Payday re-enters Rwanda following the launch SpaceX’s Starlink
Following the official launch of SpaceX’s Starlink in the East African nation, Payday, the largest Pan-African neobank issuing global (USD, GBP & EUR) accounts to Africans, has announced its re-entry into Rwanda.
The re-entry into Rwanda represents an important turning point in Payday’s goals for pan-African and international expansion, as well as its developing partnership with Starlink by SpaceX as a payment processor. Rwandans can now purchase Starlink routers from the satellite communications company, as the nation aims to achieve its overall objectives for extensive internet connectivity and broadband reach throughout urban and distant locations, as announced in February 2023.
Payday customers in Rwanda will be able to manage their subscription payments as well as purchase routers using their virtual cards. They will be able to send and receive RWF as well as USD, GBP, and EUR via the Payday App, just like clients in Nigeria can.
Payday recently revealed a $3 million seed investment intended to establish the company’s operational licence in the UK and Canada and create the groundwork for entry into numerous other nations across Europe and Africa, starting with Nigeria and Rwanda.
Payday’s CEO Favour Ori expressed excitement about the development, saying, “We are excited to expand our digital banking services to Rwanda and grow our partnership with Starlink.” This not only gives us a chance to significantly advance financial inclusion in the nation, but it also makes it possible for everyone to have access to affordable internet connection.
“Access to the internet is no longer a luxury, but rather a requirement for both personal and economic growth,” Ori said. We think it’s critical to offer a payment option that enables both individuals and companies to connect to the online world and open up fresh doors for growth and development.
Payday is a seamless, cross-border payment platform that was established in June 2021 in Rwanda to serve remote employees, independent contractors, business owners, and digital professionals in Africa. This makes it possible for payments to be processed internationally from more than 130 nations, enabling Africans to work remotely for international organizations and get payments and cash withdrawals in their preferred currencies no matter where they are.
“We are very pleased to witness Payday’s continuous growth,” said Jean-Marie Kananura, chief investment officer of Kigali Financial Centre. This demonstrates that the Kigali International Financial Center has established a reliable environment for Rwandan businesses to raise money and expand internationally. In order to maintain Rwanda’s position as the continent’s hub for fintech, we want to showcase these accomplishments in advance of our Inclusive Fintech Forum in June.
Payday’s cutting-edge banking products are anticipated to play a critical role in helping the nation reach its ambitious goal of achieving 90% financial inclusion by 2024. Payday expects to grow its customer base with this most recent launch and forge a significant presence in Rwanda and the East African region.
