Norwegian FinTech launches cost-free payments in Rwanda

Blockbonds, together with I&M Bank Rwanda, has announced the full product rollout of SPENN.

Blockbonds' SPENN is a mobile banking app powered by I&M Bank Rwanda Ltd, covering both personal and business accounts. All services through SPENN are cost-free. By downloading the cost-free SPENN mobile banking app, anyone can access a SPENN bank account. Every user can perform cost-free money transfers, cost-free payments in stores, and cost-free cash-out and deposit at any I&M Bank Rwanda Ltd branch throughout the coyntry.

SPENN also offers a cost-free business solution, which is a free point-of-sale solution to anyone selling goods and services, by upgrading to a SPENN+ user.

Anyone who holds a smartphone can instantly register with SPENN. The registration only requires phone number, name and NIDA (National Identification Agency) number.

Blockbonds is a Norwegian FinTech company with a clear mission to contribute to global financial inclusion for vulnerable and marginalised populations. The team consists of over 100 people who are working in the field on a daily basis, and through advocacy and awareness raising, aim to help the two billion people who have limited or no access to financial services.

Blockbonds says that using a Blockchain-enabled platform, it can support any currency within its seven markets with a total population of 1,7 billion.

Jens Glaso, CEO of Blockbonds and SPENN, is proud of being the first actor in digitalising the national currency of Rwanda. Glaso said:

“We believe Rwanda will be an example on how an effective and structured decision-making process drastically can benefit a nation’s economy, and at the same time help people to take the first step out of the cash society.”

“I&M Bank Rwanda Ltd is a proud pioneer in supporting and bringing Rwanda closer towards a cashless economy. We truly believe that SPENN will transform the way Rwanda currently transact, and increase efficiency and prosperity for the Rwandan population,” CEO of I&M Bank Rwanda Ltd, Robin Bairstow said.

With a population of 12 million people, having fast and affordable internet access, Rwanda is a mature market, with anticipation of a high rate of adoption for the product SPENN.