MasterCard, NAT partner to advance financial inclusion
New Africa Technology (NAT), a Senegal-based fintech startup, has partnered with MasterCard to launch a virtual and physical prepaid card for individuals using NAT's existing digital wallet service, Flash.
MasterCard stated that the alliance will transform the payment landscape in Senegal, Côte d'Ivoire, and Benin.
The Flash wallet enables effortless transactions and includes both virtual and physical prepaid cards for payment.
It also includes features such as invoice splitting between many users, spending management, and budgeting assistance. The app is also compatible with other wallets in the region, allowing users to transact easily, according to MasterCard.
According to MasterCard, the solution is also intended to help merchants by increasing payment acceptance using advanced technologies such as QR Pay, Pay by Link, and contactless payments.
As stated by the company, it also offers businesses with a dedicated platform known as 'Flash in Business', which provides a comprehensive solution for corporate financial demands.
"This collaboration represents a major step forward in making financial services more accessible across the region," said Birane N'dour, CEO of NAT.
Mark Elliott, MasterCard's division president for Africa, stated, "This collaboration with New Africa Technology leverages our global network and their local expertise to expand the financial well-being of individuals and drive growth for local businesses and the broader economy."