Mastercard has joined forces with Rawbank’s fintech division, Illicocash, to introduce a virtual card program in the Democratic Republic of the Congo (DRC) to offer an innovative and convenient solution for consumers and businesses to engage in eCommerce transactions.
Following Rawbank’s 2022 partnership with Thunes, a global cross-border payment infrastructure provider, this latest initiative focuses on enhancing cross-border transactions between the DRC and the global community.
Through the partnership with Illicocash, customers in the DRC can now acquire virtual cards valid for both domestic and international online transactions. This expanded access enables users to seamlessly explore various entertainment and shopping opportunities.
Illicocash’s General Manager, Karim Nouri, spoke of the virtual card program as a significant addition to their digital offerings. The program not only facilitates online purchases but also simplifies the management of travel expenses for employees in small and startup businesses by eliminating the need for physical cards.
This development is particularly beneficial for the unbanked and underbanked populations in the DRC, where a significant portion of the working population lacks access to traditional banking services.
Jean-Charles Yallet, leading the FSSA division for Middle East and North Africa (MENA) West at Mastercard, stressed the importance of their collaboration in achieving the company’s goal of integrating one billion individuals and 50 million micro, small, and medium-sized enterprises (MSMEs) into the global digital economy by 2025.
Yallet highlighted Mastercard’s commitment to partnering with local fintech companies to drive innovation in the African payment industry and improve financial accessibility.
This initiative follows Mastercard’s strategic moves in the African market, including a cross-border remittance service launched in collaboration with Airtel Africa in August 2023. The partnership aimed to simplify international money transfers for their combined 100 million customers across 14 African countries.
