Innovation

Mastercard partners with illicocash to launch virtual cards in Democratic Republic of the Congo

Mastercard has initiated a strategic partnership with illicocash, the fintech arm of Rawbank, to introduce a virtual card program in the Democratic Republic of the Congo (DRC). The program supports financial inclusion by providing a new and effortless way for consumers and businesses to perform e-commerce transactions.

The virtual cards can be ordered quickly and are usable on all domestic and international websites, allowing consumers to access a whole new world of experiences in shopping, entertainment and more. The digital-first program also enables start-ups and small businesses to easily make purchases online and manage travel expenses for their staff without the need for physical cards.

“illicocash is a pioneer in digitizing payments in DRC and accelerating the country’s shift away from cash. The new virtual card program, launched in collaboration with Mastercard, is a crucial addition to our portfolio of digital services that addresses the needs of the unbanked and underbanked,” said Karim Nouri, GM, illicocash.

“At Mastercard, we are committed to working with local fintech companies to drive innovation in Africa’s payments sector and advance financial inclusion. Our partnership with illicocash is an integral part of our efforts to bring one billion people and 50 million micro, small and medium enterprises (MSMEs) worldwide into the digital economy by 2025,” said Jean-Charles Yallet, FSSA Country Lead, MENA West, Mastercard.

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