Challenge
Payment systems are fundamental to the functioning of financial systems, underpinning economic activity and growth. Demand for instant payments is on the rise and governments are increasingly modernizing their payments infrastructure to enable secure, real-time payments.
Consistent with the Government of Rwanda’s Vision 2050 to achieve the status of an upper middle-income country by 2035 and a high-income country by 2050, the Rwandan central bank – the National Bank of Rwanda – sought to develop a blueprint to guide the development of a Rwandan national real-time payment system.
Solution
Over the past several years, Maltseven has supported the Rwandan payments industry with various initiatives to build a more robust digital financial ecosystem, including the development of its national payment system strategy and research to digitize payments across various payment streams. Building on this work, Maltseven led the initiative to achieve consensus among actors across the payments landscape and develop the blueprint for an instant payment scheme called the Rwanda National Digital Payment System (RNDPS). M7 also developed the investment proposal for the deployment of the RNDPS, resulting in donor financing for the implementation of the new scheme.
