MasterCard, Onafriq partner to bring new payments suite to Africa

Equity Bank customers can now transmit funds via MasterCard cross-border services from any of the bank's offices around the country.

Float already works with almost seven million preapproved credit cards and allows customers to ‘buy now’ and spread repayment instalments over 24 months, interest- and fee-free.

The partnership will provide small businesses in South Africa, Nigeria, Kenya, and Egypt with an online payment platform.

The deal is set to accelerate MTN’s mobile money ecosystem across 13 African markets, giving SMEs and individuals greater financial inclusion.

Mastercard and MTN Group Fintech have signed a multi-market agreement that will set in motion a new era of collaboration to connect millions of people and small businesses across Africa with digital tools to transact through secure mobile payments, expanding access to the benefits of the cashless digital economy.

Femi-Lawal, who has over 25 years of experience, will be in charge of driving the company's vision, innovation, and growth strategy in the region.

The agreement values the fintech business of MTN at $5.2 billion and will help fund the expansion of its payments and remittance services.

MasterCard will offer two graduate programme placements, including an 18-month rotation programme followed by the potential for a permanent career in the company.

Africa presents a vast untapped market for fintech and digital solutions, says the payment processing company.

The funds will be used for further product development and expansion into new markets.

The funds will be used to improve Lupiya's technology infrastructure, increase its range of financial products, and scale its operations.