Rwanda is set to experience a new era of neobanking services as Payday officially relaunches in the country, powered by SpaceX’s Starlink satellite internet service. The innovative partnership aims to provide the best in digital banking services for Africans, announced the company on Tuesday.
Payday, a global neobank for Africans, was initially conceived on June 6, 2021, by Favour, @techlead_me, @fawas_ola, and @adenugawilson. The fintech startup has made significant progress since then, with over 440,000 users and $5.1 million raised in funding. Now, Payday is ready to take its services to new heights in Rwanda, thanks to Starlink which launched in the country back in mid-February.
The collaboration with SpaceX’s Starlink ensures Rwandans will have access to cutting-edge digital banking services through a high-speed, reliable satellite internet connection.
This partnership will enable users to sign up for an account, add money, spend using a USD card, pay for Starlink services, send money to friends and family, swap currencies, and transfer funds to and from Nigeria with ease.
It’s possible to open USD, GBP and EUR bank accounts for free with Payday. It also offers a physical and virtual Mastercard to use globally.
Additionally, Payday will offer its Rwandan users the option to send money via Mobile Money (MOMO), further expanding the possibilities for convenient, cross-border transactions.
The relaunch of Payday in Rwanda marks a significant milestone in the company’s journey and highlights the potential for further growth and innovation in the neobanking sector. The company has dual headquarters in Canada and Rwanda and has 40,000 transactions per day.
