Mastercard and illicocash, the FinTech division of Rawbank, are collaborating to introduce a virtual card program in the Democratic Republic of the Congo (DRC).
The strategic partnership aims to facilitate financial inclusion by providing consumers and businesses in the DRC with a seamless virtual card solution for e-commerce transactions.
The introduced virtual card program allows swift issuance of cards usable on both domestic and international websites, opening up a new realm of e-commerce experiences for consumers and facilitating online transactions for start-ups and small businesses.
Mastercard’s goal in this collaboration is to work with local FinTech companies to innovate Africa’s payments sector and extend financial inclusion. illicocash, known for its pioneering efforts in digitising payments in the DRC, views this partnership as a significant addition to its digital services portfolio, catering to the unbanked and underbanked demographics.
“illicocash is a pioneer in digitizing 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 addresses the needs of the unbanked and underbanked,” said Karim Nouri, GM, illicocash.
“At Mastercard, we are committed to working with local fintech companies to drive innovation in Africa’s payments sector and advance financial inclusion. 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,” said Jean-Charles Yallet, FSSA Country Lead, MENA West, Mastercard.
Recently, Mastercard has also collaborated with MDP, a leading financial services provider in Egypt, to introduce an innovative carbon calculator tool.
The Carbon Calculator is a response to the growing consumer demand for environmentally responsible choices. This tool aims to raise awareness and facilitate sustainable purchasing decisions.
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