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MasterCard and MTN Group Fintech Partner to Advance Mobile Money Ecosystem in Africa 

Mastercard, a prominent technology company specializing in payment solutions, has forged a strategic partnership with MTN Group Fintech. 

MTN is a significant provider of digital financial services within Africa’s largest mobile network company.

The aim of the partnership is  to make mobile money grow faster in Africa. This will affect 13 countries.

The partnership will use Mastercard’s technology to help MTN become Africa’s top Fintech platform.

This move will connect millions to digital payments, promoting financial inclusion.

MTN has 290 million subscribers and 60 million active monthly Mobile Money (MoMo) wallets. It is also a leader in digital money services in Africa. 

Together, they offer many products and services to help people and businesses with their financial needs.

In this collaboration, Mastercard will introduce a prepaid virtual card for MoMo customers. 

This card will help customers buy things online and join the global digital economy. 

Additionally, it will help MoMo merchants accept card payments easily. This will improve instant money transfers across borders.

Read Also: Boost and Mastercard Join Forces to Empower Ghanaian Small Businesses

Pioneering Collaboration in African Markets

This new agreement between Mastercard and MTN Group Fintech marks the start of a close relationship. 

Recently, Mastercard made a small investment in MTN Group Fintech. This partnership will affect African countries, like Benin, Cameroon, and South Africa.

While commenting on the partnership, Mastercard Executive Vice President, Market Development EEMEA, Amnah Ajmal stated, 

“Our innovation strategy is based on collaboration. We are very proud of our partnership with MTN that 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 payments acceptance, access to affordable credit, and secure digital tools,”

The Group CEO, MTN Fintech, Serigne Dioum also added, 

“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 into best-in-class apps, superior user experiences, safe transactions, secure remittances, new use cases, and expanded acceptance.”