Visa is aiming to take 50% of its revenue outside of the United States by 2015 and as part of that strategy has created a partnership with the Rwandan government to increase the use of electronic payments and cards. The Rwandan government is aiming to increase per capita income from $220 to $1000 by 2020 through a policy named “Vision 2020”, which echoes other efforts in the region from countries such as Kenya. All are aiming to shift to a knowledge-based economy with better private sector development and improved infrastructure.
Ambassador Claver Gatete said of the deal:
“This partnership is aligned with the National Bank of Rwanda’s strategy to reduce the widespread usage of cash and increase liquidity within the banking system, which ultimately reduces interest rates and improves price stability.”
Together, the government of Rwanda and Visa will work together to increase the use of payment cards in transactions and to build capacity among retailers and the Rwandan banking sector to support the use of electronic payments.