- The partnership is set to launch a prepaid virtual card
tailored for MTN's MoMo customers, granting them access to over 100
million acceptance points worldwide
- Additionally, it will empower MoMo merchants to seamlessly
accept card payments, enhancing the platform's instant cross-border
money remittance services and capabilities
Mastercard and MTN Group Fintech have signed a multi-market
agreement that will set in motion a new era of collaboration to
connect millions of people and small businesses across Africa with
digital tools to transact through secure mobile payments, expanding
access to the benefits of the cashless digital economy.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20240228740116/en/
Serigne Dioum, Group CEO, MTN Fintech and
Amnah Ajmal, Executive Vice President, Market Development, EEMEA at
Mastercard (Photo: AETOSWire)
The partnership will use Mastercard’s cutting edge technology
and capabilities to support MTN’s ambition to become Africa’s
largest fintech platform for both merchants and consumers. This
follows Mastercard and MTN’s recent agreement for a minority
investment into MTN Group Fintech - the digital financial services
arm of Africa’s largest mobile network operator – that concluded
this month.
With MTN's overall subscriber base at 290 million and 60 million
active monthly MoMo (Mobile Money) wallets, the agreement will
impact 13 markets in Africa including Benin, Cameroon, Cote
d’Ivoire, Eswatini, Ghana, Liberia, Nigeria, Republic of Congo,
Republic of Guinea, Rwanda, South Africa, Uganda, and Zambia.
“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,” said
Amnah Ajmal, Executive Vice President, Market Development EEMEA,
Mastercard.
Africa is home to over 1.3 billion people and only about 43% are
banked with over 90% of all payments and transactions made via
cash. And of the total population, 45% have mobile money accounts.
Over the past five years, Mastercard and MTN have joined together
to support several mobile money programs across Africa, helping
people to make payments through global platforms, thus bringing
more people into the financial mainstream.
“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,” said
Serigne Dioum, Group CEO, MTN Fintech.
The collaboration will help strengthen local infrastructure for
digital payments, support potential expansion of transactions in
the future and drive financial inclusion through access to
assets.
Enabling global access for MoMo wallet users
A virtual and physical Mastercard companion card will be added
to every MoMo wallet allowing users access to over 100 million
acceptance locations globally enabling MTN to scale up
internationally.
With this access, Mastercard will also be able to provide its
cybersecurity solutions to MTN’s operations with the aim to
increase customer loyalty and trust.
Empowering SMEs with payment acceptance solutions
The agreement will enable SMEs with payments acceptance
solutions such as Mastercard’s SME-in-a-Box, a low-cost payments
solution that enables small business owners to move their
businesses online and accept a range of digital payments from their
customers.
SME owners will now be able to access solutions with the
opportunity to set up an e-commerce shopfront, including QR
enablement, Tap on Phone solutions and digital card acceptance.
This aims to further elevate customer experience, reduce business
costs, and open new avenues for growth and innovation.
Expanding reach for remittance solutions
Through the partnership, consumers will now have expanded reach
for mobile money remittance services – both inward and cross-border
remittances in Africa. The demand for international remittance
services is growing with more than US$2 billion in daily processed
transactions, equivalent to more than 40% of the GDP of Sub-Saharan
Africa. International remittances via mobile-money wallets grew by
65% year over year in 2020 to around US$1 billion, with no signs of
slowing.
Mastercard is committed to its work with multiple
telecommunications network companies across the continent and
around the world, to make financial inclusion a reality. The
company has pledged to bring 1 billion people and 50 million SMEs
into the global digital economy by 2025. The work to provide MTN’s
consumers and SME customers with easy and secure solutions,
platforms and tools is just one example of work to deliver on this
goal.
About Mastercard (NYSE: MA) www.mastercard.com
Mastercard is a global technology company in the payments
industry. Our mission is to connect and power an inclusive, digital
economy that benefits everyone, everywhere by making transactions
safe, simple, smart and accessible. Using secure data and networks,
partnerships and passion, our innovations and solutions help
individuals, financial institutions, governments and businesses
realize their greatest potential. With connections across more than
210 countries and territories, we are building a sustainable world
that unlocks priceless possibilities for all.
About the MTN Group
Launched in 1994, the MTN Group is a leading emerging market
operator with a clear vision to lead the delivery of a bold new
digital world to our customers. We are inspired by our belief that
everyone deserves the benefits of a modern connected life. The MTN
Group is listed on the JSE Securities Exchange in South Africa
under the share code ‘MTN’. Our strategy is Ambition 2025: Leading
digital solutions for Africa’s progress.
About MTN Group Fintech
MTN Fintech, the platform business of MTN Group, is dedicated to
revolutionizing global financial services through innovative
digital technology solutions. Leveraging MTN's extensive reach and
expertise in telecommunications, MTN Fintech is committed to
advancing financial inclusion for all and empowering communities in
Africa. With a primary focus on pioneering mobile financial
services, digital payments, e-commerce, short-term insurance, and
remittance capabilities, MTN Fintech strives to establish seamless,
accessible, and secure financial ecosystems that shape the future
of digital finance.
Follow us: www.twitter.com/MTNGroup
www.linkedin.com/company/mtn
Source: AETOSWire
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240228740116/en/
Mastercard communications contact:
Amelia.Naidoo@mastercard.com
MTN Group Press Office Nikiwe Gwatyu
MTNGroup.PressOffice@mtn.com
MasterCard (NYSE:MA)
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