Bank of Kigali and Virtual Pay International have entered into a partnership that will facilitate local businesses to easily pay and receive payment for goods and services online.
Virtual Pay International is an e-commerce payment service provider (PSP) powering businesses aspiring to have online presence with various payment methods.
The Payment Service Provider operates in several countries in the region and continent at large, but it has just kick-started its operations in Rwanda through a partnership with Bank of Kigali. The partnership, among other things, will enable businesses to take advantage of the unique opportunity presented by Covid-19 to grow their sales.
"If you are a Rwandan coffee exporter for instance, it might happen that a foreign-based client needs to buy your product and through Bank of Kigali online payment gateway, the client will be able to place an online purchase and the product will get shipped right away,” explained Caleb S. Gakunju, Head of Payments at Bank of Kigali.
In order to access the service, BK offers a smooth on boarding process to payment service providers. The platform accepts several payment methods including MasterCard and VISA. The Payment Service Providers (PSPs) and merchants will benefit from several features including simple integration APIs, convenient checkout, secure payments through 3DS and tokenization, customized responsive payment pages and recurring payments.
Gakunju adds that adoption of this technology will remove physical trade barriers to local business entities that want global market outreach.
A call to more Payment Service Providers
Bank of Kigali intends to boost adoption of e-commerce in the market through direct merchant onboarding and PSP partnerships such as Virtual Pay International who will be facilitating more business entities through merchant on boarding to access the service easily.
"We call upon Payment Service Providers (PSPs) operating in Rwanda and the region to venture into this mutual business opportunity. With more financial transactions happening online, a cashless way of life in Rwanda will become a reality in the near future”, Gakunju added.
This new service can benefit hotels, restaurants, fin-techs, SMEs, government agencies and tour operators among other business entities.
The payment gateway technology solution adds-up to a wide range of the bank’s acquiring business products and is in line with the government’s plan to achieve rapid digital transformation and embrace the digital economy by scaling up service delivery as well as creating employment opportunities.