Virtual Pay International limited has announced receiving full authorization from the National Bank of Rwanda to operate as a payment service provider in the country. Founded in 2018, Virtual Pay first entered Rwanda in a partnership agreement with the Bank of Kigali in a bid to make payments easier for local businesses. Today, Virtual Pay is looking beyond local businesses and seeks to be an integral part of the payment process in all regions in Rwanda.
Rwanda is home to a business-oriented population, with one in every nine Rwandans owning a business. The growth in Rwanda's merchant industry has also increased the need for more digital and instant payment solutions. Virtual Pay will seek to introduce its solutions to more merchants and promote more online transactions, ultimately driving financial inclusion in Rwanda. The company will also use its platform to help merchants make and receive payments by rolling out its payment gateway, POS systems, and other services that would benefit SMEs, fintech, and other businesses.
The latest milestone opens Virtual Pay to the larger scope of Rwanda's payment ecosystem and this implies more customers and patronage. The company will capitalize on this opportunity and achieve more success in Rwanda. However, Virtual Pay will have to play by the book as the regulatory presence of the National Bank of Rwanda will continue to pursue the growth and stability of Rwanda's economy.
Rwanda in focus:
Population: 12.95 million in 2020 as compared to 12.63 million in 2019
GDP: $10.33 billion compared to $10.36 billion in 2019
GDP per capita: $797 in 2020 compared to $820 in 2019