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<p>We are already doing almost everything on our phones, from buying online to requesting a lift to wherever you would like to go. But Mastercard believes more work needs to be done to further normalize digital transactions through, financial inclusion. Raghav Prasad, Mastercard Division President for Sub-Saharan Africa joins CNBC Africa for more.</p>


How digitalization can help expand financial inclusion in SSA

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<p>Micro and small businesses trade globally, cultivating environment for small African businesses Covid-19 has hit small businesses the hardest , and with an African heading the World Trade Organisation, African small businesses have the opportunity on a global trade platform. CNBC Africa’s West Africa’s correspondent Peace Hyde spoke to Ngozi Okonjo-Iweala, WTO’s Director General at the 6th Forbes Woman Africa Leading Women Summit 2021.</p>


#LWS2021: WTO DG Okonjo-Iweala on how address inequality by less developed countries

#LWS2021: WTO DG Okonjo-Iweala on how to address inequality by less developed countries

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<p>According to the World Economic Forum, the Fourth Industrial Revolution gives Africa a chance to leapfrog and catch up with the rest of the industrial world. CNBC Africa spoke with Jorn Lambert, Chief Digital Officer at Mastercard on how Africa can unleash the power of tech and innovation to accelerate this progress.</p>


<p></p>


Mastercard on how digital technology can foster prosperity in Africa

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<p>The 2020 Mastercard Gig Economy Industry Outlook report indicates that there is rapid development of the global Gig Economy, projecting double-digit annual growth for the industry over the next five years. CNBC Africa spoke with Ngozi Megwa, Senior vice President, Digital Partnerships, Middle East and Africa at Mastercard on the purpose of the study and the impact this fast-growing industry has on the East African economy.</p>


How the digital use is powering up the gig economy in East Africa

How digital technology is powering up East Africa’s growing gig economy

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<p>Mastercard has announced a partnership with Samsung, Airtel Africa and Asante Financial Services Group (“Asante”) to launch a Pay-on-Demand mobile platform and drive the digital economy across Africa, that will help drive financial inclusion and can lead to improved economic possibilities for people and businesses. CNBC Africa spoke with Amnah Ajmal, Executive Vice President, Market Development, MEA for Mastercard for more.</p>


How Mastercard is driving digital inclusion in Africa

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<p>Mastercard has launched Fintech Express designed to facilitate emerging fintechs’ launch and expansion in the Middle East and Africa. With the power of partnerships and Mastercard’s expertise, technology, and global network, start-ups will be able to focus on innovation that drives the digital economy. On more on this we had a conversation with Gaurang Shah, Senior Vice President, Digital payments and labs for Middle East and Africa at Mastercard.</p>


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

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<p>Tanzania&#8217;s digital landscape in recent years has grown creating a number of economic opportunities. Mastercard and Selcom recently announced the launch an enhanced mobile payment application that enables people to centralize all their payment cards or supported mobile banking profiles on one digital platform. Sameer Hirji, Executive Director, Selcom Paytech Limited joins CNBC Africa for more.</p>


Accelerating the adoption of digital payments in Tanzania


<h2 class="wp-block-heading">Uber, in partnership with Mastercard to provide 120,000 free trips to frontline workers in MEA, including South Africa, Nigeria, Kenya, Ivory Coast and Ghana</h2>



<p><em>The partnership with Mastercard is setting the benchmark for Uber across the MEA region</em></p>



<p>As cases of COVID-19 continue to escalate, those assisting communities continue to forge ahead.&nbsp; As they work tirelessly to continue to support, feed and protect communities, Mastercard has committed 120,000 free trips and meals to those supporting communities across the Middle East and Africa, which will be facilitated through Uber.</p>



<p>Uber is utilizing their technology and making available their wide network of drivers to ensure those who are supporting communities and the many frontline workers who need to be mobile, have a reliable and efficient way of getting around. Once qualifying workers have successfully signed up through Uber’s website, they can arrange transportation to and from their homes and to where they are needed, such as healthcare facilities or to feed the vulnerable. Uber has shared relevant health information with drivers to ensure they are well-informed in COVID-19 related safety protocols and have been provided with masks and sanitizer reimbursements.</p>



