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Mastercard and MTN Group Fintech have joined forces to transform mobile payment services to new heights in Africa. This partnership marks a significant step towards enhancing financial inclusion and improving digital commerce on the continent.

Under this agreement, every MTN MoMo (Mobile Money) customer will receive a virtual and physical Mastercard companion card. The card will be seamlessly integrated into their MoMo wallet. This initiative will empower users with access to over 100 million acceptance locations worldwide, developing the way people transact and interact with digital payments.

Image: MTN

The Collaboration’s Shared Vision

The collaboration is supported by a shared vision of leveraging technology and innovative capabilities. This is to drive MTN towards its goal of becoming Africa’s leading fintech platform. With Mastercard’s expertise and MTN’s vast network reach, the partnership is to reshape the financial landscape. Also to drive unprecedented levels of financial inclusion and accessibility.

Amnah Ajmal, Executive Vice President of Market Development EEMEA at Mastercard, expressed pride in the collaboration. Also highlighting the transformative potential of mobile money solutions for SMEs.

“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. Mobile money solutions can be greatly beneficial for SMEs, enabling growth through. This, includes seamless commercial operations, wider payment acceptance, access to affordable credit, and secure digital tools,” said Amnah.

On the other hand, Serigne Dioum, Group CEO of MTN Fintech, emphasized the shared commitment to empowering individuals and businesses. The empowerment will be through enhanced user experiences, secure transactions, and expanded acceptance.

“When there is a mutual vision, the road to partnership is a simple one. We look forward to working with Mastercard as a partner that is committed to enabling 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.

Furthermore, the collaboration will empower SMEs with innovative payment acceptance solutions, such as Mastercard’s SME-in-a-Box. This low-cost payment solution will enable small business owners to transition their operations online. They will also be able to accept various digital payments, and tap into new avenues for growth and innovation.

In addition, the partnership will expand the reach of mobile money remittance services, facilitating both inward and cross-border transactions. This initiative is controlled to unlock significant economic opportunities and drive financial inclusion on a global scale.

Mastercard’s Mission

Mastercard remains committed to its mission. The mission is to bring 1 billion people and 50 million SMEs into the global digital economy by 2025. The collaboration with MTN represents a significant milestone in this journey. It also highlights the transformative power of strategic partnerships in driving positive change and promoting inclusive growth.

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