The digital payment structure in Rwanda is exponentially increasing and projected to reach a total transaction value of US$2.72 billion by 2029.
In the same light, the Rwandan government is continuously promoting digital initiatives such as the Rwandan National Payment System (RNPS) Strategy and the National Bank of Rwanda (BNR) to increase the adoption of digital payment methods in Rwanda.
Card issuing in Rwanda is, therefore, not a new concept. The primary payment landscape involves the transition from cash-based to digital payments.
Let’s go over the role of card issuing in transforming Rwanda’s payment system.
Role of Card Issuing in Rwanda’s Digital Transformation
Rwanda’s goal to become a cashless economy is at the heart of its national digital transformation agenda.
While many mobile payment providers have taken the lead to provide digital payment tools, card issuing (both physical and virtual) has a competitive edge to foster financial inclusion, growth, and more.
Let’s go over this in detail.
1. Financial Inclusion and Expansion:
Mobile money is predominantly popular among the Rwandans, with research showcasing a hefty number of 86% (6.9 million Rwandans) that utilize the mobile money system.
However, card issuing expands further than this. It goes beyond the typical spectrum of financial capabilities to support peer-to-peer transactions, merchant payments, multi-currency transactions, and more.
Card issuing in Rwanda further supports:
- Access to ATMs and POS devices, especially in urban centers;
- Online payments and subscriptions, which are difficult with mobile money alone;
- International transactions, which are key for entrepreneurs, enterprises, freelancers, and more.
In essence, card issuing in Rwanda offers the kind of flexibility that will ordinarily be restricted with mobile money alone, especially for upwardly mobile users and SMEs with cross-border ambitions.
2. E-commerce Emergence:
While the Rwandan eCommerce market is booming significantly due to the increasing extent of mobile devices and digital literacy, however, the question that lingers is - ‘How do we make purchases online?’ ‘How to send money online?’
Card issuing in Rwanda further opens the avenue for individuals and business owners to contribute to the digital marketplace, enabling local and international payments, without any cross-border restrictions.
It also allows Rwandan business owners to build trust and increase sales conversion through digital card payments.
3. Increased Security:
Card issuing is a digital payment system that increases customers’ security against cyber crimes, fraud, hacks, and more. Due to the increasing level of strength and anti-cyber procedures that are typically integrated into the card system, you can rest assured that your personal information are well secured and protected.
Card Issuing in Rwanda: How Miden is Leading This Shift
Miden is the leading card issuing provider in Rwanda and across Africa as a whole.
From offering a developer-friendly API to a compliance-ready infrastructure, Miden stands out in providing scalable, solid, and powerful card issuing capabilities to digital banks, Fintech companies, founders, and more.
The leading company plays an important role in transforming Rwanda’s digital landscape by offering;
- Instant virtual card issuance for Fintech and Non-Fintech companies;
- RWF and USD card support, enabling both local and international payments;
- Spending controls and KYC automation, which align with Rwanda’s regulatory framework;
- PCI-DSS compliance and NDPR adherence, critical for secure operations.
Rather than going through the hassle of building a payment infrastructure from scratch, considering the time and issues awaiting, take a bold step and choose Miden's payment infrastructure today.
Concluding Thoughts on ‘Card Issuing in Rwanda’
Rwanda’s journey toward a fully digital economy is well underway, and card issuing stands at the heart of this transformation. As the country embraces financial innovation, cards are becoming more than just a payment tool; they’re a gateway to inclusion, efficiency, and economic growth.
Backed by forward-thinking government policies and a rising demand for cashless solutions, Rwanda is setting the pace for digital payment adoption in Africa.
For fintechs, banks, and ecosystem enablers, the message is clear: now is the time to tap into Rwanda’s evolving payment landscape and play a part in shaping the future of finance on the continent. Miden stands out as the best provider for your needs.
FAQs On Card Issuing in Rwanda
1. What is Card Issuing in Rwanda Kigali?
Card issuing involves the process by which a financial institution obtains the financial capacity to issue physical or virtual payment cards to prospective customers.
2. Which card is issued by the bank?
Examples of cards that can be issued by banks include debit cards, prepaid cards, credit cards, etc. However, Miden offers virtual card capabilities to individuals and business owners looking to send and receive money in varying currencies, without hassle.
3. What is the payment method in Rwanda?
Rwanda offers several payment options, including mobile money transfers, credit/debit card payments, and more.
