Kenya-based KCB Bank and GoSwiff, a Singapore-based payment acceptance solutions provider, have launched a mobile payment solution (mPOS) for Rwandan merchants.

The launch, which coincided with World Economic Forum’s Africa meeting in Kigali, follows an earlier launch of a similar mPOS service in Kenya.

The new mobile payment service will enable merchants of any size to accept digital payments in Rwanda, with the use of a mobile application and an mPOS terminal.

GoSwiff said the mPOS system will bring efficiencies in areas like mass collection of insurance premiums, collection of public payments and market purchases.

KCB Bank Rwanda managing director Maurice Toroitich said: "It gives us great pleasure to introduce the mobile payment solution, mPOS, into the Rwandan market. This technology will enable seamless payments at both stationary and mobile locations which gives merchants the competitive advantage of dynamism.

"We are always aiming to provide financial solutions to our customers and with mPOS, payment of goods will be quick, secure and convenient. This initiative emphasizes KCB Bank’s ambition to digitize payment platforms. We hope this will lead to substantial growth in digital payments across Rwanda."

GoSwiff head of business development in Africa Belinda Aka said: "This launch further demonstrates our commitment to financial inclusion in Africa through merchant digitization. We are rapidly growing our regional reach in Africa; building the infrastructure to bring the unbanked and under banked to electronic payments in line with one of the core values of our company."