Kenya Commercial Bank (KCB), a Kenya-based publicly traded financial services company, and GoSwiff, a Singapore-based payment facilitation firm, recently rolled out a mobile payment solution for merchants in Rwanda. The service allows businesses to accept digital payments with use of a mobile application and point-of-sale terminal. The service mimics a similar service KCB offers in Kenya.
Maurice Toroitich, Managing Director of KCB Bank Rwanda, said: “This initiative emphasizes KCB Bank’s ambition to digitize payment platforms. We hope this will lead to substantial growth in digital payments across Rwanda.”
As of December 2015, KCB Group reported total assets of KSH 558 billion (USD 5.5 billion) with operations in six countries.
By Kevin van den Brink, Research Associate
About KCB
Kenya Commercial Bank (KCB) Group is a publicly traded financial services company that is based in Nairobi, Kenya. KCB Group operates subsidiaries in Kenya, Burundi, Rwanda, South Sudan, Tanzania and Uganda. It offers retailers in Kenya and Rwanda mobile payment acceptance services as of 2016. As of December 2015, KCB Group reported total assets of KSH 558 billion (USD 5.5 billion).
Additional Sources and Resources
[1] PR Newswire, “”KCB Bank and GoSwiff Roll Out Mobile Payments in Rwanda During World Economic Forum’s Africa Meeting”
MicroCapital Universe Profile: KCB Bank
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