MTN and MasterCard will increase the use of mobile money

Social Media Plug-ins:

MTN Group and MasterCard have signed a multi-market agreement to connect millions of people and small businesses across Africa with digital tools to transact through secure mobile payments.

The mobile operator said in a statement that the partnership would leverage MasterCard’s cutting-edge technology and capabilities to support MTN’s ambition to become Africa’s largest fintech platform for both merchants and consumers.

With MTN’s overall subscriber base at 290 million and 60 million active monthly MoMo (Mobile Money) wallets, the agreement will impact 13 markets in Africa, including Benin, Cameroon, Cote d’Ivoire, Eswatini, Ghana, Liberia, Nigeria, the Republic of Congo, the Republic of Guinea, Rwanda, South Africa, Uganda, and Zambia.

As part of the agreement, every MoMo wallet will be equipped with a virtual and physical Mastercard companion card.

With this access, Mastercard will also be able to provide its cybersecurity solutions to MTN’s operations to increase customer loyalty and trust, MTN said.

The agreement will also enable SMEs with payment acceptance solutions such as Mastercard’s SME-in-a-Box, a low-cost payment solution that enables small business owners to move their businesses online and accept a range of digital payments from their customers.

SME owners will now be able to access solutions with the opportunity to set up an e-commerce shop front, including QR enablement, tap-on-phone solutions, and digital card acceptance.

The Executive Vice President, Market Development EEMEA, MasterCard, Amnah Ajmal, was quoted as saying, “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.

“In addition, mobile money solutions can be greatly beneficial for SMEs, enabling growth through seamless commercial operations, wider payment acceptance, access to affordable credit, and secure digital tools.”

The Group CEO of MTN Fintech, Serigne Dioum, noted that the partnership would enable more individuals and businesses in Africa to experience secure digital payments.

“When there is a mutual vision—in this case, to bring access, progress, financial inclusion, and prosperity to people—the road to partnership is a simple one.

“We look forward to working with Mastercard as a partner that is also committed to the enablement of more people and businesses through the collaboration of best-in-class apps, superior user experiences, safe transactions, secure remittances, new use cases, and expanded acceptance,” he said.