2013-09-17 11:01:00 - Market Size, Trends and Drivers, Strategies, Products and Competitive Landscape
Rwanda's card payments channel experienced rapid growth during the review period. The number of cards in circulation increased at a CAGR of 148.95%, from 12,045 cards in 2008 to 460,914 in 2012. This growth was primarily driven by banks' aggressive marketing strategies and the central bank's measures to increase the awareness of card-based payments among consumers. The number of cards in circulation is expected to increase from 690,967 in 2013 to 1.4 million in 2017, after registering a forecast-period CAGR of 19.78%. Despite card payments being at a nascent stage in Rwanda due the relatively low penetration of banking services, banks and card issuers are embracing new technologies to facilitate cashless payments. Smart-card ticketing system, Twende, was initiated by Kigali
Bus Services (KBS), facilitating payment through prepaid cards issued by KBS. The technology has been implemented on KBS' 20 buses in Kigali. The implementation of new technologies is expected to drive growth in card payments in the country.
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* Rwanda's card payments channel experienced rapid growth during the review period. The number of cards in circulation increased at a CAGR of 148.95%, from 12,045 cards in 2008 to 460,914 in 2012. This growth was primarily driven by banks' aggressive marketing strategies and the central bank's measures to increase the awareness of card-based payments among consumers.
* Payment infrastructure, including the ATM and POS terminals network, is growing considerably in Rwanda. The number of ATM machines increased from 167 in 2011 to 232 in 2012, while the number of POS terminals increased from 227 to 385 during the same period.
* Mobile phone use grew during the review period, with 6.1 million people, equivalent to 54% of the population, using mobile phones in March 2013. MTN Rwanda, the leading telecoms provider in the country, has recorded growth in mobile transactions since their creation in 2010, as the value of transactions reached US$139.2 million in November 2012.
* E-commerce is at a nascent stage in Rwanda due to the lack of an appropriate online payment infrastructure. Airline service provider, RwandAir, has been facilitating online payment for their services since 2011. In April 2013, the Bank of Kigali introduced an e-payment gateway in association with iVeri Payment Technologies, one of the leading multi-channel e-payment service providers, to accelerate e-commerce transactions in the country.
* This report provides a comprehensive analysis of Rwanda's cards and payments industry
* It provides current values for Rwanda's cards and payments industry for 2012 and forecast figures for 2017
* It details the different macroeconomic, infrastructural, consumer and business drivers affecting Rwanda's cards and payments industry
* It outlines the current regulatory framework in the industry
* It details the marketing strategies used by various bankers and other institutions
* It profiles the major banks in Rwanda's cards and payments industry
Reasons to Get this Report
* Make strategic business decisions using historic and forecast market data related to Rwanda's cards and payments industry and each market within it
* Understand the key market trends and growth opportunities within Rwanda's cards and payments industry
* Assess the competitive dynamics in Rwanda's cards and payments industry
* Gain insights into the marketing strategies used for selling various types of cards in Rwanda
* Gain insights into key regulations governing Rwanda's cards and payments industry
Companies Mentioned in this Report: Bank of Kigali, Access Bank (Rwanda) Ltd, Equity Bank (Rwanda) Ltd, Visa, R-Switch, MasterCard
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