Sylvia Duruson
Mobile Money Rwanda Limited (MoMo Rwanda) has unveiled a groundbreaking virtual payment solution in collaboration with Mastercard and I&M Bank. The Virtual Card by MoMo marks a significant stride in digital financial services, enabling customers to engage in secure global e-commerce transactions.
The innovative virtual card provides MoMo customers with unprecedented access to international online shopping platforms. Customers can now make purchases across global outlets accepting Mastercard, expanding their digital financial capabilities.
This strategic partnership extends beyond Rwanda, forming part of MTN Group’s broader initiative to enhance digital payment experiences across 13 African countries. The solution addresses the growing demand for seamless digital transactions and cross-border payment methods.
Mastercard’s Executive Vice President Amnah Ajmal highlighted the partnership’s significance. The collaboration aims to create more connections, generate consumer confidence, and stimulate digital economic growth. By targeting underserved communities, the initiative promises to unlock new possibilities for people and small businesses.
I&M Bank plays a crucial technical support role, advancing financial inclusion and supporting Rwanda’s vision of a cashless economy. The virtual card complements existing electronic payment methods like MoMoPay, demonstrating a comprehensive approach to digital financial services.
Chantal Kagame, CEO of Mobile Money Rwanda, emphasized the product’s transformative potential. The virtual card represents the first of many planned innovations designed to provide customers with a modern, connected financial experience. It enables convenient and secure online shopping at international stores.
Benjamin Mutimura from I&M Bank Rwanda underscored the solution’s potential to transform transactional practices and increase economic efficiency for the Rwandan population.
The virtual card’s accessibility is particularly noteworthy. It links directly to a customer’s MTN MoMo account and functions across various mobile phone types. Security remains a priority, with users required to enter a PIN before confirming purchases, ensuring safe and controlled online transactions.
All MTN Rwanda customers qualify for the Mastercard virtual card, democratizing access to global digital payment platforms. The solution represents a significant step towards financial inclusivity and technological empowerment.
By bridging local mobile money systems with global payment networks, the Virtual Card by MoMo demonstrates how technological partnerships can revolutionize financial services. The collaboration between MoMo Rwanda, Mastercard, and I&M Bank showcases a forward-thinking approach to digital financial innovation.
This initiative not only expands payment possibilities but also supports broader economic goals of digital transformation. It provides Rwandan consumers with unprecedented access to global markets, creating new opportunities for personal and commercial transactions.
As digital commerce continues to evolve, solutions like the Virtual Card by MoMo position Rwanda at the forefront of financial technology innovation, promising a more connected and accessible financial future.
