According to MasterCard, the agreement will provide cost synergies and access to its technology for Angola’s domestic market.

MasterCard has established a partnership with Angola’s Empresa Interbancária de Serviços (EMIS) to strengthen the country's digital economy.

The two will collaborate to launch a co-branded contactless card with EMV (Europay, Mastercard, and Visa) technology that would allow cardholders in Angola, including consumers and small business owners, to make cross-border payments.

EMIS, commonly known as the Interbank Service Company, is the Angolan Payment System's financial infrastructure operator, in charge of the interbank network and the network of ATMs and Point-of-Sale terminals. It also serves as a clearing house for banks' direct debit and cash transfer operations, as well as an Angolan Mobile Virtual Process Operator.

According to MasterCard, the agreement will provide cost synergies and access to its technology for Angola’s domestic market.

"These potential developments represent a significant boost for the Angolan Central Bank, which seeks to advance financial inclusion for millions of people while also growing the country's digital economy and ecosystem," it says.

The partnership would also allow Angolan banks to use Mastercard's loyalty programme, national fraud and risk management solution, and Mastercard Payments Gateway Services to support e-commerce enterprises and online transactions, according to the company.

"Our partnership with EMIS demonstrates our commitment to supporting key stakeholders around the world to create an interconnected global payments ecosystem that benefits an array of consumers with unique needs," says Mark Elliott, division president, Sub Saharan Africa at Mastercard.

According to José Matos, CEO, EMIS, Angola is making considerable development in the financial services sector, and the relationship with Mastercard aims to accelerate this growth.

"Through the partnership, we are committed to introducing the broad benefits of a full-fledged interoperable payment system as soon as possible, thereby creating an inclusive digital and financial ecosystem for Angolans," he says.