New Online Payment Solution launched with the Bank of Kigali aims to fast-track payments in Rwanda
Budapest, Hungary – September 27, 2016 – Mastercard, Bank of Kigali announced that they were in a partnership with RwandaOnline, providing a payment gateway to Irembo – the Rwandan e-Government tool.
The announcement of the existing partnership was made at the technology company’s Innovation Forum in Budapest, Hungary.
Aimed at fast-tracking payments in the country, the new solution is geared at making online payments safer, simpler and smarter.
As outlined by Mastercard at the recent US Africa Business Forum, Africa is of immense strategic importance, demonstrated by the company’s commitment to invest on the continent.
It is through partnerships with governments, central banks and financial stakeholders that Mastercard is building robust electronic payment ecosystems that support Africa’s potential for economic transformation.
In light of this, Mastercard and the Bank of Kigali rolled out the payment gateway solution in June 2016, a month after the signing of a Memorandum of Understanding (MoU) between Mastercard and the Rwanda Development Board (RDB).
Not only does this highlight the enormous progress that has been made, it also signifies the first phase of the MoU which forms part of broader efforts to digitize Rwanda as set out in its Vision 2020 goals.
As part of this solution RwandaOnline, developed an online portal called Irembo which provides e-services to citizens from six government agencies.
Through the Bank of Kigali and Mastercard collaboration, Irembo allows citizens to make online payments to any of these government entities through the use of debit, credit or prepaid payment cards.
Residents can apply and pay for services such as driver’s licenses, birth certificates and their National identity cards. The e-Government tool also allows travelers to Rwanda to apply and pay for their travel visa.
In a statement, yesterday, Daniel Monehin, Division President, Sub-Saharan Africa, Mastercard said the launch of the Mastercard payment gateway service is an important milestone as its introduction to the country helps merchants and consumers leapfrog into the digital age.
“We are extremely proud of the progress that has been made and during the last four months of working with Irembo; we have gained invaluable insight that allows us to offer the solution that will best meet the needs of the local market. And the rollout of this solution solidifies our dedication to delivering cutting-edge technology which is safe and reliable.”
Bank of Kigali chief executive officer, Dr. Diane Karusisi also hailed the development, noting that it is the bank’s mission to provide its customers with highly secure payments channels.
“We are excited to be adding to our offering as we launch the digital payment gateway solution which allows us to deliver highly secure digital payments.
We believe this solution will be able to help drive the development of merchants and provide the people of Rwanda with tangible outcomes that deliver results that will positively impact their lives,” said Dr. Karusisi.
Mastercard continues to rapidly expand on its commitment outlined in the MoU, including the collaboration with the Bank of Kigali to extend simplified payment processes to its merchants and consumers.
“We are thrilled to be in partnership with the largest bank of Rwanda and we endeavor to continue our efforts in promoting a cashless Rwanda,” Monehin concludes.
Latest McKinsey & Company report Digital Finance for All: Powering Inclusive Growth in Emerging Economies, estimated that the adoption of digital finance could add $3.7 trillion to the GDP of emerging markets, which ultimately would drive growth and the financial inclusion within those regions.
Mastercard (NSYE: MA), www.mastercard.com is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter: @MastercardMEA and @MastercardNews join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the MEA Engagement Bureau.
Mastercard Communications Contact
Geraldine Trennery, +27 76 301 0264, Geraldine.Trennery@mastercard.com
About Bank of Kigali:
Established in 1966, Bank of Kigali is the largest commercial bank in Rwanda by Total Assets, with 35.0 % market share as of 30 June 2016. The Bank has a distribution network comprising 78 branches, 89 ATMs, 1,178 agent outlets and serves over 279,000 individuals and over 27,000 corporate entities. The Bank has a wide distribution network that includes self-service channels such as deposit-taking ATMs and Point of Sale terminals as well as channels that are geared towards promoting financial inclusion such as mobile vans. The Bank has a short term credit rating of A1+ and a long term rating of AA-, with a stable outlook, from Global Credit Rating (GCR). In 2011, the Bank became the second domestic company to be listed on the Rwandan Stock Exchange. The Bank was awarded the 2015 African Banker Award for Best Bank in East Africa as well as the 2015 Euromoney Award for Excellence as the Best Bank in Rwanda. Since 2009, the Bank has been recognised for seven years running as the Best Bank in Rwanda by Emeafinance and for six years as Bank of the Year by The Banker. The Bank was also recently voted Company of the year 2016, in the All Africa Business Leaders Awards.
Bank of Kigali Contact
Kenneth Agutamba, +250 252 593 100 / 200; firstname.lastname@example.org
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