Rwanda-Economy

Towards a cashless economy: Rwanda introduces smart meters for taxi motos

APA - Kigali (Rwanda)

The authorities in Rwanda on Friday introduced the mandatory use of smart meters for all taxi-moto operators as part of a national drive to implement a cashless economy by 2024.

The taxi motor meters, which is a smartphone that the taxi drivers pay for at a later stage, provides a number of benefits for them and their clients. 

In the past, drivers and customers often argued about the fare of a trip, but now, the meter automatically determines that.

Since COVID-19 might be spread by touching paper money and coins, the government is attempting to adopt a set of measures to promote a cashless economy.

The National  Bank of Rwanda’s 2019/20 annual report shows that despite the economic  slowdown due to COVID-19 shutdowns, the country’s financial system  remained sound and prices remained stable.

Bank sector profitability and liquidity rates improved for both microfinance institutions (MFI) and banks. 

The e-payment to GDP rate increased from  34.6 percent in June 2019 to 54 percent in June 2020. 

Additionally, the percentage of  counterfeit banknotes dropped significantly.

As part of the pursuit of a cashless economy, the Rwandan government has had a goal of improving its financial inclusion for several years, it said.

Riders and passengers are ready and prepared for meters.

All Kigali-based motos will not be allowed to work without smart meters, according to a new instruction from the Rwanda Utilities Regulatory Authority (RURA).






CU/as/APA

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