For empowerment of millions of clients across Sub-Saharan African territory, the global card giant Mastercard in association with MTN in form of MTN MoMo (Mobile Money Wallets) announced a tactical partnership within the 16 nations in African territory for creating a valuable globalized E-commerce payments mode securely and also with a protective ecosystem module.
- Thus, this Partnership will empower millions of MTN clients to pay on global connected platforms with a Mastercard virtual payment solution connected to MTN MoMo wallet.
- The Mastercard’s advanced tech space will also alleviate and empower latest digitized commerce prospect for the clients as well as merchants with or without banking accounts, via a simplified as well as safe payment experience.
- The Alliance fortifies a new wave of an economic inclusion through mobile devices, revealing prospects for millions of publics across Africa.
Through a Mastercard virtual expense solution linked to MTN MoMo (Mobile Money) wallets, clients and merchants can engross with brands and trades abroad via digital commerce, ranging their reach to a global marketplace and cracking a host of prospects.
Across Sub-Saharan Africa, mobile strategies are the key channel used to join to the internet. According to GSMA, by 2025, it is appraised that there will be 300 million more public utilizing their devices to admission internet services.
In light of this noteworthy evolution, mobile financial services have become the foremost form of digital payments, with twice as many mobile currency accounts as bank accounts in the territory. As an outcome, clients progressively guess to have an access to a comprehensive range of digital financial services.
However, clients and merchants are mostly limited to a native base of online and offline trades, therefore curbing clients’ ability to engross in global commerce. Through this strategic partnership, MTN clients with a Mastercard virtual payment solution related to their MoMo wallets can make expenditures to global online merchants through a continuous and secure digital payment understanding on websites and mobile applications.
The service is available nevertheless of whether or not the client has a bank account.
The solution will empower clients to explore and shop at well-known global e-commerce brands and reimbursement swiftly and securely for leisure shopping, travel, accommodation, entertainment, streaming services and more.
It will also allow minor business proprietors to procurement from providers abroad and pay with the virtual expense solution.
“We are very excited about this partnership with Mastercard, which is another step in realizing our ambition to build Africa’s largest fintech platform, accelerating economic and social development through digital innovation to the benefit of citizens across the continent and beyond,” stated MTN Group Chief Digital and Fintech Officer Serigne Dioum.
“This significant partnership is another step to enable our customers to participate in the global economy. We are resolute that accelerated financial inclusion is a potent enabler of socio-economic development that empowers the most vulnerable in society,” he concluded.
Amnah Ajmal, Executive Vice President for Market Development, Mastercard Middle East and Africa, stated: “This significant milestone will enable millions of MTN customers to benefit from global digital commerce and drive digital and financial inclusion across Africa through easy and secure access to financial services.
“At Mastercard, our innovation approach is based on partnerships and collaboration. This arrangement with MTN witnesses that we can distribute innovative digital solutions that have a far-reaching impression and comprehend the true potential of inclusive growth across the continent. Partnering with MTN permits us to fast-track our global pledge to join 1 billion public to the digital economy by 2025, fetching us closer to a world beyond cash.”
MTN and Mastercard initially launched the digital payment solution in 2018 for MoMo clients. MTN, the largest mobile network operator, is the ‘Most Admired African Brand’ based on spontaneous consumer responses in Brand Africa 100: Africa’s Best Brands 2020 survey and the most appreciated telecoms brand in Africa by Brand Finance Africa.
The establishment will outspread the virtual payment solution offering throughout its Fintech footprint. The extension of this payment solution will play a substantial role in pouring the advancement of digital inclusion and E-Commerce thus growing MTN MoMo client inclusion into the global economy.
Initially intended to enable the transfer of currency between mobile users, MTN’s MoMo offering is now much wider – including loans, insurance, remittances and payments.
About the MTN Group:
Launched in 1994, the MTN Group is a leading emerging market operator with a clear vision to lead the delivery of a bold new digital world to our customers. We are inspired by our belief that everyone deserves the benefits of a modern connected life. The MTN Group is listed on the JSE Securities Exchange in South Africa under the share code ‘MTN’. We have a major focus on growing our fintech and digital businesses in Africa. www.mtn.com
MTN Group Press Office:
Mastercard (NYSE: MA), www.mastercard.com, Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.