<p>Mastercard is helping people around the world navigate these challenging times. While ensuring that its network remains secure, resilient and reliable, Mastercard is also applying its technology, philanthropy, and data science expertise to rebuild healthy communities and ensure that economic growth is inclusive. As millions of people across the world come together to support, feed and protect their communities, Mastercard is extending its support to help those who help others.&nbsp;&nbsp;</p>



<p>This strategic partnership between Mastercard and Uber spans across the region and the power of this partnership is evident in Uber’s latest partnership across SSA:</p>



<ul><li><strong>South Africa: </strong>Uber has partnered with The Bill and Melinda Gates Foundation to deliver chronic medication to vulnerable patients who cannot travel. Through this partnership, Uber has also been able to assist Doctors Without Borders to collect thermometers and transport them to clinics across South Africa.</li><li><strong>Kenya:</strong> Uber has teamed up with The Nairobi Hospital and Gertrude’s Children’s Hospital to provide trips to ease movement for medical professionals, ensuring that frontline workers have a reliable and efficient way of getting to and from where their services are required.&nbsp;</li><li><strong>Ivory Coast: </strong>Uber has partnered with Ivorian Ministry of Health and SOCIDA, Ivory Coast’s leading automobile dealers and distributors of the Renault, Suzuki, Isuzu and HELI brands, to provide free transportation to health workers in Abidjan.</li><li><strong>Nigeria: </strong>Uber has partnered with the with Ministry of Humanitarian Affairs, Disaster Management and Social Development to support the President’s COVID field team with rides and to provide meals for school children</li><li><strong>Ghana:</strong> Uber is supporting FreeLunchGH and The Safe Space Foundation with free rides.</li></ul>



<blockquote class="wp-block-quote is-style-large td_quote_box td_box_center"><p> “Mastercard continues to partner with digital players across the value chain to build a more connected world by supporting our communities. With our partner Uber, we are committed to support healthcare and essential workers who are working tirelessly to take care of us. Uber’s mission to improve lives is matched with Mastercard’s mission of doing well by doing good, together we are focused on helping frontline workers across the region feel confident and safe with access to free transportation.”</p><cite>Amnah Ajmal, Executive Vice President Market Development, Mastercard, MEA </cite></blockquote>



<p>Anthony le Roux Regional General Manager, Uber, Middle East and Africa, “It is our role to help the society by providing relief, especially those who work tirelessly to support our communities. This is the largest partnership for us across MEA and we are amazed at Mastercard’s relentless effort to make a difference. We are proud to be working alongside them to ensure those supporting our communities, especially those on the frontline, have access to safe and reliable transport.&#8221;</p>



<p>This is just a start and this commitment comes as part of Uber’s global pledge to help communities in need to “Move What Matters”.</p>


In this photo illustration the Mastercard logo is displayed

Uber launches its largest region-wide initiative in partnership with Mastercard

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<p>The great lock-down as it has come to be called accelerated the need for innovative ways as it became more evident that getting financial support to those most in need had become a practical challenge. But how quick could countries accelerate financial inclusion, Raghav Prasad, Division President, Sub-Saharan Africa, Mastercard joins CNBC Africa for more.</p>


Mastercard on how to accelerate financial inclusion amid the COVID-19 crisis

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CNBC Africa&#8217;s Fifi Peters spoke to Wendy Mahoney, the KZN President of the 30&#8217;s club of Mastercard about female inclusion in the workplace and specifically in the boardroom.</p>


#LWS2020KZN: Wendy Mahoney on the business case for gender parity in the workplace

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<p>The impact of technology in business on the continent was very profound in the past five years, but what kind of impact will tech have in the new decade? Salah Goss of Mastercard joins CNBC Africa for more.</p>


Mastercard on the role of fintechs in closing the financial inclusion gap in Africa

