Mastercard and MTN Group Fintech Forge Revolutionary Partnership for Mobile Money Acceleration in Africa

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In a groundbreaking move set to reshape Africa’s digital financial landscape, Mastercard and MTN Group Fintech have sealed a transformative multi-market agreement. This strategic partnership aims to propel millions of individuals and small businesses across the continent into the realm of secure mobile payments, marking a significant stride towards a cashless digital economy.

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1 Unveiling a Prepaid Virtual Card for MTN’s MoMo Customers
2 Empowering MoMo Merchants and Facilitating Cross-Border Remittances
3 A Visionary Approach to Digital Commerce
- - 3.0.1 Read Also: How to Link Your NIN and BVN to GTBank Account
4 Bridging the Gap: Addressing Financial Inclusion Challenges
5 The Road to Partnership: A Simple Yet Profound Commitment
6 Strengthening Local Infrastructure for Digital Payments
7 Global Access for MoMo Wallet Users: A Technological Leap
8 Empowering SMEs: A Low-Cost Payments Solution
9 Expanding Reach for Remittance Solutions: A Growing Demand
10 Mastercard’s Commitment to Financial Inclusion

Unveiling a Prepaid Virtual Card for MTN’s MoMo Customers

The cornerstone of this collaboration is the introduction of a prepaid virtual card tailored exclusively for MTN’s MoMo customers. This innovative offering grants them access to an expansive network of over 100 million acceptance points worldwide, transcending geographical boundaries. The synergy between Mastercard’s cutting-edge technology and MTN’s extensive reach promises to elevate the mobile money experience for users across 13 African markets.

Empowering MoMo Merchants and Facilitating Cross-Border Remittances

Beyond consumer-centric benefits, the partnership aims to empower MoMo merchants by facilitating seamless card payments, thereby enhancing the platform’s instant cross-border money remittance services and capabilities. This strategic move aligns with Mastercard and MTN’s shared vision to foster financial inclusion, progress, and prosperity across Africa.

A Visionary Approach to Digital Commerce

Mastercard, renowned for its innovation strategy rooted in collaboration, envisions this partnership as a catalyst for enabling digital commerce on an unprecedented scale in Africa. The significance of mobile money solutions extends beyond individual users, as it proves to be a boon for Small and Medium Enterprises (SMEs). These businesses stand to gain from the partnership through enhanced commercial operations, wider payments acceptance, access to affordable credit, and secure digital tools.

Bridging the Gap: Addressing Financial Inclusion Challenges

Africa, home to over 1.3 billion people, faces significant challenges in financial inclusion, with only about 43% banked. The dominance of cash transactions, constituting over 90% of all payments, underscores the need for transformative initiatives. Recognizing this, Mastercard and MTN have collaborated over the past five years, actively supporting various mobile money programs across the continent. This collaborative effort has already brought more people into the financial mainstream by facilitating payments through global platforms.

The Road to Partnership: A Simple Yet Profound Commitment

Mastercard’s Executive Vice President, Amnah Ajmal, emphasizes the simplicity of the partnership rooted in a mutual vision. This commitment aims to bring access, progress, financial inclusion, and prosperity to millions in Africa. MTN Fintech’s Group CEO, Serigne Dioum, echoes this sentiment, highlighting the shared goal of enabling more people and businesses through best-in-class apps, superior user experiences, safe transactions, secure remittances, new use cases, and expanded acceptance.

Strengthening Local Infrastructure for Digital Payments

Beyond immediate user benefits, the collaboration seeks to strengthen local infrastructure for digital payments. This includes potential expansions in transactions and a concerted effort to drive financial inclusion by granting access to assets. The partnership envisions a future where digital payments become an integral part of the economic fabric across the 13 markets impacted by this collaboration.

Global Access for MoMo Wallet Users: A Technological Leap

One of the transformative aspects of this partnership is the introduction of a virtual and physical Mastercard companion card to every MoMo wallet. This enhancement provides users with access to over 100 million acceptance locations globally, effectively enabling MTN to scale up its international footprint. Mastercard, in turn, extends its cybersecurity solutions to MTN’s operations, aiming to bolster customer loyalty and trust.

Empowering SMEs: A Low-Cost Payments Solution

The agreement between Mastercard and MTN opens avenues for SMEs with innovative payment acceptance solutions. Mastercard’s SME-in-a-Box, a low-cost payments solution, allows small business owners to transition their operations online seamlessly. This comprehensive solution empowers SMEs to establish an e-commerce shopfront, incorporating QR enablement, Tap on Phone solutions, and digital card acceptance. The overarching goal is to elevate customer experience, reduce business costs, and foster new avenues for growth and innovation.

Expanding Reach for Remittance Solutions: A Growing Demand

Through this collaborative venture, consumers gain access to an expanded reach for mobile money remittance services, both inward and cross-border. The demand for international remittance services is escalating, with daily processed transactions exceeding US$2 billion. This constitutes over 40% of the GDP of Sub-Saharan Africa. International remittances via mobile-money wallets witnessed a remarkable 65% year-over-year growth in 2020, reaching around US$1 billion.

Mastercard’s Commitment to Financial Inclusion

Mastercard’s commitment extends beyond this partnership, aligning with its overarching goal of bringing 1 billion people and 50 million SMEs into the global digital economy by 2025. This commitment involves collaboration with multiple telecommunications network companies globally, making financial inclusion a reality. The collaboration with MTN is a testament to Mastercard’s dedication to providing consumers and SME customers with easy, secure solutions, platforms, and tools, reinforcing its commitment to the broader goal of global digital economic inclusion.

In conclusion, the Mastercard and MTN Group Fintech partnership emerges as a monumental leap towards revolutionizing mobile money in Africa. The amalgamation of Mastercard’s technological prowess and MTN’s extensive market reach sets the stage for a new era of secure, seamless, and inclusive digital transactions. As the collaboration unfolds across the 13 markets, it promises to reshape the digital financial landscape, driving financial inclusion, fostering economic growth, and unlocking unprecedented opportunities for individuals and businesses alike.

Source: Mastercard and MTN Group Fintech Partner to Drive Acceleration of Mobile Money Ecosystem in Africa Across 13 Markets