Payday's Re-entry into Rwanda Marks a Milestone for Financial Inclusion and Internet Connectivity in Africa

We’ve heard about the recent official launch of SpaceX’s Starlink in the East African country , Rwanda. What’s new is that Payday, the largest Pan-African neobank issuing global (USD, GBP & EUR) accounts to Africans, has announced its re-entry into Rwanda. Let’s get right into it.

What is Payday?

Payday is an immaculate, trans-border payment platform founded in June 2021 in Kigali, Rwanda for the purpose of serving remote employees, independent contractors, business owners, and digital professionals in and across Africa.

What does this new Re-entry mean?

Re-entering Rwanda means Payday has reached a significant turning point in their journey for international expansion as well as the development of their partnership relationship 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.

Customers in Rwanda who use Payday will have access to use their virtual cards not only to pay for routers, but also for managing their subscription payments. 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.

According to a statement made by Payday’s CEO, Favour Ori, it was clear how excited he was for the ongoing developments. In his words:

“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.”

Jean-Marie Kananura, the chief investment officer of Kigali Financial Centre has also expressed great pleasure as regards payday’s growth, saying, “We are very pleased to witness Payday’s continuous growth”. 

The re-entry of Payday into Rwanda marks a significant step in their journey towards international expansion and financial inclusion in Africa. This move also highlights the growing partnership between Payday and SpaceX's Starlink as a payment processor, as Rwandans can now purchase Starlink routers using Payday's virtual cards.

 With the aim of achieving extensive internet connectivity and broadband reach, Payday's CEO, Favour Ori, is optimistic that this development will give everyone in Rwanda access to affordable internet connection, which is critical for personal and economic growth. The excitement expressed by Payday's CEO and other stakeholders in the Rwandan financial sector, such as the chief investment officer of Kigali Financial Centre, underscores the significance of this development in Rwanda's economic growth and development.