Uber, Mastercard boost payment digitalization and financial inclusion across MEA

MEA – Mastercard, an American multinational financial services corporation and Uber, a technology company have partnered to implement a new strategic initiative that will focus on digital payments and advancing financial inclusion in the Middle East and Africa (MEA), reaffirming their long-term partnership. By partnering, Uber will be able to drive digitisation across its business operations by leveraging Mastercard’s single infrastructure to meet all types of payment needs across Uber Rides, Uber Eats, Uber Pass, and Uber for Business. Amnah Ajmal, Executive Vice President Market Development, Mastercard, MEA explains that…

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Mastercard Inc to invest US$100m in Airtel Africa’s mobile money unit

AFRICA – American financial service corporation Mastercard Inc will invest US$100 million in Airtel Africa’s mobile money operations valuing the business at US$2.64 billion, the London-listed company said in a press release to Reuters. Mastercard will hold a minority stake in Airtel Mobile Commerce, in line with Airtel Africa’s plan to monetise the mobile money business by selling up to a 25 per cent stake in the unit, the company said. In March 2021, TPG-owned The Rise Fund announced that they will invest US$200 million in Airtel Mobile Commerce (AMC)…

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Mastercard, MTN partner to enable payments on global platforms

AFRICA – Mastercard and MTN have announced a strategic partnership to enable millions of consumers in 16 African countries to make global e-commerce payments safely and securely. Through a Mastercard virtual payment solution linked to MTN MoMo (Mobile Money) wallets, consumers and merchants can engage with brands and businesses abroad through digital commerce, extending their reach to an international marketplace and unlocking a host of opportunities. Mobile devices have become the primary channel used to connect to the internet across Sub-Saharan Africa. According to GSMA, by 2025, it is estimated…

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Faisal Islamic Bank obtains Mastercard licence, a first in Sudan

SUDAN – Faisal Islamic Bank sudan (FIB) in partnership with Network International, the leading enabler of digital commerce across Africa and the Middle East, has become the first indigenous Sudanese bank to obtain a card issuing and acquiring a license from Mastercard. Through the bank’s partnership with Network International, Faisal Islamic Bank will issue Mastercard-branded debit, credit, and prepaid payment cards in Sudan for use online, in-store, and at ATMs. FIB will also connect local businesses to the Mastercard network using Network International technology, helping people and businesses enjoy more…

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Mastercard partners with Junior Achievement Nigeria to bridge digital and financial literacy

NIGERIA – Mastercard, a global payment and a technology company, has partnered with Junior Achievement Nigeria (JAN) to help bridge the digital and financial literacy gap amongst school students and young adults in Nigeria. Through a series of programs, the students will be equipped with essential skills to prepare them for future success as digital entrepreneurs. JAN is part of Junior Achievement Worldwide, the world’s oldest and largest non-profit economic education organization operating in 120 countries. The partnership forms part of Mastercard’s global commitments to connect 25 million women entrepreneurs…

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Absa and Mastercard partner to create access to 50,000 dignified and fulfilling jobs for young people

GHANA – Absa Financial institution Ghana and the Mastercard Foundation have sealed a partnership deal aimed at stimulating the growth of Micro, Small, and Medium Enterprises (MSMEs) to create access to 50,000 dignified and fulfilling jobs for young people in Ghana. The partnership among others seeks to build the capacity of 5,000 MSMEs, especially women led firms, smallholder farmers, and players in the agribusiness value chain; strengthen MSME lending capability within the bank to build understanding and help improve quality of service to sector; To leverage digital technology to drive…

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Zeepay partners with Mastercard company Transfast to give it access to Ghana

GHANA – Zeepay, a Mobile Financial Services financial technology (fintech) company, has announced its partnership with Transfast, a Mastercard company and a leading cross-border payments service provider. This partnership will enable consumers around the world to send money directly to more than 20 million mobile money wallets in Ghana with speed, security, and certainty. “The partnership with Zeepay makes it easier for our consumers to send money to their families and friends in Ghana. This is an important step that will drive financial inclusion across the country – as consumers…

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Mastercard launches AI-Powered solution to improve cyber-security

AFRICA – Mastercard has announced Cyber Secure, a first-of-its-kind, AI-powered suite of tools that allows banks to assess cyber risk across their ecosystem and prevent potential breaches. With these capabilities, banks can identify and prioritize threats and vulnerabilities throughout their cyber environment. Similarly, acquiring banks can help merchants understand their own cyber risk, preventing hundreds of millions of dollars in a potential fraud. As the digital economy expands, both in size and complexity, so too do its points of vulnerability that may be subject to attack. A case in point…

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Mastercard launches ‘Fintech Express’ to empower fintechs in Africa, Middle East

NIGERIA – Mastercard has launched a new programme known as ‘Fintech Express’ aimed at providing tailor-made solutions that boost market entry and expansion for fintechs in Africa and the Middle East. According to Mastercard, Fintech Express will leverage the power of partnerships and Mastercard’s expertise, technology, and global network to help fintech companies focus on innovation that drives the digital economy. The programme is designed for all types of fintechs – established companies wanting a direct license from Mastercard, as well as fintech startups with the ambition to innovate through…

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Mastercard, WomenWork Network invest US$13m in Women-run enterprises

KENYA – Women-run enterprises have secured a KSh1.5 billion (US$13.85m) emergency loan through MasterCard Foundation and WomenWork Network to cushion them against the adverse effects of COVID-19. The Rebuild Program which is part of part of the Mastercard Foundation COVID-19 Recovery and Resilience Program targets 25,000 businesses with emergency loan facility aimed at providing a soft landing against COVID-19 which has disproportionately affected women-owned businesses. “The Rebuild Program provides us the opportunity to offer the much-needed support to our community of women entrepreneurs who are facing significant challenges arising from…

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