Mobile Money Rwanda Limited (MoMo Rwanda) has partnered with Mastercard and I&M Bank to introduce a cutting-edge virtual payment solution known as the Virtual Card by MoMo. This innovative product is set to revolutionize digital financial services by allowing customers to engage in secure global e-commerce transactions.
The Virtual Card by MoMo offers MoMo customers unprecedented access to international online shopping platforms, enabling them to make purchases from global outlets that accept Mastercard. This partnership is part of MTN Group’s broader initiative to enhance digital payment experiences across 13 African countries, addressing the increasing demand for seamless digital transactions and cross-border payment methods.
Amnah Ajmal, Executive Vice President of Mastercard, emphasized the significance of this partnership in creating more connections, generating consumer confidence, and stimulating digital economic growth. The collaboration aims to target underserved communities and unlock new possibilities for individuals and small businesses.
I&M Bank plays a crucial role in providing technical support for the virtual card, advancing financial inclusion and supporting Rwanda’s vision of a cashless economy. The virtual card complements existing electronic payment methods like MoMoPay, showcasing a comprehensive approach to digital financial services.
Chantal Kagame, CEO of Mobile Money Rwanda, highlighted the transformative potential of the virtual card, describing it as the first of many planned innovations aimed at providing customers with a modern, connected financial experience. The virtual card enables convenient and secure online shopping at international stores, expanding the financial capabilities of Rwandan consumers.
Benjamin Mutimura from I&M Bank Rwanda emphasized the solution’s potential to transform transactional practices and increase economic efficiency for the Rwandan population. The virtual card is accessible to all MTN Rwanda customers, linking directly to their MTN MoMo account and functioning across various mobile phone types. Security is a priority, with users required to enter a PIN before confirming purchases, ensuring safe and controlled online transactions.
By bridging local mobile money systems with global payment networks, the Virtual Card by MoMo demonstrates how technological partnerships can revolutionize financial services. This collaboration between MoMo Rwanda, Mastercard, and I&M Bank showcases a forward-thinking approach to digital financial innovation, expanding payment possibilities and supporting broader economic goals of digital transformation.
The Virtual Card by MoMo positions Rwanda at the forefront of financial technology innovation, promising a more connected and accessible financial future as digital commerce continues to evolve. This initiative not only expands payment possibilities but also provides Rwandan consumers with unprecedented access to global markets, creating new opportunities for personal and commercial transactions.
