Payday, a pan-African neobank issuing global accounts to Africans, has announced its re-entry into Rwanda, following the official launch of SpaceX’s Starlink in the East African country.
Launched in June 2021 by Favour Ori, Payday was developed to support African remote workers, freelancers and digital professionals with frictionless, borderless payments, enabling global payment processing from over 130 countries.
The startup allows users to send and receive money in USD, GBP, Euros and 20 other currencies, allowing Africans to work remotely for international organisations, and be paid and withdraw money in the currency of their choice regardless of location. Currently operational in Nigeria, Rwanda and the UK, Payday offers its more than 330,000 users virtual Visa and Mastercards, which can quickly be generated using the Payday app.
Payday was the first Rwandan company in history to join Techstars, and last month announced a US$3 million seed funding round. Its re-entry into Rwanda marks a significant milestone in its pan-African and global expansion plans, as well as its burgeoning working relationship as a payment processor for Starlink by SpaceX.
Announced in February 2023, Rwandans can purchase Starlink routers from the satellite communications corporation, as the country looks to meet its overall targets for widespread internet connectivity and broadband reach across urban and remote areas. Payday customers in Rwanda will be able to use their virtual cards to not only pay for the routers, but manage their subscription payments. As with customers in Nigeria, they will also be able to send and receive Rwandan Francs (RWF) as well as USD, GBP, EUR using the Payday app.
“We are excited to expand our digital banking services to Rwanda as well as grow our partnership with Starlink. This not only presents an opportunity for us to play a significant role in driving financial inclusion in the country but also contributing to affordable internet connection regardless of location,” Payday’s CEO Favour Ori said.
“Access to the internet is no longer a luxury, but a necessity for personal and economic growth. We believe in the importance of providing a payment solution that empowers individuals and businesses alike to connect to the digital world and unlock new opportunities for growth and development.”
