The decision of scrapping transfer charges for Push and Pull services is part of new directive released by BNR and follows concerns among members of the public lamenting that transfer charges from one’s bank account to mobile money wallet and vice versa could slow down the country’s efforts to embrace cashless transactions.
In May this year, BNR announced that it was conducting a study to fix prices for digital financial services.
The directive signed by the Governor of the National Bank of Rwanda, John Rwangombwa reads that ‘Charges and fees on transfer of funds between e-money and deposit accounts belonging to the same person are prohibited’.
The Central bank has also waived 6 per cent interest rate which banks have been paying previously on the funds held in the trust account.
“Trust accounts and related individual e-money accounts are only used for the purpose of facilitating payment services. As such, interest on trust accounts and interest on individual e-money accounts are prohibited unless the latter is explicitly used as a savings account,” adds the directive.