-to-wallet, bank-to-wallet, and wallet-to-bank transfers," the central bank said.
According to the country's apex bank, eKash allows transactions of up to 10 million Rwandan francs (about 6,765 U.S. dollars) per transfer, while the maximum fee for a P2P transaction has been capped at 20 Rwandan francs.
It said that the platform is expected to advance financial inclusion by making digital financial services more accessible across providers, while contributing to a stronger, more connected, and more resilient national digital payments ecosystem.
Customers can access eKash through their bank's mobile app, mobile wallet, USSD, or internet banking platform, while continuing to use their existing bank accounts and mobile wallets for transfers. ■