Mastercard, MTN Group team up on fintech

Mastercard is making significant strides in enhancing financial inclusion across Africa through a strategic partnership with MTN Group, Africa's largest mobile network operator. Mark Elliott, Division President for Sub Saharan Africa at Mastercard, highlighted the importance of this collaboration in a recent interview with CNBC Africa. The partnership aims to connect millions of people and small businesses in Africa to the digital economy by providing inclusive, affordable, safe, and secure digital solutions. By leveraging Mastercard's payment technology, MTN's subscriber base of 290 million and 60 million monthly mobile money wallets will have access to innovative financial services. The collaboration will launch a prepaid virtual card in Rwanda, enabling customers to access over 100 million acceptance points globally. Additionally, MOMO merchants will be empowered to accept card payments, enhancing cross-border money remittance services and providing small businesses with payment acceptance solutions such as 'SME-in-a-box' products to facilitate their online presence. Elliott emphasized the impact of the partnership on small businesses, stating that it will drive growth through seamless operations, wider payments acceptance, and access to affordable credit using secure digital tools. The collaboration focuses on leveling the playing field for businesses across the African continent, enabling them to tap into the digital economy and expand their reach through various payment solutions. Countries such as South Africa, Zambia, Rwanda, Ghana, Nigeria, Tanzania, Uganda, and Kenya are identified as bright spots in the retail payments sector, with emerging opportunities for market growth. Elliott also highlighted the collaboration's efforts in enhancing mobile money remittance services, simplifying cross-border transactions for consumers across nearly 100 countries. The partnership with MTN Group underscores Mastercard's commitment to driving financial inclusion in Africa and supporting economic growth through innovative financial solutions. With a focus on leveraging technology to empower individuals and businesses, Mastercard aims to foster a more inclusive and connected digital economy across the continent.