Payday, the Pan-African neobank that offers global accounts in USD, GBP, and EUR to Africans, has announced its return to Rwanda following the official launch of SpaceX’s Starlink in the country. This move marks a significant milestone for Payday’s Pan-African and global expansion plans, as well as its growing relationship as a payment processor for Starlink.
The recent announcement by SpaceX enables Rwandans to purchase Starlink routers as the country aims to achieve widespread internet connectivity and broadband reach in both urban and remote areas.
Payday customers in Rwanda will be able to utilize their virtual cards to purchase the routers and manage their subscription payments. They can also send and receive Rwandan Francs (RWF) as well as USD, GBP, and EUR using the Payday App, as customers in Nigeria can do.
Payday recently announced a $3M seed round, which aims to secure operational licensing in the UK and Canada, and lay the groundwork for expansion into several other countries across Europe and Africa, starting with Nigeria and Rwanda.
Payday’s CEO, Favour Ori, said, “We are thrilled to expand our digital banking services to Rwanda and enhance our partnership with Starlink. This offers us an opportunity to promote financial inclusion in the country and contribute to affordable internet connection regardless of location.”
Ori added, “Internet access is no longer a luxury, but a necessity for personal and economic growth. We believe that providing a payment solution that empowers individuals and businesses to connect to the digital world is essential for unlocking new opportunities for growth and development.”
Founded in Kigali, Rwanda in June 2021, Payday supports African remote workers, freelancers, business owners, and digital professionals with seamless, borderless payments. The neobank offers global payment processing from over 130 countries, enabling Africans to work remotely for international organizations and receive payments and withdraw money in their preferred currency, regardless of their location.
Jean-Marie Kananura, Acting Chief Investment Officer at Kigali Financial Centre, commented on the Rwandan expansion, saying, “We are delighted to witness Payday’s continuous growth. This is a testament to the fact that Kigali International Financial Center has put in place a reliable framework for Rwandan-based startups to raise capital and scale up globally.”
With Rwanda’s ambitious target of achieving 90% financial inclusion by 2024, Payday’s innovative banking solutions are expected to play a critical role in achieving this goal. With its latest launch, Payday aims to increase its customer base and establish a strong presence in Rwanda and the East African region.
