The efforts to leapfrog the economy to cashlite have received another boost as Mastercard and government signed a memorandum of understanding to boost the country’s financial inclusion.
According to Francis Gatare, Chief Executive Officer of Rwanda Development Board-RDB.
MasterCard will use its digital infrastructure to create solutions that will further assist citizens towards achieving financial inclusion.
“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 knowledge based service-oriented economy,” he said while signing the agreement on Thursday on the sidelines of World Economic Forum.
He adds, “I believe this can only be achieved as we embrace the fourth industrial revolution.”
Raghu Malhotra, President of Middle East and Africa for MasterCard says that the partnership will help the government towards its efforts to create a cashless economy through driving financial inclusion to 90 percent by 2020.
“We are very privileged to sign this understanding with government of Rwanda where we will create a digital infrastructure for the country to achieve its vision 2020,” he said.
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.”
Malhotra is optimistic that MasterCard’s global reach and local experience makes it easier for the government to meet its vision 2020 strategy. The government plans to have 90 percent of citizens financially included.
The infrastructure includes digitization of school fees, national healthcare claim payments,a common mobile banking platform, provision of an online payment gateway for Rwanda Online as well as effective management of spending activities across borders.