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<p>Digital technologies are the most penetrated human invention in history but can it deliver on promises of inclusive growth, and what advantages does it bring to the future of Africa? CNBC Africa talks digitalisation with Raghav Prasad, Division President for Sub-Saharan Africa, Mastercard and Bhaskar Chakravorti, Dean of Global Business, The Fletcher School, Tufts University.</p>


World Economic Forum: How digital technologies can deliver inclusive growth in Africa

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<p>Following from last week’s WEF Africa discussions, CNBC Africa’s Nozipho Mbanjwa spoke with Shamina Singh, Executive Vice President, Sustainability &amp; Founder and President, Center for Inclusive Growth and Michael Schlein, President and CEO of Accion about the recent partnership between MasterCard and Accion.</p>


World Economic Forum: Mastercard, Accion partner to enhance entrepreneurship across Africa

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<p>Mark Elliott, division president of Mastercard, Southern Africa spoke about its new report on “The future of payments in South Africa”.</p>


World Economic Forum: The future of payments in SA

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<p>Raghav Prasad is the man who believes he can transform digital banking landscapes in Africa, He also believes he can get millions of informal traders dealing in cash on the streets to go to banks for the first time in their lives. Prasad, Division President for Sub-Saharan Africa at Mastercard joins CNBC Africa for more.</p>


World Economic Forum: How Mastercard plans to get informal traders to bank for the first time

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<p>Part of the conversation at the inaugural Forbes Regional Summit (FRS) in Kigali focused on the need to increase financial success for women in rural areas and small enterprises. In a discussion on how best it can be achieved, CNBC Africa&#8217;s Arnold Kwizera caught up with Vice President for International Development at Mastercard Worldwide, Salah Goss for more.</p>


Mastercard’s renewed drive for women’s financial inclusion


<p><em>This article was supplied to CNBC Africa by Mastercard </em></p>



<p>Across Africa, there has historically been a heavy reliance on cash, with around 95 percent of retail transactions taking place in cash. Global and local organisations are investing in innovative digital payment systems and new disruptive payments tools to displace cash, while delivering new levels of inclusion to the benefit of consumers, businesses and governments. One of the leading technology companies in this realm is Mastercard.</p>



<p>We recently spoke with Gilberto Caldart, President of International for Mastercard, to help us unpack the key points about how cash is being displaced in Africa.</p>



<div class="wp-block-image"><figure class="aligncenter"><img decoding="async" src="https://www.cnbcafrica.com/wp-content/uploads/2019/05/Gilberto-Caldart-President-of-International-for-Mastercard1.jpg" alt="" class="wp-image-336492"/><figcaption> <br>Gilberto Caldart, President of International for Mastercard </figcaption></figure></div>



<h3 class="wp-block-heading">&nbsp;&nbsp;&nbsp; <strong>Why are cash economies hampering growth in Africa?</strong></h3>



<p>While seemingly inexpensive, cash comes at a high cost
to governments, businesses and consumers, placing unnecessary strain on
economies. The printing, distribution and handling costs of cash alone place as
much as a 1.5 percent burden on national GDP. The impact is even greater if you
take into account the costs associated with fighting illegal activity, fraud,
corruption and the shadow economy – all of which are fueled by cash.</p>



<p>From a consumer perspective, cash is inconvenient,
dangerous to carry and expensive. In South Africa for instance, cash costs
consumers R23 billion a year, with the costs disproportionately carried by
low-income earners. This remains true across several other African countries
where people often have to trade off the demands of an hourly job with the need
to travel long distances to access cash or stand in line to pay a bill. Many
people also face the danger of being robbed when they come home with their
wages.​</p>



<p>Cash also has several negative implications for
merchants and small businesses. Not only does it cost these businesses to
access, secure, transport and store cash, but it can also hamper business
growth if they do not accept electronic payments. For example, entrepreneurs
cannot access the credit or loans they need to grow their businesses without a
financial record or credit history. They can also lose out on revenue when
their customers don’t have enough cash to pay for goods.</p>



