Mastercard, MTN Group Fintech partner to boost mobile money ecosystem in Africa

Mastercard, MTN Group Fintech partner to boost mobile money ecosystem in Africa
  • Multi-market agreement between Mastercard and MTN Group Fintech to connect millions in Africa with secure mobile payment solutions.
  • Utilization of cutting-edge technology by Mastercard to support MTN’s ambition of becoming Africa’s leading fintech platform.
  • Collaboration focused on fostering financial inclusion, empowering SMEs, and strengthening local digital payment infrastructure across 13 African markets.

Mastercard and MTN Group Fintech have forged a multi-market agreement poised to ignite a new era of collaboration, aiming to link millions of individuals and small businesses throughout Africa with digital tools for secure mobile payments, according to a company statement.

This endeavor seeks to widen access to the advantages of a cashless digital economy.

Leveraging Mastercard’s state-of-the-art technology and capabilities, the partnership supports MTN’s aspiration to emerge as Africa’s premier fintech platform for both merchants and consumers. 

This development follows the recent agreement between Mastercard and MTN for a minority investment in MTN Group Fintech, the digital financial services wing of Africa’s largest mobile network operator, finalized this month.

With MTN boasting an overall subscriber base of 290 million and 60 million active monthly MoMo (Mobile Money) wallets, the agreement will impact 13 African markets, including Benin, Cameroon, Cote d’Ivoire, Eswatini, Ghana, Liberia, Nigeria, Republic of Congo, Republic of Guinea, Rwanda, South Africa, Uganda, and Zambia.

Amnah Ajmal, Executive Vice President of Market Development EEMEA at Mastercard, emphasized the significance of collaboration in their innovation strategy, expressing pride in the partnership with MTN to enable digital commerce for millions across Africa. 

Ajmal highlighted the potential benefits of mobile money solutions for SMEs, facilitating growth through seamless commercial operations, broader payment acceptance, access to affordable credit, and secure digital tools.

Africa, home to over 1.3 billion people, sees only about 43% banked, with over 90% of all transactions conducted in cash. However, 45% of the population holds mobile money accounts. 

Over the past five years, Mastercard and MTN have united to support various mobile money programs across Africa, facilitating payments through global platforms and integrating more individuals into the financial mainstream.

Serigne Dioum, Group CEO of MTN Fintech, underscored the simplicity of partnership when guided by a mutual vision of fostering access, progress, financial inclusion, and prosperity for people. 

Dioum expressed eagerness to collaborate with Mastercard, a partner equally dedicated to empowering individuals and businesses through top-tier apps, superior user experiences, secure transactions, remittances, new use cases, and expanded acceptance.

This collaboration aims to bolster local infrastructure for digital payments, lay the groundwork for potential transactional expansion, and advance financial inclusion by providing access to assets.

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