Mastercard And MoMo Rwanda Launch Virtual Card

MTN Rwanda’s financial technology division, Mobile Money Rwanda Limited (MoMo Rwanda) has teamed up with Mastercard to introduce a virtual payment solution called the Virtual Card by MoMo.

The new offering allows MoMo customers to make secure global e-commerce payments, significantly enhancing their shopping experience. With the launch of the Virtual Card, MoMo customers can now shop and transact at any global outlet that accepts Mastercard. This initiative is part of a broader strategy by MTN Group to deepen its collaboration with Mastercard, focusing on card issuance, acceptance, and remittance services. The partnership aims to meet the increasing demand for digital payment options and facilitate cross-border transactions for millions of MoMo users across 13 African countries.

Mastercard is currently working to simplify the payment experience for telecommunications companies, thereby enhancing their customers’ digital commerce activities.

Amnah Ajmal, Executive Vice President of Market Development EEMEA at Mastercard, spoke on the essence of this collaboration stating, “The combination of partnership and innovation enables us to bring greater possibilities to people and small businesses in Africa. These solutions provide more access, create more connections, generate confidence, and grow the digital economy, ultimately benefiting the whole ecosystem.”

The introduction of the Virtual Card also involves I&M Bank, which will provide technical support to promote financial inclusion and literacy in alignment with Rwanda’s cashless economy agenda. This collaboration aims to drive the adoption of digital payment solutions, further supporting initiatives like MoMoPay.

Chantal Kagame, CEO of Mobile Money Rwanda Ltd., expressed her enthusiasm about the launch. “We are excited to launch the Virtual Card by MoMo in partnership with Mastercard & I&M Bank. As global online transactions continue to grow rapidly, at Mobile Money Rwanda, we are committed to ensuring our customers stay ahead. We believe our customers deserve the benefits of a modern, connected life, and this virtual card will enable them to conveniently and securely shop online at their favourite international stores. The Virtual Card by MoMo is just the first of many products and services we have planned to create value for our customers.”

Benjamin Mutimura, CEO of I&M Bank (Rwanda) Plc, added his perspective on the partnership saying “I&M Bank Rwanda Plc is a proud partner in supporting and bringing Rwanda closer to a cashless economy. We believe that the Virtual Card by MoMo will transform how Rwanda currently transacts and increase efficiency and prosperity for the Rwandan population. We are committed to continuing to provide innovative financial solutions that are timely and relevant.”

The Virtual Card is tied directly to a customer’s MTN MoMo account and can be accessed via any mobile phone by all MTN Rwanda users. Customers can securely verify payments with their PIN before finalising transactions, offering an easy and secure way to make online purchases.