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In a significant step toward advancing digital financial services in Rwanda, Mobile Money Rwanda Ltd (MoMo Rwanda), the FinTech subsidiary of MTN Rwanda, has partnered with Mastercard to introduce a virtual payment card, the Virtual Card by MoMo. This initiative aims to empower Rwandans with secure, seamless access to global e-commerce platforms.

The new virtual card enables MoMo customers to make payments at any online merchant that accepts Mastercard, offering a convenient and secure way to shop internationally. The card is directly linked to customers’ MoMo accounts and can be managed via mobile phones, making it accessible to all MTN Rwanda users.

The launch aligns with the broader strategy of MTN Group to expand its partnership with Mastercard across its African markets, focusing on card issuance, payment acceptance, and cross-border remittances. This collaboration will serve millions of MoMo users across 13 African countries, addressing the growing demand for digital payment solutions in the region.

A key component of the partnership is I&M Bank, which will provide technical support to enhance financial literacy and promote financial inclusion. This aligns with Rwanda’s national agenda to transition to a cashless economy and increase digital financial services penetration.

Amnah Ajmal, Executive Vice President for Market Development at Mastercard EEMEA, emphasized the importance of the collaboration.

“Partnership and innovation allow us to unlock new possibilities for individuals and small businesses in Africa. This virtual card provides greater access, fosters connections, and boosts confidence in the digital economy, benefiting the entire ecosystem,” said Ajmal.

Chantal Kagame, CEO of Mobile Money Rwanda, highlighted the impact of the initiative on customers’ lives.
“Our customers deserve the convenience and security of a modern, connected life. The Virtual Card by MoMo will enable them to shop online at their favorite international stores with ease. This is just the first of many innovations we have planned to create value for our customers,” she said.

This partnership builds on a February 2024 agreement between MTN Group FinTech and Mastercard to enhance the mobile money ecosystem across Africa. It reflects a growing trend in the region, where financial technology is driving economic growth and expanding access to digital financial services.

By providing a secure and accessible digital payment solution, the Virtual Card by MoMo is expected to play a vital role in accelerating financial inclusion and fostering economic empowerment in Rwanda and beyond.

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