The government of Rwanda has announced a collaboration with MasterCard to fast-track the country's move to include 90% of its citizens in the financial mainstream, as set out in its Vision 2020 strategy.
CEO, Rwanda Development Board and Cabinet Member, Francis Gatare, and Raghu Malhotra, President of Middle East and Africa for MasterCard have signed a MoU confirming several initiatives aimed at moving towards a cashless society.
These solutions include the digitisation of school fees and national healthcare claim payments, providing an online payment gateway for Rwanda Online, contributing to the creation of a common mobile banking platform, and contributing to the effective management of spending activities across borders.
Speaking at the announcement Gatare said, "We are confident that Rwanda's partnership with MasterCard will be beneficial to the country and its citizens as we are implementing our vision of becoming a knowledge-based service-oriented economy. I believe this can only be achieved as we embrace the fourth industrial revolution."
Malhotra said, "Our global reach and local experience makes MasterCard a perfect partner to help Rwanda meet its Vision 2020 strategy. Rwanda is a key market in East Africa for MasterCard and today's announcement marks an important milestone in driving financial inclusion, not just in the country but in the region and Africa as a whole."
According to the World Bank's Global Findex 2014, two billion people globally do not have access to formal financial services. In Rwanda, 42% of adults own a financial account, whether formal or informal.
Rwanda's Vision 2020 aims for 70% financial inclusion by 2017 and 90% by 2020.
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