The Government of Rwanda has announced a partnership with multinational financial services corporation, MasterCard to meet its 2020 Vision of a cashless society.
To meet its 2020 Vision of a cashless society, 90 percent of its citizens has to be included in the financial mainstream. The Government plans to promote the move to a cashless economy by collaborating on numerous initiatives.
These solutions include the digitization of school fees and national healthcare claim payments, and providing an online payment gateway for Rwanda Online.
Others are contributing to the creation of a common mobile banking platform, and contributing to the effective management of spending activities across borders.
“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,” said Francis Gatare, CEO of Rwanda Development Board and Cabinet Member.
Corroborating Francis assertions, President, Middle East and Africa for MasterCard, Raghu Malhotra said, “Our global reach and local experience makes MasterCard a perfect partner to help Rwanda meet its Vision 2020 strategy.”
He added, “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.”
Rwanda’s Vision 2020 aims for 70 percent financial inclusion by 2017 and 90 percent by 2020.
Building on the company’s approach to develop partnerships with governments, NGOs and local businesses, MasterCard and the Rwandan Government will address common challenges faced by poor and often remote populations, such as the lack of formal identification and financial illiteracy.