Introduced under the promise “Designed for All. Perfectly Tuned to You” (Ni Iyawe), EMMA was launched in Kigali on Thursday, November 5, 2026. The platform allows customers to send and receive money, pay for goods and services, save and access digital loans through a mobile application or USSD code (*555*6#), without necessarily having an existing Equity Bank account.
The platform connects users to participating banks and mobile money providers, including MTN MoMo and Airtel Money, through Rwanda’s national digital payment and retail interoperability eKash system, enabling transactions across supported networks.
Equity Bank Rwanda Managing Director Hannington Namara said the platform responds to a gap between widespread access to digital payments and the ability to obtain financial resources to invest in personal and business ambitions.
He cited figures from the 2024 FinScope survey showing that 96% of Rwandan adults are financially included, while only about 22% hold formal bank accounts.
Namara argued that access to mobile money does not necessarily translate into access to capital, noting that the bank wants to move beyond financial inclusion towards what he described as economic inclusion.
“Financial inclusion has been done by many. At Equity, we want to deliver economic inclusion,” he said.
He explained that the bank intends to use customers’ transaction histories to assess their creditworthiness, potentially allowing them to access loans without providing traditional collateral or going through lengthy paperwork.
“The end in mind with EMMA is that your transaction history, or your transaction data, will be your collateral,” Namara said.
Under this approach, customers who consistently use the platform would build financial records that the bank could use to determine their borrowing limits.
Namara said the ambition is to make access to credit as straightforward as purchasing airtime or paying for electricity.
Bringing banking into everyday transactions
The app also allows customers to pay merchants directly from their EMMA accounts, including businesses using mobile money merchant codes, without first transferring funds to another wallet.
The account has no minimum opening balance or monthly maintenance fees. Transfers between EMMA users, payments to Equity accounts, deposits through approved agents, airtime purchases and payments to merchants connected to eKash are free.
Transfers to participating external banks and mobile money wallets attract a flat fee of Rwf20, while standard charges apply to cash withdrawals and specified services.
Namara said the platform was designed to address the limitations of traditional banking, where customers often turn to mobile money services outside banking hours.
“For a long time, banks have been accused of not being daily relevant. When we close doors in the evening, people retreat to mobile money. Weekends, public holidays, we were not as relevant as banks,” he said.
He added that the bank wants customers to access financial services whenever they need them, rather than being restricted by conventional banking hours.
“Your money has a lot to do, so it deserves an account that does more,” Namara said.
Beyond payments, EMMA offers Regular Savings and Term Savings accounts for customers seeking to build capital for planned expenses, including school fees and business investments.
Eligible customers can also access an overdraft facility to meet short-term financial needs, including working capital requirements. Digital loans are also available to eligible users, with borrowing amounts, repayment periods and total charges disclosed before acceptance.
Targeting farmers, entrepreneurs and content creators
The platform also includes dedicated services targeting specific economic groups.
Through EquiFarm, verified farmers linked to agricultural anchors can receive payments for their harvests, purchase certified agricultural inputs and access tailored agricultural financing.
EMMA also provides group accounts for collective financial goals, humanitarian and social protection accounts for targeted welfare payments, and device financing for eligible customers purchasing from certified suppliers.
The bank is also looking to expand its presence in the creative and media industries.
During the launch, Rita Okuthe, Commercial Director at Equity Technology Group, announced a partnership with Zinc Events, saying the bank wants to develop financial services that respond to the needs of people working in the creative industry.
Namara added that Equity is developing capabilities that will allow content creators to monetise their work through the platform.
The bank also plans to introduce additional international payment capabilities, including Apple Pay, Alipay and PayPal.
Rwanda first launch market
EMMA is being introduced in Rwanda before its planned expansion into other African markets where Equity Group operates.
Okuthe said Rwanda was chosen as the first market for EMMA because of its favourable environment for financial innovation and secure digital transactions.
Namara said the platform would continue evolving based on customer feedback, noting that additional services would be introduced as the bank expands its capabilities.
Customers aged 18 and above can open an account using an active mobile number and a National ID, Foreign ID or Refugee ID. Customers can register through the EMMA app or seek assistance at an authorised Equity onboarding channel, agent or branch.
Customers under 18 follow a separate guardian-led Junior Wallet journey, while sole traders and registered organisations may require additional documents or assisted onboarding.
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