Mastercard and illicocash, the FinTech division of Rawbank, have joined forces to introduce a cutting-edge virtual card program in the Democratic Republic of the Congo (DRC).
This strategic collaboration is geared towards fostering financial inclusion by providing consumers and businesses in the DRC with a seamless virtual card solution tailored for e-commerce transactions.
Seamless Virtual Card Program for Enhanced Ecommerce. The introduced virtual card program is designed for swift issuance, enabling users to make transactions on both domestic and international websites. This initiative opens up a new realm of e-commerce experiences for consumers and streamlines online transactions for start-ups and small businesses in the DRC.
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Mastercard’s Commitment to Innovate Africa’s Payments Sector
Mastercard’s objective in this partnership is to collaborate with local FinTech companies to drive innovation in Africa’s payments sector and extend the reach of financial inclusion. illicocash, recognized for its pioneering efforts in digitising payments in the DRC, sees this collaboration as a significant addition to its digital services portfolio, catering to the unbanked and underbanked demographics.
illicocash General Manager, Karim Nouri expressed that the fintech company “is a pioneer in digitising payments in DRC and accelerating the country’s shift away from cash. The new virtual card program, launched in collaboration with Mastercard, is a crucial addition to our portfolio of digital services that address the needs of the unbanked and underbanked.”
Mastercard’s Vision for Financial Inclusion
Jean-Charles Yallet, FSSA Country Lead, MENA West, Mastercard, expressed the company’s commitment to advancing financial inclusion through partnerships with local fintech companies. He stated, “Our partnership with illicocash is an integral part of our efforts to bring one billion people and 50 million micro, small and medium enterprises (MSMEs) worldwide into the digital economy by 2025.”
Mastercard’s Trailblazing Collaborations for Digital Inclusion
Mastercard’s commitment to innovation and sustainability extends beyond this collaboration. Recently, the company collaborated with MDP, a leading financial services provider in Egypt, to introduce an innovative carbon calculator tool. Responding to the growing demand for environmentally responsible choices, this tool aims to raise awareness and facilitate sustainable purchasing decisions.
This recent collaboration follows Mastercard’s partnership with Nigeria’s ProvidusBank, resulting in the Providus Amphi Card. This payment solution, introduced in December 2023, empowers SMEs, merchants, and businesses with seamless self-services, focusing on cash-centric entities to enable smooth transactions.
The Division President for Sub-Saharan Africa at Mastercard, Mark Elliott, shared the benefits of the Providus bank partnership, which resonates with the overarching values of the leading multinational company.
According to Elliott, “Empowering these businesses with innovative, safe, secure, and efficient digital solutions will not only enhance financial inclusion but also drive rural development and fortify the resilience of the overall economy.”