Algeria, June 5, 2018

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I&M Bank Rwanda unveils mobile banking app

I&M Bank Rwanda Ltd has unveiled SPENN, a free mobile banking app covering both personal and business accounts.

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 Rwanda.

SPENN, a product of Nowergian fintech company Blockbonds, 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 National Identification Agency, NIDA, number.

Mr Jens Glaso, CEO of Blockbonds and SPENN, expressed his excitement for the company being the first actor in digitalizing the national currency of Rwanda.

“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,” Mr Glaso said.

“I&M Bank Rwanda Ltd is a 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, Mr 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 SPENN.

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