The Government of Rwanda announced a collaboration with MasterCard to fast-track the country's move to include 90 percent of its citizens in the financial mainstream, as set out in its Vision 2020 strategy.

MasterCard and the Rwandan government signed a memorandum of understanding as the country will promote the move to a cashless economy by collaborating on numerous initiatives.

The initiatives include the digitization of school fees and national healthcare claim payments, providing an online payment gateway for Rwanda Online, contributing to the creation of a common mobile banking platform, and contributing to the effective management of spending activities across borders.

"We are confident Rwanda's partnership with MasterCard will be beneficial to the country and its citizens as we are implementing our vision of becoming a knowledge based service-oriented economy," said Francis Gatare, the CEO of the Rwanda Development Board and Cabinet Member. "I believe this can only be achieved as we embrace the fourth industrial revolution."