MVend Limited a leading Rwandan FinTech solutions service provider has been issued with an E-Money Issuer, & Remittances license by the National Bank of Rwanda (BNR).
MVend has, over the last 10 years, largely operated payments aggregation and integrations as the key pillars of its service offering to customers.
But with the new, higher-tier license now obtained, the company will now be able to offer a digital wallet (deposits, withdrawals, transfers, and payments) to its customers through its Gwiza platform, as well as do international remittances through MVend’s partner networks across the African continent and beyond.
This allows MVend to compete with some of the larger cross-border players on the continent.
MVend will also now be able to acquire and issue payment instruments in Rwanda.
According to the CEO of Mvend Boson Rugambwa, the BNR License will give the startup the freedom to offer more robust solutions to Mvend’s growing clientele, “This, for us is a game-changer in the services we are able to offer our customers, especially the lower market segments, in terms of product and pricing customizations,” said Bobson Rugambwa, Co-Founder and CEO of MVend.
“The remittances license will be critical in enabling the Savings Groups members we work with that are engaged in cross-border trade to be able to make and receive payments much easier than before. This is going to enable us to further strengthen our local partnerships and act as a springboard for our expansion plans into the region and beyond,” added the CEO.
MVend has been at the forefront of enabling digital payments by building payment solutions for businesses and helping them integrate these solutions into payment service providers.
MVend is also a pioneer in the digital savings space having rolled out the first digital savings platform in 2015. Gwiza is a purpose-built digital financial services platform for Africa’s unbanked and underbanked. This is custom-built to meet the needs of savings groups and their members, digitizing the operations of the groups, while providing individual members with a payment tool that helps them to build a transferable financial track record.