VugaPay is a game-changer in Rwandan technology, allowing users to send and receive money easily and securely. It's a mobile payment system that has revolutionized the way people do business in Rwanda.
The platform was launched in 2019 to address the need for a reliable and efficient payment system in the country. VugaPay has since become a leading player in the Rwandan fintech industry.
With VugaPay, users can send and receive money using their mobile phones, eliminating the need for cash or bank transfers. This has made it easier for people to conduct transactions, especially in rural areas where access to banking services is limited.
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What is VugaPay?
VugaPay is a digital wallet service that allows users to send and receive money through a mobile phone. It's similar to PayPal, but with a more digital approach.
Users can sign up and fund their VugaPay account using their mobile phone, USSD, or the VugaPay app. They can also create a VugaPay account using their phone number, VugaPay ID, or email.
The service is designed to be user-friendly, with features that allow users to easily manage their transactions and funds.
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Background and History
VugaPay was founded by two Rwandan brothers, Patrick Muhire and Cedrick Muhoza.
The idea of VugaPay originated when Patrick wanted to transfer money from one mobile network operator to another, but the process was a hassle.
They started working on a way to send money across all mobile network operators, achieving interoperability for mobile money.
Their original prototype sent money through MTN, TIGO, and AIRTEL in Rwanda, but they eventually transitioned to the whole of East Africa, connecting telecoms in those regions.
VugaPay went public during the 2015 Transform Africa Summit (TAS) in Kigali.
The app was initially based on mobile money, allowing users to make instant transfers on any carrier with mobile money services.
In late 2016, Timothy C. Draper made his second-African investment in VugaPay.
VugaPay later introduced an open source mobile money API for merchants who would accept mobile money as payment.
Explore further: Send Money to Africa Mobile Money
Sources
- https://en.wikipedia.org/wiki/VugaPay
- https://rw.wikipedia.org/wiki/Vuga_Ltd
- https://www.kigalitoday.com/amakuru/amakuru-mu-rwanda/article/ikoranabuhanga-vugapay-ry-abanyarwanda-ryegukanye-igihembo-mu-marushanwa-nyafurika
- https://www.ktpress.rw/2017/05/vugapay-developers-win-continental-startup-competition/
- https://disruptafrica.com/2017/05/18/irofit-sokowatch-vugapay-are-innotribe-challenge-winners/
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