TECHNOLOGY payment leader, the MasterCard, has once again extended its net into seven new markets across Central and West Africa countries to increase its acceptance footprint across the continent and securing a number of strategic agreements, reports DigitalSENSE Business News.
According to a press statement made available to DigitalSENSE Business News, the additions include Chad, Central African Republic, Guinea-Bissau, Liberia, Sierra Leone, Rwanda and The Gambia to the MasterCard network.
These additions, DigitalSENSE Business News gathered extends the company’s presence to 48 of the 55 markets on the continent.
Michael Miebach, Middle East and Africa President at MasterCard, said that Africa’s ongoing economic development, steady population growth and encouraging political outlook means that there is an increasing need for innovative and secure payment solutions that address market needs.
“The continent has immense strategic importance to MasterCard and we will continue to invest in infrastructure, people and know-how in this part of the world. This has been the fastest growing area for MasterCard for the past few years, and we expect it to continue to register high growth,” he said.
DigitalSENSE Business News recalls that MasterCard has continued to collaborate with governments, central banks, financial institutions, mobile network operators, large retailers and other stakeholders across Africa to understand the economic outlooks of these countries, their unique demographics, infrastructure challenges and opportunities.
This, industry experts say, MasterCard is directly contributing to the building of robust electronic payments ecosystems that support Africa’s potential for economic transformation.
Equally, MasterCard’s acceptance footprint, they said, shows its network of Automated Teller Machines (ATMs) and Point of Sale (POS) terminals, increased significantly to reach more than 58,000 ATM locations and 438,000 POS terminals across Africa.
As gathered by DigitalSENSE Business News, MasterCard is also introducing new technologies that are rapidly closing the gap between the banked and unbanked on the African continent.
Further they posited that alternative delivery channels pioneered by MasterCard such as m-commerce, e-commerce, contactless technology and digital wallet services, are helping financially-underserved consumers gain access to formal financial services.
The company’s collaborative approach and emphasis on innovation, safe and secure payment services, extending financial inclusion, and partnering with governments resulted in the conclusion of several partnerships across the continent since January 2013:
DigitalSENSE Business News notes that a multi-country licensing contract recently signed with Ecobank, described as the broadest deal of its kind for MasterCard in Africa, provides access to MasterCard’s payment solutions for Ecobank’s customers in 28 African countries, including the seven new markets.
In Zimbabwe, the country’s first EMV cards were rolled out as a result of MasterCard’s collaboration with Metbank, while in Kenya, MasterCard’s partnership with Equity Bank saw to the roll out of five million EMV, contactless-enabled debit and prepaid cards, which would be extended to Uganda, Tanzania, Rwanda and South Sudan.
Not done in Kenya, MasterCard and Equity Bank jointly introduced Mobile Point of Sale (MPOS) technology, with leading MPOS provider Ezetap. Even as MasterCard and Kenya Commercial Bank joined forces on five million EMV, contactless-enabled prepaid, debit and credit cards.
In Nigeria, the Nigerian National Identity Management Commission (NIMC) is also partnering MasterCard technology since last year to power the National Identity Card. Whereas in South Africa, MasterCard celebrated a remarkable milestone as 10 million citizens now receive their grant disbursement payments electronically through the SASSA MasterCard Debit card.
For the northern African country of Tunisia, the Central Bank of Tunisia selected MasterCard payment technology for a government travel card designed specifically for its employees.
And in Morocco, Banque Marocaine du Commerce Extérieur (BMCE) and Prepaid Solutions Company Vantage Payment Systems (VPS) launched a MasterCard Payroll Prepaid Programme to address the financial needs of interim workers, in addition to extending the cards to local security agencies and cleaning companies.
-Nenye Dom
-Nenye Dom
Yet, in Egypt, MasterCard and Etisalat, along with National Bank of Egypt (NBE) launched the mobile payment wallet titled “Flous”, bringing Etisalat Egypt’s subscriber base safe and convenient payment services through the power of their mobile phones.
Also in Egypt, MasterCard, NBE, Fawry and the Egyptian Banks Company launched ‘Phone Cash,’ an innovative mobile payment service that operates independently from the network of any specific mobile company.
The introduction of electronic payments to these markets is providing positive social and economic impact as local citizens get access to safe and secure means of transacting, while companies get to conduct their businesses beyond the constraining and risky cash environment.
Commenting on the investment so far on the continent, Miebach said they investment in Africa, through sharing industry knowledge and best practice, and by providing training for customer banks, merchants and retailers, means MasterCard is creating more opportunities for all stakeholders in the African payments sector and better integrating the continent’s economies with those elsewhere in the world.
Currently, MasterCard pride itself as a technology company in the global payments industry, operating the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in over 210 countries and territories.
By: Nenye Dom
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