Mastercard to launch virtual cards in the Democratic Republic of Congo with Rawbank’s Illicocash
Global payments giant Mastercard has partnered with Illicocash, the money transfer app of Rawbank, to introduce a virtual card programme in the Democratic Republic of the Congo (DRC).
Mastercard launches virtual cards in DRC with Illicocash
Mastercard says the partnership will work to support financial inclusion in the Central African country by enabling consumers and businesses to perform and accept cardless e-commerce transactions respectively.
According to the latest figures of the International Monetary Fund (IMF), only 26% of the active population in the DRC have a bank account, with the geographical proximity of brick and mortar branches cited as a major impediment to further uptake.
The partnership says it plans to overcome these barriers to financial inclusion, which are recognised by the IMF as being significantly higher than those at play in other fragile state and sub-Saharan African countries, with virtual cards that can be “ordered quickly” and used by consumers across all national and international e-commerce sites.
For businesses, the virtual card programme is expected to ease the management of commercial expenses and streamline the process through which online payments are made and accepted.
Karim Nouri, GM at Illicocash, describes the partnership and subsequent virtual card programme as a “crucial addition” to its digital services portfolio, which currently extends to online account openings, cardless cash withdrawals and international money transfers.
Having previously hailed the promising nature of Africa’s emerging fintech sector in its “The Future of Fintech” whitepaper, released in 2022, this latest partnership marks Mastercard’s continued push into the continent.
The payment giant’s increasing entry into Africa’s mobile money market is most notably marked by its $100 million investment in telecom firm Airtel Africa in April 2021, and more recently, by its acquisition of a minority stake in African mobile network operator MTN Group’s fintech business last August, among other developments.
