Rwanda is part of the cashless revolution that is now being embraced in Africa. I&M Bank Rwanda continues to position itself as a first-mover in the digital market and is the only bank in Rwanda offering free bank accounts for anyone, through SPENN.
SPENN is a cost-free mobile banking application that was launched in June 2018 by I&M Bank in partnership with a Norwegian financial technology company – Blockbonds, making the people of Rwanda financially connected by uniting the banked with the unbanked population. Constant developments of SPENN ensure an increasing ease of use, for example by making transactions via a business bar code.
Talking to the press about the transformations and developments that have been realised since the launch of SPENN, CEO of I&M Bank Rwanda Robin Bairstow said that the number of merchants are currently 4,216 ranging from different sectors such as electronics, restaurants, pharmacy, among others.
“We have also reached more than a 180,000 users and still counting. We are proud that we are the only solution giving Rwandans the opportunity to join the cashless society for free,” Added Bairstow.
“We are working hard to give everyone equal financial opportunities through technology. We believe that SPENN is the solution, and according to our daily users they agree with us. Our users have simplified their everyday lives.”
One the agents of SPENN that I&M staff visited in town from Amuk Investments, explained how the application is used conveniently for secure transactions. “All users have their own unique QR code to both receive and send money, and it saves a lot of money on cost free transfers”.
According to Blockbonds CEO, Mr. Jens Glasocustomers on IOS can now download SPENN through the apple store and enjoy a simple and convenient way of transacting money.
Glaso also explained that some of the advantages of using SPENN for businesses is that it offers a free point-of-sale solution, making them visible and connecting in our map inside the app for all SPENN users. “We also offer global airtime purchase inside the app.”
“It provides a solution uniting both consumers, businesses and private users removing the long movements to the bank and forth, utilizing block chain technology for world class security.” Added Jens Glaso.
Commenting about the future plans of SPENN, Jens Glaso said, ‘We will continuously develop and improve SPENN and we are planning several new features for the near future together with I&M Bank.”
I&M Bank will continue to strive to fulfil the vision of the Rwandan government to create a cashless economy by 2020 for free – and all you need is SPENN.