Mobile Money Rwanda (MoMo Rwanda) and Mastercard have partnered to launch Rwanda’s virtual payment solution, Virtual Card by MoMo, which enables MoMo customers to make global e-commerce payments safely and securely.
MoMo customers will now be able to transact using a virtual card to shop or make payments across global outlets that accept Mastercard. The product launch is part of MTN Group’s strategic partnership with Mastercard to expand collaboration in issuance, acceptance and remittances. By giving millions of MoMo customers across 13 African countries access to Mastercard’s global network, the partnership is meeting a growing demand for digital payments, choice, and cross-border transactions.
Mastercard is enabling telecom companies to simplify the payments experience and seamlessly the digital commerce activities of their customers.
“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. We are proud to see our collaboration with MTN continue to deliver impact in new markets, in new ways, and to new segments of underserved communities,” said Amnah Ajmal, Executive VP, Market Development EEMEA, Mastercard.
The partnership brings I&M Bank on board to provide technical support, advancing financial inclusion and literacy in line with Rwanda’s cashless economy agenda. By driving the adoption of digital payment solutions, the Virtual Card by MoMo aligns with this vision and supports the broader use of electronic payment methods such as MoMoPay.
“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 favorite 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. Our collaboration with Mastercard, supported by I&M Bank, allows us to leverage world-class technology to ensure a seamless and secure customer experience,” expressed Chantal Kagame, the CEO, Mobile Money Rwanda.
“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 the way 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,” said Benjamin Mutimura, CEO of I&M Bank (Rwanda).
The Virtual Card is linked directly to a consumer’s MTN MoMo account and is accessible on any type of mobile phone. As a result, MoMo customers can easily control their online payments by entering their PIN before confirming a purchase, ensuring secure and safe transactions. All MTN Rwanda customers are eligible to receive the Mastercard virtual card.
For details on how to request a Virtual Card by MoMo, customers will need to follow these steps:
- Dial *182*2*6#
- Confirm with your MoMo Pin.
- Select “Virtual Card by MoMo”
- Select “Create card”
- Accept terms and Conditions
- Upon accepting T&Cs, the user will receive an SMS notification confirming successful card creation. To access card details dial *182*2*6# select option 4 ‘view card details.
Mobile Money Rwanda is MTN Rwanda’s finTech subsidiary, established on 27th April 2021 to provide and manage Mobile Money services in Rwanda. The company has about 5.1 million subscribers, over 65,000 Mobile Money agents, and over 420,000 MoMoPay merchants across the country. The penetration of Mobile Money has seen a continuous rise with the enhancement of existing offerings such as MoMoPay, MTN m-Ticketing as a digital user-friendly ticketing solution, Tap&Go payments for bus services, Bill Payments, Bulk Payments, Electricity purchase, Payment of Government services, Bank Push & Pull, MoKash Loans & Savings, and more.
Incorporated in 1963, I&M Bank (Rwanda) is the oldest Bank in Rwanda. It is today one of the leading players in the industry with a strong footprint across the country. I&M Bank Rwanda offers the full range of personal, business, institutional and corporate banking products throughout its locations. The Bank has been listed on the Rwanda Stock Exchange since March 2017. The Bank is also a subsidiary of I&M Group, a regional financial services group in Eastern Africa with a presence in Kenya, Tanzania, and Uganda as well as a joint venture in Mauritius. I&M Group has a long history in banking and has established a wide network of correspondent banks across the globe and enjoys a strong relationship with leading international Development Financial Institutions.
Be the first to comment