Payday, a neo bank that provides global accounts to Africans, has announced its return to Rwanda following the official launch of SpaceX's Starlink in the East African country. Payday, which was launched in June 2021 by Favour Ori, offers frictionless and borderless payments to African remote workers, freelancers, and digital professionals, allowing global payment processing from over 130 countries. The startup provides virtual Visa and Mastercards that can quickly be generated using the Payday app, enabling users to send and receive money in USD, GBP, Euros, and other currencies of their choice, regardless of their location.
Payday's re-entry into Rwanda is a significant milestone in its pan-African and global expansion plans and follows a US$3 million seed funding round announced last month. The startup was also the first Rwandan company to join Techstars. With the recent announcement of Rwandans' ability to purchase Starlink routers from SpaceX, Payday's customers in Rwanda will be able to use their virtual cards to pay for the routers and manage their subscription payments. Like their counterparts in Nigeria, they will also be able to send and receive Rwandan Francs (RWF) as well as USD, GBP, and EUR using the Payday app.
Favour Ori, Payday's CEO, expressed excitement about expanding their digital banking services to Rwanda and growing their partnership with Starlink, stating that this presents an opportunity for the startup to drive financial inclusion in the country while contributing to affordable internet connection regardless of location. Payday aims to provide a payment solution that empowers individuals and businesses to connect to the digital world and unlock new opportunities for growth and development, as access to the internet is no longer a luxury but a necessity for personal and economic growth.
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