Payday, the leading Pan-African neobank that issues global (USD, GBP, and EUR) accounts to Africans, has announced its re-entry into Rwanda after the official launch of SpaceX’s Starlink in the East African country. This comes on the heels of Payday’s announcement that it will be offering global accounts to Africans.
Payday’s re-entry into Rwanda represents an important milestone in the company’s Pan-African and global expansion aspirations, as well as in the company’s blossoming working partnership with Starlink by SpaceX in its capacity as a payment processor for the company.
As part of Rwanda’s efforts to accomplish its overall goals for extensive internet access and broadband reach throughout urban and outlying areas, the country’s satellite communications organisation has made it possible for Rwandans to acquire Starlink routers. The news of this availability was announced in February 2023.
Customers of Payday in Rwanda will soon be able to utilise their virtual cards not only to pay for the routers but also to manage the payments for their subscriptions. Using the Payday App.
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They will be able to send and receive Rwandan Francs (RWF) in addition to United States Dollars, Great British Pounds, and Euros, just like customers in Nigeria.
Payday just recently made an announcement regarding a seed financing for $3 million with the intention of obtaining operational licencing in the United Kingdom and Canada, in addition to setting the groundwork for entry into a number of other countries across Europe and Africa, beginning with Nigeria and Rwanda.
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Remarks from Payday’s Chief Executive Officer
Payday’s Chief Executive Officer, Favour Ori, issued the following statement in response to the news of the expansion: “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.”
“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”. Ori added.
Kigali Financial Centre acting CIO’s statement
Payday was established in June 2021 in the capital city of Kigali, Rwanda. The company provides African remote employees, freelancers, business owners, and digital professionals with payments that are both seamless and borderless. This permits worldwide payment processing from over 130 nations, which enables Africans to work remotely for international organisations, be paid in the currency of their choice regardless of location, and withdraw money in the currency of their choice
Jean-Marie Kananura, who is acting as the Chief Investment Officer at the Kigali Financial Centre, made the following statement regarding the expansion into Rwanda“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”.
Payday’s innovative banking solutions are anticipated to play a significant role in the country’s achievement of its ambitious objective of achieving 90% financial inclusion by the year 2024. The country’s goal is to reach this goal by 2024.
Payday is planning to broaden its customer base and solidify its position as a market leader in Rwanda and throughout the East African area with the help of this most recent launch.