How Rwandan banks are favoring digital payments

Rwandan banks are reducing the number of ATMs across the country with some opting to roll out agency banking instead.

According to the latest statistics from the Central Bank’s Monetary Policy and Financial Stability Statement, banks are reducing the number of ATMs and instead increasing agency banking rollout.

With that, the number of ATMs in the country reduced to 331 as of June this year from 390 in June 2019. Agency banking is a model of availing limited scale banking and financial services through engaged agents under an agency agreement with the owner of an outlet who conducts banking transactions on behalf of a bank.

The outlets offer a range of financial services including cash deposit and withdrawal, sending and receiving money, paying taxes, funds transfer and balance inquiry among others.

The move is expected to among other things drive up penetration of financial services across the country.

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