{"id":8347,"date":"2016-07-16T19:10:58","date_gmt":"2016-07-16T15:10:58","guid":{"rendered":"http:\/\/www.intelligentcio.com\/africa\/?p=8347"},"modified":"2016-07-16T19:10:58","modified_gmt":"2016-07-16T15:10:58","slug":"mastercard-boosting-inclusive-banking-in-rwanda-with-1m-investment","status":"publish","type":"post","link":"https:\/\/www.intelligentcio.com\/africa\/2016\/07\/16\/mastercard-boosting-inclusive-banking-in-rwanda-with-1m-investment\/","title":{"rendered":"MasterCard boosting inclusive banking in Rwanda with $1M investment"},"content":{"rendered":"

The MasterCard Center for Inclusive Growth committed upto $1 million over the next three years to advance economic growth and financial inclusion in Rwanda. This was announced today by Raghu Malhotra<\/a>, President Middle East and Africa for MasterCard<\/a> during his recent visit to Kigali.<\/p>\n

\u201cThe Rwandan story is one of triumph over adversity, and the country stands as an example on how embracing technology and striving for a financially inclusive society can overcome the challenges of poverty. MasterCard is committed to helping develop a Cashless Rwanda, and the establishment of the grant is further testament to the importance we place in our collaboration with the Rwandan government.\u201d said Malhotra.<\/p>\n

Rwanda has made important strides when it comes to financial inclusion. According to the World Bank only 16% of adults in Sub-Saharan Africa have bank accounts. In Rwanda, however, 42% of adults own a financial account, whether formal or informal, and 1.6 million people have opened accounts in the country\u2019s national SACCO savings and loan program.<\/p>\n

Raghu pointed out that in Rwanda, small businesses comprise 97.8% of the private sector and account for 36% of private sector employment. Emphasising how important it is for the private sector to get involved to offer assistance and expertise.\u00a0The funds will be used to deliver a holistic mix of tools and resources, providing an opportunity to connect micro-entrepreneurs in Rwanda to the formal economy, thus helping them to expand their business.<\/p>\n