RWANDA: New Technology of Virtual Card in MoMo Rwanda and Mastercard Open Global Business Doors for Rwandans. #MoMoVirtualCard #IkoranabuhangaMuRwanda

In an effort to promote a cashless economy and expand payment networks, Mobile Money Rwanda Limited (MoMo Rwanda), in partnership with Mastercard, has launched a new virtual card, "Virtual Card by MoMo." This new method is expected to help many people transition from traditional economic systems into the digital world.

As the global economy evolved rapidly, technology was embraced by many countries as a key tool for accelerating development. In Rwanda, MoMo Rwanda, in collaboration with Mastercard and I&M Bank, introduced a new payment method using a virtual card. This program helps Rwandans access global markets through online transactions.

MoMo customers can now purchase items or pay for services online worldwide wherever Mastercard is accepted. This method eliminates the need for a physical plastic card, providing customers with a card number, expiry date, and CVV code directly on their phones. A Partnership for Sustainable Growth: This initiative is part of a broader partnership between Mastercard and MTN Group, which aims to increase both sending and receiving money, as well as sending remittances through digital means. With this partnership operating in 13 African countries, Rwandans stand to benefit greatly, especially in accessing global markets. Accessing Global Markets: This includes paying for online goods and services, engaging in international business activities, reducing concerns about carrying large amounts of cash, and preventing fraud, as the virtual card is a digital solution. Mastercard continues to highlight its role in helping communication and financial institutions develop technology-driven economies. Amnah Ajmal, Mastercard's Head of Market Development (EEMEA), emphasized that this project will particularly benefit small businesses and previously underserved individuals.

Role of I&M Bank: I&M Bank will provide technological support and financial security. The bank will play a major role in advancing the country's efforts to reduce reliance on cash transactions. Supporting the National Cashless Economy Program: Rwanda has a goal to achieve a cashless economy. The Virtual Card will support this initiative, as it will familiarize Rwandans with digital payment methods. Positive Impact on the Economy and Citizens: • Increased use of technology in business • Expanding markets for small and medium-sized businesses • Enhancing digital literacy • Improving personal and business financial management Citizen Involvement in Technology Use: To use the Virtual Card, one must have a MoMo account, which can be accessed by dialing *182#. Once logged in, users can request the virtual card, which will send the necessary information to the user's phone. Citizens need to educate themselves on how to use the Virtual Card to avoid falling victim to fraud. Businesses should adopt this method to stay in line with current trends, and the government should continue educating citizens on the benefits of digital payments. The Virtual Card by MoMo represents a significant step for Rwanda in advancing financial technology. This initiative will help Rwandans who previously faced barriers to accessing global markets, increase confidence in business, and reduce cash usage. The partnership between MoMo Rwanda, Mastercard, and I&M Bank demonstrates a positive vision for Rwanda's economic future.