Global payments company MasterCard has partnered with the African Development Bank (AfDB) to expand financial inclusion across the African continent.

According to a statement the collaboration seeks to develop solutions that drive inclusive growth on the continent by broadening access and usage of digital financial services.

Both institutions plan to work with African governments and local private sector companies to develop and deliver affordable services that meet the needs of a wide consumer base, especially the unbanked.

Commenting on the partnership Donald Kaberuka, president of the AfDB said, "Despite the phenomenal economic growth in Africa, this has not translated into shared prosperity and better livelihoods for the majority. Growth has to be inclusive to be socially and politically sustainable...

"Broadening access to financial services will mobilise greater household savings, marshal capital for investment, expand the class of entrepreneurs, and enable more people to invest in themselves and their families."

Ajay Banga, MasterCard president and chief executive officer added,"Less than one adult out of four in Africa has access to an account at a formal financial institution. While many of our industry partners have been active in this space, we believe that through our payments expertise, and the AfDB's 50 years of experience in financing Africa's economic transformation, we can achieve scaled impact and lasting transformation. This can only be accomplished when the public and private sectors combine resources and act together."