Rwanda: Mastercard, GTBank partner in digital payment partnership

Mastercard reinforces commitment to drive Digital Transformation in Zimbabwe
Mastercard reinforces commitment to drive Digital Transformation in Zimbabwe

GTBank Rwanda and Mastercard collaboration will result in a stronger digital payment sector in Rwanda.
GTBank Rwanda and Mastercard collaboration will result in a stronger digital payment sector in Rwanda.

Mastercard and Guaranty Trust Bank Rwanda Ltd (GTBank Rwanda) are building on their long-standing partnership in Rwanda by introducing a suite of digital payment solutions, aimed at extending the demand for safe and convenient payment solutions.

GTBank Mastercard Platinum and Classic debit cards, as well as the GTCrea8 debit card for students the first of its kind to be introduced in Rwanda. It is the solution focused on driving further innovation in Rwanda. The partnership is already making an impact through the introduction of three Mastercard debit card solutions developed to meet the different needs of GTBank customers.

According to recent research, it is estimated that the shift to digital solutions and the adoption of digital finance could add $3.7 trillion to the GDP of emerging markets like Rwanda. It is therefore an exciting time to be in East African countries with citizens seeing the benefit innovation in this sector can bring to their daily lives.

“Innovation is driving inclusion in Rwanda and across Africa, and access to convenient solutions such as debit cards will make an immediate impact on those eager to move beyond cash”, says Chris Bwakira, Vice President and Area Business Head at Mastercard.

Bwakira went on to say that the number of Rwandan citizens considered financially excluded has dropped by 28 percent in 2012 to 11 percent in 2016, with approximately 700,000 Rwandans remaining without access to financial services. “The opportunity to spark change is real, but it will take partnerships across sectors to continue this momentum, and to educate all citizens that cash is not the most efficient way to pay for goods and services”.

GTBank Rwanda Managing Director, Mr. Bayo Veracruz, explained that the bank’s focus remains on enhancing alternative service delivery channels and ensuring accessible banking services for its customers. He highlighted that the student debit card (GTCrea8) introduced to the market four months ago, already serves as a notable highlight of the collaboration with Mastercard.

“The GTCrea8 student card empowers the youth of Rwanda and gives them the ability to save and protect the limited funds they have, removing the need for cash. The introduction of the solution is also in line with the wider objective of the Government to encourage and drive savings amongst the citizenry.” In Rwanda, the youth constitute a significant part of the population, which shows the immense strategic importance of providing financial solutions that meet their needs.

Mr. Veracruz went on to confirm the introduction of SecureCode, a Mastercard solution aimed at securing online payments by giving a cardholder access to a one time pin (OTP). Rwandans will be able to start using the solution from the end of October and can look forward to enhanced security on their existing account. SecureCode is supported by more than 575,000 online retailers and is easy for users to activate and use. The service is the best and safest way to make payments online.

The introduction of this online security solution marks the next phase in Mastercard and GTBanks relationship and serves to highlight their firm commitment to developing Rwandas digital payment ecosystem. The partnership further illustrates how Mastercard and GTBank Rwanda are working together to foster financial inclusion for all Rwandans through a diverse product offering.

“Through collaborative efforts with GTBank, we remain dedicated to continue providing pioneering solutions that will help to create a more integrated payments ecosystem as well as a more inclusive economy. We believe that through partnerships such as the one that we have with GTBank, we are well equipped to deliver the maximum impact within Rwanda”, says Bwakira.

Staff Writer