MTN, Mastercard chase down Africa’s growing Fintech opportunity
Mastercard and MTN have announced a partnership which the companies claim will enable consumers in 16 countries across Africa to make global e-commerce payments safely and securely.
According to a statement released by the companies, through a Mastercard virtual payment solution linked to MTN MoMo (Mobile Money) wallets, consumers and merchants can engage with brands and businesses abroad through digital commerce.
The alliance means that MTN customers with a Mastercard virtual payment solution linked to their MoMo wallets can make payments to global online merchants “through a seamless and secure digital payment experience on websites and mobile applications.”
The companies add that the service is available regardless of whether or not the customer has a bank account.
“We are very excited about this partnership with Mastercard, which is another step in realizing our ambition to build Africa’s largest Fintech platform, accelerating economic and social development through digital innovation to the benefit of citizens across the continent and beyond,” said MTN Group Chief Digital and Fintech Officer Serigne Dioum.
“This noteworthy partnership is another step to enable our customers to participate in the global economy. We are resolute that accelerated financial inclusion is a potent enabler of socio-economic development that empowers the most vulnerable in society,” he concluded.
Amnah Ajmal, Executive Vice President for Market Development, Mastercard Middle East and Africa, said: “This significant milestone will enable millions of MTN customers to benefit from global digital commerce and drive digital and financial inclusion across Africa through easy and secure access to financial services.
“At Mastercard, our innovation strategy is based on partnerships and collaboration. This agreement with MTN shows that we can deliver innovative digital solutions that have a far-reaching impact and realize the true potential of inclusive growth across the continent. Partnering with MTN allows us to accelerate our global pledge to connect 1 billion people to the digital economy by 2025, bringing us closer to a world beyond cash.”
MTN and Mastercard first launched the digital payment solution in 2018 for MoMo customers.
The companies add that across Sub-Saharan Africa, mobile devices are the primary channel used to connect to the internet.
The GSMA estimates that by 2025, there will be 300 million more people using their devices to access internet services.