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Mastercard & MTN Group Fintech to bolster mobile payment services in Africa

By Delisha Fernandes

February 29, 2024

  • Digital Payments
  • Financial Inclusion
  • Fintech news
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Mastercard, One GlobalMastercard and MTN Group Fintech have entered into an agreement to accelerate mobile payment services across Africa.

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

“Our innovation strategy is based on collaboration. We are very proud of our partnership with MTN that will enable digital commerce for millions of people in Africa. In addition, mobile money solutions can be greatly beneficial for SMEs, enabling growth through seamless commercial operations, wider payments acceptance, access to affordable credit, and secure digital tools,” said Amnah Ajmal, Executive Vice President, Market Development EEMEA, Mastercard.

The partnership will use Mastercard’s technology and capabilities to support MTN’s ambition to become Africa’s largest FinTech platform for both merchants and consumers. This follows Mastercard and MTN’s recent agreement for a minority investment into MTN Group Fintech – the digital financial services arm of Africa’s largest mobile network operator – that concluded this month.

“When there is a mutual vision – in this case to bring access, progress, financial inclusion, and prosperity to people – the road to partnership is a simple one. We look forward to working with Mastercard as a partner that is also committed to the enablement of more people and businesses through the collaboration into best-in-class apps, superior user experiences, safe transactions, secure remittances, new use cases, and expanded acceptance,” said Serigne Dioum, Group CEO, MTN Fintech.

The collaboration will help strengthen local infrastructure for digital payments, support potential expansion of transactions in the future and drive financial inclusion through access to assets. A virtual and physical Mastercard companion card will be added to every MoMo wallet allowing users access to over 100 million acceptance locations globally enabling MTN to scale up internationally. With this access, Mastercard will also be able to provide its cybersecurity solutions to MTN’s operations with the aim to increase customer loyalty and trust.

The agreement will enable SMEs with payments acceptance solutions such as Mastercard’s SME-in-a-Box, a low-cost payments solution that enables small business owners to move their businesses online and accept a range of digital payments from their customers.

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