Mobile Money Rwanda Limited (MoMo Rwanda) and MasterCard have collaborated to launch Rwanda's virtual payment solution, Virtual Card by MoMo, allowing MoMo subscribers to make global e-commerce payments.
MoMo clients will now be able to shop or pay at global MasterCard-accepting merchants using a virtual card.
This product launch is part of MTN Group's strategic engagement with MasterCard to increase collaboration in issuance, acceptance, and remittance.
The agreement, according to two companies, meets the growing need for digital payments, and cross-border transactions by connecting millions of MoMo customers in 13 African countries to MasterCard's global network.
The Virtual Card is directly linked to the customer's MTN MoMo account and can be accessed from any mobile phone.
As a result, MoMo customers can control their online payments by entering their PIN before confirming a purchase, ensuring secure and safe transactions, said the company.
All MTN Rwanda customers are eligible to receive the MasterCard virtual card.
“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,” said Chantal Kagame, CEO, MoMo Rwanda.
Amnah Ajmal, executive vice President, Market Development EEMEA, MasterCard, added: “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.”
The partnership also brings I&M Bank on board to provide technical support, advancing financial inclusion and literacy in line with Rwanda’s cashless economy agenda.
“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.
Share
