NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Rwanda, like many African nations, suffers from a tarnished reputation prompted by war or civil unrest that took place decades ago. But many of these countries have been quietly rebuilding their economies while opening themselves up to foreign investment and manpower.

Credit card giant Visa recently chose Rwanda to carry out a pilot programme to test its mobile phone banking service. A large multinational company like Visa could have chosen any country in the world, so its decision to pick a small African nation highlights Rwanda’s growing importance.

Gordon Cooper, head of emerging market solutions for Visa, said: “The economy has grown eight per cent every year for the past five years, making it one of the fastest growing economies in the world. It has a stable government and has taken a strong stance against corruption.”