back Back
Seeking to raise capital? Seeking to invest? Click Here & Express your early interest to be a part of IBS Intelligence’s new fund initiative.

Mastercard partners with Samsung, Airtel and Asante; drives digital inclusion in Africa

By Pavithra R

October 01, 2020

  • Africa
  • Airtel
  • Asante
Share

Mastercard has announced partnership with SamsungAirtel Africa and Asante Financial Services Group (Asante) to launch Pay-on-Demand payments platform and drive the digital economy across Africa.

Built by Mastercard Labs, the platform aims to bring convenient financing opportunities to consumers, entrepreneurs and merchants across Africa, helping them to combat the socio-economic problems they face from restricted access to financing. By enabling digital access to everyday products and services for under-served consumers and micro, small and medium enterprises (MSMEs), the payments platform is looking forward to drive digital and financial inclusion and lead to improved economic possibilities for people and businesses.

By leveraging Samsung’s pay-on-demand mobile devices and Asante’s insight as a leading provider of digital financial services, the innovative platform will provide handset loans for consumers while Airtel Africa will coordinate the delivery of the product.

“At Mastercard, we are committed to accelerating the growth of digital financial services in Africa. As market organizers, we are always partnering with like-minded organizations to advance financial inclusion for individuals and MSMEs by empowering them with the right digital solutions. This Pay-on-Demand platform enables us to deliver on that promise, giving consumers an opportunity to participate in digital commerce while fostering digital and financial inclusion across the country,” said Amnah Ajmal, Executive Vice President, Market Development, Middle East and Africa, Mastercard.

The collaboration expects to deliver convenient asset financing to consumers and MSMEs through their smart handsets at a low upfront cost while distributing payments over time. With the usage of the product, individual or business will establish a digital transaction history, which can be leveraged to make other financing solutions accessible, such as credit, savings, investments and insurance.

Pay-on-Demand users are envisioned to access digital payments through Mastercard Quick Response (QR Codes) and Mastercard’s virtual card functionality on their Airtel mobile money app enabling them to make digital transactions across face to face and online merchants.

“Samsung is proud to be the provider of world-class devices with an end-to-end security platform with always-on protection. This partnership will benefit the people across Africa, starting with Uganda and will create affordable payment plans to access Samsung devices. There is so much growth opportunity in the region and we believe that this partnership will help accelerate economic growth in the mobile industry,” said Sung Yoon, CEO and President of Samsung Africa.

Recently, Mastercard collaborated with industry partners bringing transparency in digital banking applications.

Piloting in Uganda, the intiative is part of a broader digital transformation partnership between Mastercard and Airtel Africa across 14 markets in Africa including Tanzania, Rwanda, Kenya, Nigeria, DRC, Gabon, Malawi, Zambia, Madagascar, Seychelles, Chad, Niger and Congo Brazzaville. Mastercard’s strategy is based on collaboration and partnerships that drive innovation, and this is yet another example.

Previous Article

September 30, 2020

Visa partners with ZEEPAY; drives financial inclusion across Ghana & Africa

Read More
Next Article

October 01, 2020

Paymentology teams up with Manigo to boost delivery of card-based banking solutions

Read More










IBSi Daily News Analysis

Tech, Banking, UK

October 07, 2022

Africa

Despite massive investments in IT, UK banking customers remain skeptical

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

BKN301 Tech launches 301pay

Read More

Today

Kotak Mahindra Bank partners with Finastra for Kotak FYN

Read More

Today

Singapura Finance launches internet banking powered by Tagit

Read More

Related Reports

Sales League Table Report 2022

£1,500.00 / year

Know More
Global Digital Banking Vendor & Landscape Report Q3 2022

£1,500.00 / year

Know More
IBS Intelligence - Wealth Management & Private Banking Systems Report Q2 2022
Wealth Management & Private Banking Systems Report Q2 2022

£1,500.00 / year

Know More
Global Transaction Banking Vendors and Landscape Report Q3 2022

£1,500.00 / year

Know More
Treasury & Capital Markets Systems Report Q3 2022

£1,500.00 / year

Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2022