MasterCard funds Rwanda economic growth

mastercardFrom PHYLLIS BIRORI in Kigali, Rwanda
KIGALI, (CAJ News) – THE MasterCard Centre for Inclusive Growth has committed up to US$1 million (RWF779,3 million) over the next three years to advance economic growth and financial inclusion in Rwanda.

Raghu Malhotra, MasterCard President for Middle East and Africa, confirmed the investment.

“The Rwandan story is one of triumph over adversity, and the country stands as an example on how embracing technology and striving for a financially inclusive society can overcome the challenges of poverty,” said Malhotra.

“MasterCard is committed to helping develop a Cashless Rwanda, and the establishment of the grant is further testament to the importance we place in our collaboration with the Rwandan government,” added Malhotra.

Rwanda has made important strides when it comes to financial inclusion.

According to the World Bank only 16 percent of adults in Sub-Saharan Africa have bank accounts.

In Rwanda, however, 42 percent of adults in Rwanda’s 11,75 million population own a financial account, whether formal or informal.

Some 1,6 million people have opened accounts in the country’s national  savings and loan programme.

Francis Gatare, Chief Executive Officer of the Rwanda Development Board, said partnering with MasterCard to drive growth in their business sector was another important step in empowering our citizens.

“This intention will go a long way in helping us reach our goal of creating full financial inclusion and a cashless economy in Rwanda,” said
Gatare.

CAJ News

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