Following this announcement, the companies will focus on launching a new virtual payment solution in Rwanda, known as the Virtual Card by MoMo. The launch will allow MoMo clients to make secure global and cross-border ecommerce payments.
In addition, both companies will continue to focus on meeting the needs, preferences, and demands of customers and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
More information on the Mobile Money Rwanda x Mastercard partnership
The Virtual Card by MoMo is expected to provide a safe and efficient method for clients to shop or make transactions at any global outlet that accepts Mastercard. At the same time, the launch is part of the MTN Group’s strategy to extend its collaboration with Mastercard on card issuance, acceptance, and remittance solutions.
The alliance aims to address the overall increasing demand for digital payment options, as well as offering choice and facilitating cross-border transactions for several MoMo users across 13 African nations. In addition, the collaboration involves I&M Bank, which will deliver technical assistance to promote financial inclusion and literacy, while aligning with Rwanda's initiative towards a cashless economy as well.
Clients will have the possibility to manage their online payments by entering their PIN to confirm purchases as it is directly linked to their MTN MoMo account. The product will be accessible via any mobile phone, and all MTN Rwanda customers will be eligible to apply for the Mastercard virtual card as well.
