Mastercard has formed a strategic partnership with MTN Group Fintech to expand the mobile money ecosystem in Africa. This collaboration seeks to leverage Mastercard’s technological expertise to support MTN’s goal of becoming the continent’s leading fintech platform, focusing on serving merchants and consumers across 13 African markets.
The initiative will connect millions to digital payment tools, increasing access to cashless transactions and promoting financial inclusion. Mastercard’s technology will be integrated with MTN Group Fintech’s network, which includes 290 million subscribers and 60 million active Mobile Money (MoMo) wallets. This partnership plans to introduce a prepaid virtual card for MoMo customers, enhancing their ability to make online purchases and participate in the global digital economy.
Additionally, it will provide MoMo merchants with the capability to accept card payments and offer improved cross-border remittance services.
The agreement extends to several African countries, including Benin, Cameroon, and South Africa. It marks a continuation of the relationship between Mastercard and MTN Group Fintech following Mastercard’s recent investment in the fintech company.
Amnah Ajmal, Executive Vice President at Mastercard, highlighted the importance of collaboration for innovation and expressed pride in partnering with MTN to enable digital commerce and support small and medium-sized enterprises (SMEs) through digital solutions.
Serigne Dioum, CEO of MTN Fintech, emphasized the shared vision of providing access and financial inclusion to communities, looking forward to the benefits this partnership will bring to users and businesses through improved applications, user experiences, and secure transactions.
