- Africa’s neobank’s expansion into Rwanda aims at making digital banking accessible to all remote workers & professionals on the continent while ensuring access to fast and reliable internet connection
Payday, the leading Pan-African neobank issuing global (USD, GBP & EUR) accounts to Africans, has announced its re-entry into Rwanda, following the official launch of SpaceX’s Starlink in the East African country.
The re-entry into Rwanda marks a significant milestone in Payday’s Pan-African and global expansion plans, as well as its burgeoning working relationship as a payment processor for Starlink by SpaceX.
Announced in February 2023, Rwandans can purchase Starlink routers from the satellite communications corporation, as the country looks to meet its overall targets for widespread internet connectivity and broadband reach across urban and remote areas.
Payday customers in Rwanda will be able to use their virtual cards to not only pay for the routers, but manage their subscription payments. As with customers in Nigeria, they will also be able to send and receive Rwandan Francs (RWF) as well as USD, GBP, EUR using the Payday App.
Payday recently announced a $3M seed round aimed at securing operational licensing in the UK and Canada; while laying the foundation for entry into several other countries across Europe and Africa – beginning with Nigeria and Rwanda.
Commenting on the expansion, Favour Ori, Payday’s CEO said, “We are excited to expand our digital banking services to Rwanda as well as grow our partnership with Starlink. This not only presents an opportunity for us to play a significant role in driving financial inclusion in the country but also contributing to affordable internet connection regardless of location.”
Ori continued “Access to the internet is no longer a luxury, but a necessity for personal and economic growth. We believe in the importance of providing a payment solution that empowers individuals and businesses alike to connect to the digital world and unlock new opportunities for growth and development”.
Founded in June 2021 in Kigali, Rwanda, Payday supports African remote workers, freelancers, business owners and digital professionals with frictionless, borderless payments.
This enables global payment processing from over 130 countries, allowing Africans to work remotely for international organisations, and be paid and withdraw money in the currency of their choice regardless of location.
Jean-Marie Kananura, Acting Chief Investment Officer at Kigali Financial Centre, commented on the Rwandian expansion, “We are very happy to witness Payday’s continuous growth. This is a testimony that Kigali International Financial Center has put in place a trusted framework for Rwandan-based startups to raise capital and scale up globally. Ahead of our Inclusive Fintech Forum in June, we aim to highlight these successes that will continuously position Rwanda as the home of fintech on the continent”.
With the country’s ambitious target of achieving 90% financial inclusion by 2024, Payday’s innovative banking solutions are expected to play a crucial role in achieving this goal.
With this latest launch, Payday is set to increase its customer base and establish a strong presence in Rwanda as well as the East African region.
