Mastercard empowers Middle East & Africa fintechs to launch and expand rapidly

Mastercard has recently launched the Fintech Express program, a revolutionary initiative aimed at facilitating the launch and expansion of emerging fintechs in the Middle East and Africa. With a strong focus on partnerships and leveraging Mastercard's expertise, technology, and global network, the program aims to empower startups to drive innovation that will transform the digital economy in the region. In a recent interview with Gaurang Shah, the Senior Vice President of Digital Payments and Labs for Middle East and Africa at Mastercard, key insights were shared regarding the impact of fintechs in the region and the strategic objectives of the Fintech Express program. One of the key points highlighted during the interview was the pivotal role that fintechs play in shaping modern payment infrastructure. In regions like Africa, fintech startup funding has been on the rise, with substantial investments being made in countries like Nigeria and Kenya. In 2019 alone, approximately $500 million was invested in fintech startups, underscoring the sector's growth potential and significance in driving financial inclusion and catering to consumer needs. The Fintech Express program is designed to cater to a wide range of fintech players, including established fintechs, telcos looking to collaborate with Mastercard, and startups keen on integrating Mastercard solutions into their offerings. By simplifying the collaboration process and streamlining the launch of new payment products, the program aims to significantly reduce the time-to-market for these solutions, from months to weeks. This rapid deployment of secure and customer-centric payment solutions will not only accelerate financial innovation but also meet the evolving needs of consumers and merchants in a seamless manner. In terms of addressing the challenges faced by fintechs in the digital economy, Mastercard has outlined three key pillars of the Fintech Express program. The first pillar focuses on providing access to the latest technologies and solutions, enabling regulated entities to directly obtain a Mastercard license and access the full suite of products. The second pillar revolves around fostering collaboration among fintechs and service providers to offer ready-to-consume solutions, streamlining the integration process and enhancing service delivery. Lastly, the third pillar emphasizes seamless connectivity with qualified partners through pre-integrated solutions, allowing fintechs to launch innovative products swiftly and efficiently. The potential impact of unlocking these solutions and driving financial inclusion through digital channels is immense. By leveraging partnerships with telcos and fintech players, Mastercard aims to democratize financial services and empower consumers, merchants, and SMEs with accessible and affordable solutions. The shift from ownership to access-based models signifies a broader transformation in consumer behavior, where individuals seek convenient and flexible payment options. Through the Fintech Express program and strategic collaborations, Mastercard is poised to revolutionize the financial landscape in Africa and propel the continent towards a more inclusive and digitally-driven economy. As the Global System for Mobile Communications Association (GSMA) Thrive Africa event approaches, expectations are high for further advancements in bridging the financial inclusion gap through digital innovations and strategic partnerships. Mastercard's commitment to driving positive change in Africa's financial ecosystem remains unwavering, setting the stage for a future where digital inclusion and financial empowerment go hand in hand.