In a groundbreaking alliance, payments giant Mastercard has partnered with MTN Group Fintech to propel the evolution of the mobile money landscape across 13 vibrant markets in Africa.
The collaboration will enable millions of people and small businesses across Africa to gain access to digital tools to transact through secure mobile payments, expanding access to the benefits of the cashless digital economy.
Also, 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.
Tekedia Mini-MBA edition 14 (June 3 – Sept 2, 2024) begins registrations; get massive discounts with early registration here.
Tekedia AI in Business Masterclass opens registrations here.
Join Tekedia Capital Syndicate and invest in Africa’s finest startups here.
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 which include; South Africa, Rwanda, Ghana, Zambia, Nigeria, Cameroon, Cote d’Ivoire, Eswatini, Liberia, Republic of Congo, Republic of Guinea, Uganda, and Benin.
Speaking on the partnership, Executive Vice President, Market Development EEMEA, Mastercard, Amnah Ajmal said,
“Our innovation strategy is based on collaboration. We are very proud of our partnership with MTN which 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 payment acceptance, access to affordable credit, and secure digital tools”.
Also speaking, 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”.
To enable 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 of increasing customer loyalty and trust.
Mastercard and MTN collaboration represents a powerful union of two industry giants committed to driving positive change and fostering financial empowerment across Africa’s dynamic and diverse landscape.
The expansion of the mobile money ecosystem holds immense potential to transform lives and livelihoods, particularly in underserved communities where traditional banking infrastructure may be limited.
By extending the reach of mobile money services across multiple markets, Mastercard and MTN Group Fintech aim to unlock new opportunities for individuals, businesses, and economies to thrive in an increasingly digital world.