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MVend Limited, a leading Rwandan FinTech solutions service provider, has received an E-Money issuer and remittances license from the National Bank of Rwanda (NBR), granting it the ability to offer digital wallets and mobile financial services.
Issued on Tuesday, June 20, 2023, the new license marks a significant milestone for MVend, enabling it to expand its service offerings and compete with larger cross-border players in Africa.
With the license, MVend can now provide customers with digital wallet services, including deposits, withdrawals, transfers, and payments through their Gwiza platform. Additionally, the license allows MVend to facilitate international remittances through their partner networks across Africa and beyond, enhancing their reach and impact.
The CEO of MVend, Bobson Rugambwa, expressed excitement about the license, emphasizing its potential to offer more robust solutions to its growing clientele.
Rugambwa stated: “This 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.”
The remittances license is expected to greatly benefit the savings groups members that MVend collaborates with, particularly those engaged in cross-border trade. It will enable easier and more efficient payments, strengthening local partnerships and supporting the company’s expansion plans in the region and beyond.
MVend has been instrumental in enabling digital payments and integrating payment solutions for businesses. As pioneers in the digital savings space, they introduced the first digital savings platform in 2015.
Their platform, Gwiza, is designed specifically for Africa’s unbanked and underbanked populations, offering tailored financial services to savings groups and their members. Gwiza digitizes group operations and provides individual members with a payment tool that helps them build a transferable financial track record.
The issuance of the E-Money issuer and remittances license to MVend by the National Bank of Rwanda opens up new possibilities for the company. By offering digital wallets and mobile financial services, MVend aims to provide convenient, secure, and inclusive financial solutions to customers in Rwanda and beyond.
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