Payday, a neobank that provides Africans with global accounts denominated in USD, GBP, and EUR, says it is re-launching into the Rwandan market two years after its founding.
This follows the official launch of SpaceX’s Starlink in the country with Payday becoming a payment processor for Starlink in Rwanda.
The move is also seen as part of Payday’s expansion, coming soon after it announced a $3 million seed round led by Nigerian fintech, Moniepoint (formerly TeamApt).
Hello, Rwanda. We are back!
Today, we are officially relaunching Payday in Rwanda!
We’re back with @SpaceX’s Starlink 🥳💫
We are back with the best Neobanking services ✨ pic.twitter.com/qJsumlVg9Z
— Payday (@ourpaydayHQ) April 25, 2023
SpaceX launched Starlink internet service in Rwanda back in February 2023 for RWF 48,000 (~$44) per month with the purchase of the Starlink hardware for RWF 572,000 (~$526)
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.
“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,” said Payday’s CEO, Favour Ori.
“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.”
The startup was launched in June 2021 to support African remote workers, freelancers, and digital professionals with frictionless, borderless payments, enabling global payment processing from over 130 countries.
Rwandan🇷🇼 Neobank, Payday, Secures $3 Million Seed Round – Crosses Over 300K Users and Over 40K Transactions Per Day
Payday says it is onboarding 100,000+ new users a month and processing an average of 40,000 transactions per day, consequently processing https://t.co/4fkQNUvlPT… pic.twitter.com/PwcLqdJvH6
— BitKE (@BitcoinKE) March 30, 2023
Payday makes it possible for those on the African continent and in the diaspora to send and receive money in USD, GBP, Euros, and 20 other currencies allowing Africans to work remotely for international organizations and be paid and withdraw money in the currency of their choice regardless of location.
Starlink now available in Nigeria and Rwanda is on course to expand into Angola, Eswatini, Kenya, Mozambique and Zambia in Q2 2023.
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