In a stride towards fostering financial accessibility in the Democratic Republic of Congo (DRC), global payments giant Mastercard has joined forces with Illicocash, Rawbank’s money transfer app, to unveil a revolutionary virtual card program.
This collaboration is set to dismantle barriers and construct a more inclusive financial landscape in a nation where only 26% of the active population holds traditional bank accounts. At the heart of this transformative initiative is the introduction of virtual cards—in what is likely to be a beacon of hope in the face of financial exclusion.
In a country where conventional banking is often out of reach, virtual cards provide a seamless, technology-driven solution. They empower consumers by granting easy access to online shopping, entertainment, and an array of services on both domestic and international platforms.
Bridging the financial inclusion gap
Delving into the core of the matter, this partnership addresses the critical issue of limited financial inclusion in the DRC.
The introduction of virtual cards is not merely a technological innovation; it’s a strategic move to democratize financial services. Mastercard’s commitment to nurturing Africa’s fintech scene is underscored, with this initiative aligning seamlessly with their belief in the continent’s digital potential.
What they said
Karim Nouri, Illicocash’s General Manager, articulates the profound impact of the virtual card program as a “crucial addition” to their digital services portfolio. This collaboration serves as a testament to Mastercard’s dedication to driving positive change in Africa’s financial landscape, echoing their past investments in key telecommunications companies.
Jean-Marc Mbumba, a local economist, enthusiastically describes the virtual card initiative as a game-changer for the DRC. His vision sees virtual cards empowering individuals, boosting businesses, and attracting foreign investment—a significant step towards a more modern and inclusive economy.
Unlocking possibilities for consumers and businesses
For consumers, the virtual card eliminates the need to rely on friends or family abroad for online purchases, opening the doors wide to global e-commerce platforms. It’s a game-changer for Congolese families, enabling access to affordable online learning resources, international brand clothing for children, and the latest gadgets for tech enthusiasts.
On the business front, managing expenses becomes a breeze with virtual cards. Startups can efficiently pay for online subscriptions and software tools, while larger companies can streamline employee expense management and facilitate international transactions.
This not only fosters improved efficiency but also ensures cost savings, thereby boosting overall competitiveness. The phased rollout of the virtual card program, starting with Rawbank customers and gradually expanding across the nation, is a thoroughly detailed strategy to ensure accessibility, even in remote areas.
Leveraging Illicocash’s existing mobile money network and agent network, the initiative aspires to create a thriving digital ecosystem. The ultimate goal is to make virtual cards the preferred payment method, thereby driving financial inclusion and fostering economic growth.
Key to note is that the initiative builds upon the success of similar programs in Kenya and Nigeria, where virtual cards have revolutionized e-commerce and financial access.
Mastercard and Illicocash are not just replicating; they aim to surpass this success by adapting these models to the DRC’s unique context.
