SPENN Blockchain Mobile Banking Platform by I&M Bank in Rwanda
Rwanda Has The Very First Blockchain Based Platform By SPENN
The I&M Bank located in Rwanda together with Blockbonds have officially announced that they are rolling out the SPENN. It will be Rwanda’s very first platform that has been based on the blockchain technology. As a Rwandan you will be able to use this platform which has been designed with an application that has a mobile banking option, it is to ensure the users are able to make a range of financial transactions.
Rwanda has been considered to be an overpopulated third world country, where most of the citizens of the country do not have easy access to most of the banking services. But thanks to Blockbonds which is a Norwegian financial technology will change all this, as the company is working towards creating a formal financial inclusion for the population of Rwanda that is mostly unbanked.
From this the company went ahead and developed the platform that will be blockchain based the SPENN, this is according to a report by Rwanda’s leading daily. Any individual who has a smartphone is able to download the app, from here you are able to use it to pay for your services and goods and various other transactions.
A Little About SPENN
The SPENN platform has been designed to be very distinct from the other blockchain platforms, as the platform has been designed to use a different type of model where the need for cash has been eliminated, this is by by merely digitizing the national currencies.
Blockbonds has been considered to be the very first technology company that has been able, and this is all thanks to the partnership with I&M Bank. The good news is as a Rwandan you don’t really need to have an account with I&M Bank in order to own an account in SPENN. Additionally, users have the ability to transact with others all you will need to get yourself is the digital SPENN account.
This is not all as the platform has ensured they provide all these services at no cost. The company is looking for ways users are able to transact using the legal tender. With this, it will allow more people to be included in this new move of financial inclusion.
Rwanda might be the first market the company has gotten into, but they will not stop here as they plan on launching on several other markets in the near future. The markets they are looking to get into include Tanzania, Kenya, Namibia, Mauritius just to name a few.
I&M Bank Sees The Potential Of This New Technology
The managing director of I&M Bank said the bank is working towards a project that will be able to replace the physical cash with digital. As it has become a critical factor to realize with the countries visions of going cashless by the year 2020. Furthermore, he believes that they are the very first bank to understand how they can use this type of technology in Africa, that is the process of replacing physical cash with digital.
He also adds that the mobile app that has been based on the blockchain technology is not only designed for those who are unbanked but could also be used by the banked. It is because the system aims at bringing effectiveness and efficiency in the various ways that people make payments or even transact within a country.