Mastercard and MTN Group Fintech partner to boost Africa’s mobile money ecosystem

Mastercard and MTN Group Fintech partner to boost Africa's mobile money ecosystem

Mastercard, a global technology company in the payment industry, and MTN Group Fintech, a leading digital financial services arm of Africa’s largest mobile network operator, have joined forces in a landmark partnership. This collaboration aims to drive the acceleration of the mobile money ecosystem across Africa, impacting 13 markets.

The partnership is designed to leverage Mastercard’s advanced technology and capabilities to support MTN’s ambition of becoming Africa’s largest Fintech platform, catering to both merchants and consumers. This initiative will connect millions to digital payment tools, expanding access to the benefits of a cashless economy and fostering financial inclusion across the continent.

Through this partnership, Mastercard will integrate its technology with MTN Group Fintech’s expansive network, which boasts 290 million subscribers and 60 million active monthly Mobile Money (MoMo) wallets. MTN Group Fintech stands at the forefront of digital financial services in Africa, offering a wide range of products and services designed to empower consumers and businesses with convenient, secure, and affordable financial solutions.

The collaboration will introduce a prepaid virtual card for MoMo customers, significantly enhancing their purchasing power and ability to participate in the global digital economy. Additionally, it will empower MoMo merchants with seamless card payment acceptance capabilities, bolstering instant cross-border money remittance services.

This multi-market agreement signifies a new era of collaboration between Mastercard and MTN Group Fintech, following a recent minority investment by Mastercard into MTN Group Fintech. The partnership covers 13 African markets, including Benin, Cameroon, and South Africa, among others.

Mastercard Executive Vice President, Market Development EEMEA, Amnah Ajmal said, “Our innovation strategy is based on collaboration. We are very proud of our partnership with MTN that will enable digital commerce for millions of people in Africa. In addition, mobile money solutions can be greatly beneficial for SMEs, enabling growth through seamless commercial operations, wider payments acceptance, access to affordable credit, and secure digital tools,”

Group CEO, MTN Fintech, Serigne Dioum said, “When there is a mutual vision – in this case to bring access, progress, financial inclusion, and prosperity to people – the road to partnership is a simple one. We look forward to working with Mastercard as a partner that is also committed to the enablement of more people and businesses through the collaboration into best-in-class apps, superior user experiences, safe transactions, secure remittances, new use cases, and expanded acceptance.”

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