Visa and the Rwandan government are collaborating to develop localised solutions to extend access to financial services to local and international consumers throughout the country.
The partnership is a step in Rwanda’s Vision 2020 plan, the country’s blueprint to become a middle-income nation within the coming decade, with per capita income of US$1000 by 2020, up from US$220 in 2000. The success of that plan relies on a number of pillars, including shifting to a knowledge-based economy, private sector development and improving infrastructure.
Visa aims to generate 50% of its revenue from markets outside of the US by 2015 will partly be enabled through its ability to build, buy and deploy new technologies that extend its products to geographies where electronic payments (e-payments) are limited today, such as Rwanda.
The Charter of Collaboration encompasses 12 initiatives structured around three key areas identified by the Rwandan government and Visa as vital to the development of a fully-inclusive financial system including:
- Laying the foundations for e-payment: installing the basic infrastructure requirements to enable country-wide use of e-payments.
- Promoting e-payment innovation: enabling Rwanda to take advantage of modern technologies to reach Rwandans who are under-served by traditional payments infrastructure.
- Capacity building: developing training programmes and facilitate knowledge-transfer in order to ensure the long-term sustainability of financial systems throughout the country.
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