MasterCard, NAT partner to advance financial inclusion

The company says it wants to close the financial gap between wealthy and upper-middle-class customers, as well as disadvantaged and middle-income citizens.

Industry experts say these digital payment platforms are not only streamlining transactions but also unlocking a wealth of opportunities for organisations.

In the current reporting period, M-PESA contributed 42.9% of Safaricom's service revenue, totalling $600.09 million.

According to Visa, these investments reflect its desire to promote fintech growth across the continent while also boosting financial inclusion and access.

According to the EIB research, the number of African companies offering new financial services rose from 450 in 2020 to 1,263 by the beginning of 2024.

Mastercard and Diamond Trust Bank will offer customised payment solutions across Kenya, Uganda, and Tanzania

The organisation wants to assist digital wallet projects that increase financial inclusion while creating opportunities for African entrepreneurs with fresh concepts to stimulate innovation.

M-KOPA also aims to begin exporting locally produced phones to Uganda.

The telco says his presence on  the board will be instrumental in unlocking the potential of mobile technology to support sustainable development and economic growth.

The main goal of the strategy is to propel Rwanda to the number one fintech hub in Africa and into the top 30 globally.

Over the next four months, the semi-finalists will test and refine their ideas, which will be evaluated for impact, scalability, and sustainability.