MICROCAPITAL BRIEF: Government of Rwanda, Visa Incorporated Partner on Electronic Financial Services

The government of Rwanda and US-based payment technology firm Visa Incorporated have announced a collaboration to extend access to financial services throughout Rwanda [1]. The agreement lists 12 initiatives intended to lay out the foundations for electronic payments and promoting electronic payments innovation. These initiatives include implementing localized settlement services, boosting Rwandan exports through e-commerce, streamlining government payments, deploying mobile solutions to reach the underbanked and increasing financial literacy [2].

Ambassador Claver Gatete, governor of the National Bank of Rwanda, said, “In all economies, well developed financial systems are essential for sustained economic growth. The partnership between the Government of Rwanda and Visa is an opportunity to increase efficiency and inclusion through the use of electronic financial services.” [1]

Elizabeth Buse, Group President, Asia Pacific, Central Europe, Middle East and Africa for Visa, said, “By working with governments and stakeholders around the world to better understand the challenges of the underserved, we can adapt our approach to ensure that we are not only sharing our payments expertise, but are delivering meaningful local programs that meet the needs of governments and their citizens. In the long-run we believe this will also open up new growth opportunities for Visa.” [1]

By Kristha Abores, Research Associate

About Visa: Visa is a global payments technology company based in the United States. It partners with financial institutions to provide credit, debit and prepaid cards to consumers. It also offers payment programs and consulting services for commercial clients. As of June 30, 2011, Visa’s network included 1.9 million automated teller machines (ATMs) and 1.9 billion Visa cards. As of September 30, 2011, Visa reported total assets of USD 34.8 billion, net income of USD 3.65 billion and 15,500 financial institution customers in 200 countries and territories.

About National Bank of Rwanda (BNR): Founded in 1964, the National Bank of Rwanda (BNR, in French) operates as the central bank for the country. Its purpose is to define and implement monetary policy, mint currency and supervise and regulate the foreign exchange market and financial institutions. It also operates the Securities Exchange of Rwanda. In March 2011, BNR reported total assets of RWF 985 billion (USD 1.65 billion).

Sources and Additional Resources:

[1] “Visa-Rwanda Partnership to Drive Electronic Financial Services,” http://investor.visa.com/phoenix.zhtml?c=215693&p=irol-newsArticle&ID=16…

[2] “Government of Rwanda and Visa: Charter of Collaboration,” http://corporate.visa.com/_media/rwanda-charter.pdf

MicroCapital.org article, November 29, 2011, “MICROCAPITAL BRIEF: Mobile Telecommunications Network (MTN) to Offer Mobile Prepaid Product from Visa in Nigeria and Uganda,” https://www.microcapital.org/microcapital-brief-mobile-telecommunications…

MicroCapital Universe Profile: National Bank of Rwanda (BNR), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=The…

MicroCapital Universe Profile: Visa, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Vis…

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