<p>You can’t talk about cash without talking about
financial inclusion. What is the opportunity to expand financial inclusion in
Africa, and what are the broader socio-economic benefits of doing so?</p>



<p>According to the Global Findex, 57 percent of people
in sub-Saharan Africa are financially excluded. Without access to formal
financial tools, these people remain locked out of many economic activities, have
extremely limited retail choices, cannot access credit and often pay more for
goods and services.​</p>



<p>While this statistic is much higher than the global
average (31 percent), good progress has been made over the last few years,
driven by several factors including supportive government policies and a new
generation of financial tools and services accessed by mobile phones.​</p>



<p>However, more still needs to be done if Africa is to
realise the full socio-economic benefits that financial inclusion can deliver
including greater income and social equality, an expanded middle class, and
more human fairness and dignity.</p>



<p>At Mastercard, we believe that financial inclusion is
the cornerstone for inclusive growth. By providing access to financial tools
and helping people use those tools, we can break down economic barriers and
contribute to their upward mobility and a better quality of life. The result is
prosperity shared among all segments of society.</p>



<h2 class="wp-block-heading"><strong>How does Mastercard approach financial inclusion, and what
are the benefits from a business perspective?</strong></h2>



<p>Financial inclusion is part and parcel of our business
strategy and vision to create a world beyond cash. We bring our technologies
and infrastructure, our capital and creativity, and our ability to scale
solutions to support people’s journey from poverty to prosperity. But we can’t
do it alone. That is why we bring together an ecosystem of different players,
and partner with both the private and public sectors to make a sustainable
impact.​</p>



<p>For example, we partnered with the Ministry of Finance
and major Egyptian banks on a custom solution for the government to pay its employees
safely and efficiently. It is now one of the largest government payroll card
programmes in the world, with more than 4.6 million public sector employees
receiving their salaries electronically. Today, we’re working with the
government to build an interoperable mobile money platform linked to citizens’
national identification, enabling 54 million Egyptians to participate in the
formal economy.​</p>



<p>Through partnerships such as this, we are growing our
business while addressing some of Africa’s most pressing challenges. Our
approach is based on the fundamental conclusion that we do well by doing good –
that we can make money and make a difference at the same time. When we do this,
we create a sustainable system where everyone benefits — citizens, customers,
governments and businesses including Mastercard. The integration of purpose
into our business strategy helps us to attract top talent, grow our customer
base and create brand affinity with people, businesses and governments.</p>



<h2 class="wp-block-heading"><strong>How has Mastercard transformed its business in Africa as part
of your strategy to create a “cashless Africa”?</strong></h2>



<p>About 10 years ago, we started to ramp up investments
on the continent with a laser focus on executing our global strategy of
creating a world beyond cash. As a technology company, we started to build out
payment infrastructure and create new ecosystems, while innovating locally to
benefit our customers. In order to create scale and make a broader impact, we
changed our business model from partnering with only a few of the largest banks
to working with a range of stakeholders, including governments, mobile network
operators, fintechs, technology companies, merchants and others.</p>



<p>We also expanded our geographical footprint and
employee base significantly, combining local know-how with our global
expertise. As a result of these efforts, our cards are now issued in 58
countries and accepted in 60 countries across the Middle East and Africa
region. Our African business remains an increasingly important part of our
company’s emerging market growth strategy with volumes growing at double the
global rate.</p>



<h2 class="wp-block-heading"><strong>Africa is a widely diverse continent. How is Mastercard
innovating locally to solve country-specific needs?</strong></h2>



<p>Turning cash into digital transactions is all about
designing relevant solutions that address the needs of people, which can vary
by geography, individual preference and community. We’ve spent significant time
and resources understanding their world, and how our technologies fit – or
don’t fit – into it. This has enabled us to build strategies that can be
scaled, while providing locally relevant solutions that actually get used and
impact lives. </p>



