Mastercard teams up with Rawbank’s illicocash to launch virtual cards in the Democratic Republic of Congo

Kinshasa, DRC; October, 2023:

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 program supports financial inclusion by providing consumers and businesses with a new and effortless way to conduct e-commerce transactions.

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.

“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.

“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, Country lead for French-speaking sub-Saharan Africa, MENA West at Mastercard.

About Mastercard (NYSE: MA)

Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive digital economy that benefits everyone, everywhere, by making transactions safe, simple, smart and accessible. Through secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. With connections in more than 210 countries and territories, we are building a sustainable world that unlocks invaluable opportunities for all.


About illicocash

Illicocash is a digital wallet that allows you to pay seamlessly, cashless and branchless. Illicocash is the e-wallet that customers can rely on for all their financial transactions, including payments, online purchases, local and international transfers, mobile recharges, pay TV, donations, prepaid cards virtual and more. Today, Rawbank has around 500,000 active customers and the number of active user accounts on illicocash stands at more than 300,000.

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About Rawbank

For 20 years, Rawbank has supported the development of the Congolese economy. It offers the most modern products and services to its 500,000+ Corporate, SME and Individual customers through a network of 100 points of sale in 19 provinces of the country, notably Grand Katanga, Grand Kasaï, the two Kivus, Ecuador and Kongo Central. In addition to this vast network of agencies, there is a representative office in Brussels and 240 ATMs. With more than 1,800 employees, Rawbank holds more than 30% market share.
Solidity, profitability and sustainability are Rawbank’s priorities to consolidate its growth strategy.
Its action is rewarded with the African Bankers Award 2022 for the best regional bank in Central Africa, a Moody’s CAA 1 rating, ISO/IEC 20000 and ISO/IEC 27001 certifications.
The partners who trust RAWBANK include: IFC, BAD, TDB, BADEA, Shelter Africa, AGF, etc.