Rawbank’s illicocash & Mastercard team to launch virtual cards

By Delisha Fernandes

Mastercard has formed a strategic partnership with illicocash, the FinTech arm of Rawbank, to introduce a virtual card program in the Democratic Republic of Congo (DRC).

The strategic partnership aims to facilitate financial inclusion by providing consumers and businesses with a new and effortless way to conduct e-commerce transactions.

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

Virtual cards can be ordered quickly and are usable on all national and international websites, giving consumers access to a whole new world of experiences in shopping, subscription renewals, entertainment and more. The digital program also allows start-ups and small businesses to easily make online purchases and manage their staff’s travel expenses without the need for physical cards.

“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 integrate one billion people and fifty million micro, small and medium enterprises (MSMEs) into the digital economy globally by 2025,” said  Jean-Charles Yallet, FSSA Country Lead, MENA West, Mastercard.