<p>In 2015, we set up the Mastercard Lab for Financial
Inclusion in Nairobi with support from the Bill and Melinda Gates Foundation.
It serves as an R&amp;D hub to develop cost-effective solutions for people who
don’t have access to existing digital payments tools. One example is the
Mastercard Farmers Network, which is helping small farmers in Kenya, Uganda and
Tanzania to sell and accept payment for their produce via a mobile phone. By
connecting them directly to buyers, these farmers can get the best prices for
their produce without going through a middle man. </p>



<p>Another example is our Mastercard QR digital payment
and acceptance solution, which enables people to use a mobile phone to pay
merchants by scanning a QR code. For merchants, the solution provides an
affordable way to accept digital payments at the point of sale — even where
traditional card payment infrastructure, or an electric grid, may not be
present. We have leveraged this technology across several African markets, and
integrated it into innovative business models like Pay-As-You-Go, which gives
people the ability to pay for the things they need as they use them. We
recently partnered with Angaza, a leading last-mile technology distributor, to
increase access for millions of people to affordable necessities, like solar
home systems and water pumps, by leveraging Mastercard QR technology.</p>



<h2 class="wp-block-heading"><strong>How is Mastercard supporting small business?</strong></h2>



<p>Small and medium businesses represent about 80 to 90
percent of the total businesses in Africa, contributing significantly to
employment and economic growth. Unfortunately, many of these businesses lack
the tools, knowledge and financial services that they need to grow their
businesses.​</p>



<p>We use our services, partnerships and technologies to
help small business owners manage their records, access market information,
build a financial footprint and use digital communications channels to receive
training and business advice.​</p>



<p>For example, we launched a first of-its-kind digital
lending initiative with Unilever to empower small and micro business owners in
Kenya. This partnership gives shopkeepers access to short-term, affordable
loans to purchase Unilever products so they can stock what they can sell, not
just what they may be able to afford on any given day. It also provides a
tailored education program that helps entrepreneurs gain the skills and
knowledge to grow their business and use the credit facility effectively.</p>


MasterCard

How digitalization can help expand financial inclusion in SSA

#LWS2021: WTO DG Okonjo-Iweala on how to address inequality by less developed countries

Mastercard on how digital technology can foster prosperity in Africa

How digital technology is powering up East Africa’s growing gig economy

How Mastercard is driving digital inclusion in Africa

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

Accelerating the adoption of digital payments in Tanzania

Uber launches its largest region-wide initiative in partnership with Mastercard

Mastercard on how to accelerate financial inclusion amid the COVID-19 crisis

#LWS2020KZN: Wendy Mahoney on the business case for gender parity in the workplace

Mastercard on the role of fintechs in closing the financial inclusion gap in Africa

World Economic Forum: How digital technologies can deliver inclusive growth in Africa

World Economic Forum: Mastercard, Accion partner to enhance entrepreneurship across Africa

World Economic Forum: The future of payments in SA

World Economic Forum: How Mastercard plans to get informal traders to bank for the first time

Mastercard’s renewed drive for women’s financial inclusion

Creating a cashless Africa

News Tips

Advertise With Us

MasterCard

How digitalization can help expand financial inclusion in SSA

#LWS2021: WTO DG Okonjo-Iweala on how to address inequality by less developed countries

Mastercard on how digital technology can foster prosperity in Africa

How digital technology is powering up East Africa’s growing gig economy

How Mastercard is driving digital inclusion in Africa

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

Accelerating the adoption of digital payments in Tanzania

Uber launches its largest region-wide initiative in partnership with Mastercard

Mastercard on how to accelerate financial inclusion amid the COVID-19 crisis

#LWS2020KZN: Wendy Mahoney on the business case for gender parity in the workplace

Mastercard on the role of fintechs in closing the financial inclusion gap in Africa

World Economic Forum: How digital technologies can deliver inclusive growth in Africa

World Economic Forum: Mastercard, Accion partner to enhance entrepreneurship across Africa

World Economic Forum: The future of payments in SA

World Economic Forum: How Mastercard plans to get informal traders to bank for the first time

Mastercard’s renewed drive for women’s financial inclusion

Creating a cashless Africa

News Tips

Advertise With Us

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