Norwegian Fintech Blockbonds has partnered with I&M Bank Rwanda on SPENN – a mobile banking app for both individuals and businesses. SPENN is said to be 100% “cost free” – including money transfers, cost free payments in stores and cost free cash out and deposit at any I&M Bank in Rwanda. All you need is a smartphone.
Blockbonds’ vision is to create a world where anyone may manage their savings, payments, and investments in an honest, transparent and secure way. Blockbonds is initially focusin on the African and Asian markets.
SPENN 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 may instantly register with SPENN as it requires a phone number, name, and National Identification Agency number (NIDA).
Jens Glaso, CEO of Blockbonds and SPENN, said he is proud of being the first person 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.”
Robin Bairstow, CEO of I&M Bank Rwanda, said they were proud to be a pioneer. He described the move as bringing the country closer to a cashless society.
“We truly believe that SPENN will transform the way Rwanda currently transact, and increase efficiency and prosperity for the Rwandan population.”
Rwanda has a population of 12 million people with decent availability of fast internet access. The two partners expect a high adoption rate of SPENN.