Neobank Payday re-launches in Rwanda with SpaceX’s Starlink
Pan-African neobank Payday has re-entered the Rwanda market, following the official launch of SpaceX’s Starlink in the East African country.
The bank says the re-entry into Rwanda marks a significant milestone in Payday’s Pan-African and global expansion plans, as it is now a payment processor for Starlink – a low Earth Orbit satellite communications service operated by Elon Musk’s SpaceX.
According to Payday, customers in Rwanda will now be able to use their virtual cards to not only pay for the Starlink routers, but manage their subscription payments.
In addition, it said: “As with customers in Nigeria, they will also be able to send and receive Rwandan Francs as well as USD, GBP, Euros using the Payday app.”
Launched in June 2021 by Favour Ori, Payday was developed to support African remote workers, freelancers and digital professionals with frictionless, borderless payments, enabling global payment processing from over 130 countries.
The startup permits those on the continent and in the diaspora, to send and receive money in USD, GBP, Euros and 20 other currencies, allowing Africans to work remotely for international organisations, and be paid and withdraw money in the currency of their choice regardless of location.
Currently operational in Nigeria, and the UK, Payday offers its 330 000+ users virtual Visa and MasterCards, which can quickly be generated using the Payday App.
Commenting on the expansion, Payday's CEO Ori said: "We are excited to expand our digital banking services to Rwanda as well as grow our partnership with Starlink. This not only presents an opportunity for us to play a significant role in driving financial inclusion in the country, but also contributing to affordable internet connection, regardless of location.”
Ori continued: “Access to the internet is no longer a luxury, but a necessity for personal and economic growth. We believe in the importance of providing a payment solution that empowers individuals and businesses alike to connect to the digital world and unlock new opportunities for growth and development".
Acting chief investment officer at Kigali Financial Centre (KIFC), Jean-Marie Kananura said: “We are very happy to witness Payday’s continuous growth.
"This is a testimony that Kigali International Financial Center has put in place a trusted framework for Rwandan-based startups to raise capital and scale up globally.
"Ahead of our Inclusive Fintech Forum in June, we aim to highlight these successes that will continuously position Rwanda as the home of fintech on the continent”.
The KIFC facilitates Rwanda’s international investment and cross-border transactions.