InTouch, Global Technology Partners team up to drive financial inclusion
Global Technology Partners (GTP) and African fintech InTouch are teaming up in bridging the gap between digital payment platforms and card-based transactions; a move aimed at driving financial inclusion on the continent.
GTP, an MFS Africa company, specialises in creating processing and payment solutions for the prepaid industry and currently operates in more than 30 countries with 20 different currencies.
InTouch is a Pan-African fintech, which specialises in payment solutions, aggregation of digital services and distribution network acquisition and management.
Today, the two announced their partnership, saying it will enable users of InTouch's digital platform, which aggregates over 400 services through its API, to seamlessly link their digital wallets to card credentials, enhancing their access to the global digital economy.
“By working together, we will unlock the power of card credentials for millions of Africans across the continent and make borders matter less for them in the global digital economy,” says Christian Bwakira, CEO, GTP.
The partnership will commence in Senegal and Côte d’Ivoire and expand into the rest of the continent.
GTP and InTouch say they are aiming to ‘democratise’ access to card credentials for its African customers across 13 markets.
“This collaboration aims to bridge the gap between digital payment platforms and card-based transactions, giving InTouch customers access to cross-border transactions through Visa credentials,” GTP says in a statement.
It adds: “Access to card credentials plays a pivotal role in Africa's financial ecosystem, opening doors to a wide range of economic opportunities and driving financial inclusion.
“Studies currently estimate that 90% of transactions conducted in Africa are still reliant on cash, highlighting the significant gap in digital financial inclusion across the continent.”
GTP says: “McKinsey argues that card-linked digital wallets are already a significant driver of growth in issuance and usage of cards.
“Prepaid cards are decoupled from the traditional banking infrastructure, allowing for banks and fintech companies to give more people access to a globally accepted payments method without a need for a traditional bank account.”
Omar Cissé, founder, InTouch, says: “With this partnership, we are democratising access to card payments and enabling international and online payments as well as cash-in and cash-outs in our TouchPoint network in Senegal and Ivory Coast and very soon in 16 other African countries. Our goal is to offer the simplest and most accessible solutions for digital payments to millions of customers across the African continent."