Mastercard taps MTN Group to Boost Mobile Payment in Africa

In a bid to advance mobile payment services across the African continent, Mastercard and MTN Group Fintech have announced a strategic collaboration. The agreement aims to leverage MTN’s extensive subscriber base and mobile money infrastructure, combined with Mastercard’s technology and capabilities, to accelerate digital commerce in Africa.

MTN, with a subscriber base of 290 million and 60 million active monthly MoMo (Mobile Money) wallets, operates in 13 markets across Africa, including Benin, Cameroon, Cote d’Ivoire, Eswatini, Ghana, Liberia, Nigeria, Republic of Congo, Republic of Guinea, Rwanda, South Africa, Uganda, and Zambia. The partnership between Mastercard and MTN will have a significant impact on these markets, fostering financial inclusion and enabling seamless digital transactions for millions of individuals and businesses.

Amnah Ajmal, Executive Vice President of Market Development EEMEA at Mastercard, emphasised the importance of collaboration in driving innovation. The partnership with MTN is expected to facilitate digital commerce, support small and medium-sized enterprises (SMEs), and enhance financial inclusion through access to affordable credit and secure digital tools.

Serigne Dioum, Group CEO of MTN Fintech, highlighted the shared vision between Mastercard and MTN in empowering people and businesses through technology. The collaboration aims to deliver best-in-class mobile payment solutions, superior user experiences, secure transactions, and expanded acceptance across various use cases.

As part of the collaboration, Mastercard’s technology will be integrated into MTN’s digital financial services platform, enabling the deployment of virtual and physical companion cards for MoMo wallet users. This will grant users access to over 100 million acceptance locations globally, facilitating international transactions and scaling up MTN’s presence in the digital payments ecosystem.

Moreover, the partnership will enable SMEs to access payment acceptance solutions such as Mastercard’s SME-in-a-Box, empowering them to digitise their businesses and accept a wide range of digital payments from customers. Additionally, Mastercard will provide cybersecurity solutions to enhance the security and trustworthiness of MTN’s operations, ultimately driving customer loyalty and confidence.

Overall, the collaboration between Mastercard and MTN represents a significant step towards enhancing financial inclusion, expanding digital payments infrastructure, and fostering economic growth across Africa.