Global Courant 2023-04-25 17:30:21
Paydaythe leading pan-African neobank that issues global (USD, GBP and EUR) accounts to Africans has announced its return to Rwanda, following the official launch of SpaceX’s Starlink in the East African country.
The return to Rwanda marks an important milestone in Payday’s pan-African and global expansion plans, as well as SpaceX’s burgeoning working relationship as a payment processor for Starlink. Announced in February 2023, Rwandans will be able to purchase Starlink routers from the satellite communications company as the country seeks to meet its overall goals for widespread internet connectivity and broadband coverage in urban and remote areas.
Payday customers in Rwanda can use their virtual cards to not only pay for the routers, but also manage their subscription payments. Like customers in Nigeria, they can also send and receive Rwandan Francs (RWF) as well as USD, GBP and EUR using the Payday app.
Payday recently announced a $3 million seed round aimed at securing operating licenses in the UK and Canada; while laying the groundwork for access to several other countries in Europe and Africa – starting with Nigeria and Rwanda.
Favor Ori, CEO of Payday, said of the expansion: “We are excited to expand our digital banking services to Rwanda and to grow our partnership with Starlink. This not only gives us the opportunity to play an important role in driving financial inclusion in the country, but also to contribute to affordable internet connectivity, regardless of location.”
Ori continued, “Internet access is no longer a luxury, but a necessity for personal and economic growth. We believe in the importance of providing a payment solution that enables both individuals and businesses to connect to the digital world and unlock new opportunities for growth and development.”
Founded in June 2021 in Kigali, Rwanda, Payday empowers African remote workers, freelancers, business owners and digital professionals with hassle-free, borderless payments. This enables global payment processing from over 130 countries, enabling Africans to work remotely for international organizations, get paid and withdraw money in the currency of their choice, regardless of location.
Jean-Marie Kananura, Acting Chief Investment Officer at Kigali Financial Centre, said of the expansion in Rwanda: “We are very pleased to witness the continued growth of Payday. This is a testimony that Kigali International Financial Center has established a trusted framework for Rwandan startups to raise capital and scale globally. Leading up to our Inclusive Fintech Forum in June, we want to highlight these successes that will continue to position Rwanda as the cradle of fintech on the continent.”
With the country’s ambitious goal to achieve 90% financial inclusion by 2024, Payday’s innovative banking solutions are expected to play a critical role in achieving this goal. With this latest launch, Payday will expand its customer base and establish a strong presence in both Rwanda and the East African region.
