Launched to facilitate cost-free and convenient transactions, SPENN app powered by I&M Bank Plc is an innovative, blockchain powered mobile money solution.
The platform offers equal financial opportunities to everyone and has grown substantially this year, reaching more than two hundred thousand users.
In a bid to encourage the use of SPENN for mobile money transactions, I&M Bank launched the „SPENN YACU “campaign, that lasted for three months. Users were required to deposit and keep fifty thousand Rwandan Francs for a period of thirty days in order to stand a chance to win. Prizes included television sets, Bluetooth speakers and power banks.
SPENN is one of the industry-leading technologies in Rwanda, offering a convenient and alternative way to traditional banking. It allows users to transfer and request money, pay bills, buy airtime, pay in stores and get paid instantly and for free.
For convenient and secure money transfers, all users have their own unique QR code to both receive and send money.
I&M Bank is the only bank in Rwanda offering free mobile money accounts, through SPENN. The service is accessible to everyone who holds a smartphone and does not require users to be a customer with I&M Bank.
The registration is very simple and only requires phone number, name and NIDA (National Identification Agency) number.
SPENN covers both personal and business accounts and is accepted in more than 7000 locations around the country.
The free business solution includes a point-of-sale solution for anyone selling goods and services and can be activated by upgrading to a SPENN+ user.
Niyonzima Hassan, one of the SPENN users who won a television set started using it three months ago and marvels over how user-friendly the platform is how it has helped him save money. „I am now able to make instant payments whenever I need to instead of writing checks and waiting for them to clear. I believe SPENN is an easier way to manage my finances and pay my bills on time. “
Ingabire Angelique, SPENN Rwanda Marketing Manager, says the SPENN YACU campaign also aimed at encouraging SPENN users to get in the habit of saving. „Saving money through SPENN can help you become financially secure and provide a safety net in case of an emergency. SPENN also offers a cost-free SuperSaver account where users can set individual saving goals they want to achieve in a certain period of time. “
In addition to being free, SPENN rewards users who invite their friends and family to use SPENN, currently with RWF500 for every new user.
The SPENN mobile money app can be downloaded for free on Android through Google Play or IOS through the AppStore.