SIMTEL has hinted it is in the final stages of a project to produce Visa chip cards in Rwanda.

East African Business Week quoted SIMTEL chief executive officer, Sigrid Bruch, saying the company is currently "in talks with banks".

According to the newspaper, SIMTEL is a consortium owned by both the private sector and government. The company is operating Rwanda's national payment system which helps inter-bank automatic teller machine (ATM) services connectivity.

The system allows card holders to withdraw money and access other services at any ATM installed at any bank.

It is hoped that manufacturing cards locally in Rwanda will reduce the delivery time of Visa cards which are between three to six months.

SIMTEL has already installed the equipment for the manufacturing of the cards but the company is reportedly still undergoing "certification from Visa International".