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MoMo Rwanda and Mastercard launch Virtual Card
Mobile Money Rwanda Ltd is MTN Rwanda’s FinTech subsidiary, established on 27th April 2021 to provide and manage Mobile Money services in Rwanda. The company has about 5.1 million subscribers, over 65,000 Mobile Money agents, and over 420,000 MoMoPay merchants across the country. The penetration of Mobile Money has seen a continuous rise with the enhancement of existing offerings such as MoMoPay, MTN m-Ticketing as a digital user-friendly ticketing solution, Tap&Go payments for bus services, Bill Payments, Bulk Payments, Electricity purchase, Payment of Government services, Bank Push & Pull, MoKash Loans & Savings, and more.
By Isaac OGANGA
Mobile Money Rwanda Limited (MoMo Rwanda) and Mastercard have partnered to launch Rwanda’s virtual payment solution, Virtual Card by MoMo, which enables MoMo customers to make global e-commerce payments safely and securely.
MoMo customers will now be able to transact using a virtual card to shop or make payments across global outlets that accept Mastercard. This product launch is part of MTN Group’s strategic partnership with Mastercard to expand collaboration in issuance, acceptance and remittances. By giving millions of MoMo customers across 13 African countries access to Mastercard’s global network, the partnership is meeting a growing demand for digital payments, choice, and cross-border transactions.
Mastercard is enabling telecommunication companies to simplify the payments experience and seamlessly the digital commerce activities of their customers.
“The combination of partnership and innovation enables us to bring greater possibilities to people and small businesses in Africa. These solutions provide more access, create more connections, generate confidence and grow the digital economy, ultimately benefiting the whole ecosystem. We are proud to see our collaboration with MTN continue to deliver impact in new markets, in new ways, and to new segments of underserved communities,” said Amnah Ajmal, Executive Vice President, Market Development EEMEA, Mastercard.
This partnership brings I&M Bank on board to provide technical support, advancing financial inclusion and literacy in line with Rwanda’s cashless economy agenda. By driving the adoption of digital payment solutions, the Virtual Card by MoMo aligns with this vision and supports the broader use of electronic payment methods such as MoMoPay.
“We are excited to launch the Virtual Card by MoMo in partnership with Mastercard & I&M Bank. As global online transactions continue to grow rapidly, at Mobile Money Rwanda, we are committed to ensuring our customers stay ahead. We believe our customers deserve the benefits of a modern, connected life, and this virtual card will enable them to conveniently and securely shop online at their favorite international stores. The Virtual Card by MoMo is just the first of many products and services we have planned to create value for our customers. Our collaboration with Mastercard, supported by I&M Bank, allows us to leverage world-class technology to ensure a seamless and secure customer experience,” expressed Chantal Kagame, Chief Executive Officer, Mobile Money Rwanda Ltd.
“I&M Bank (Rwanda) Plc is a proud partner in supporting and bringing Rwanda closer to a cashless economy. We believe that the Virtual Card by MoMo will transform the way Rwanda currently transacts and increase efficiency and prosperity for the Rwandan population. We are committed to continuing to provide innovative financial solutions that are timely and relevant,” said Benjamin Mutimura, CEO of I&M Bank (Rwanda) Plc.