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Bank Transfer (RW)
Bank transfers in Rwanda are regulated by the National Bank of Rwanda to enhance financial transaction efficiency and transparency. As of 2023, around 4.8 million users are engaged with digital payment systems, a significant increase from previous years. This growth reflects broader financial inclusion trends, with about 66% of the adult population digitally included, up from 46% in 2016. However, traditional banking remains limited, with only about 13.3% of the population utilizing banking facilities.
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Reasons for Popularity
Regulatory Support: The Rwandan government has implemented regulations that encourage the use of formal funds transfer systems, enhancing trust and security in digital transactions
National Payment System Strategy: The Rwandan government aims to achieve a cashless society through its National Payment System Strategy, which promotes electronic payments and affordable financial services. A key aspect of this strategy is the modernization of the Rwanda Integrated Payments Processing System (RIPPS) to improve access and efficiency in the payment system
Reduce transaction costs: Rwanda is implementing a multifaceted approach to reduce transaction costs associated with bank transfers through strategic policy frameworks, innovative financial products, and enhanced engagement with both domestic and international stakeholders
