MasterCard and Onafriq, a leading pan-African payments provider, have joined forces to offer a diverse range of payment solutions to consumers and small and medium-sized enterprises (SMEs) across the continent.
This collaboration aims to leverage MasterCard’s technology to enhance digital commerce capabilities for Onafriq, contributing to MasterCard’s broader objective of integrating one billion individuals into the digital economy by 2025.
Enabling Digital Commerce:
- The partnership underscores MasterCard’s commitment to empowering individuals and businesses through accessible digital payment solutions, aligning with the evolving landscape of digital financial services.
- By integrating MasterCard’s technology, Onafriq aims to drive the adoption of digital financial services, facilitating mobile money transactions, cross-border remittances, and cross-border settlements.
Catalyzing Transformative Change
Amnah Ajmal, Executive Vice President of Market Development for the EEMEA region at MasterCard, emphasizes the role of technological advancements in steering the digital financial services industry.
The collaboration with fintech partners in Africa seeks to catalyze transformative change across various sectors, benefiting individuals, communities, and businesses.
Shared Vision for Financial Inclusion:
- Dare Okoudjou, Founder and CEO of Onafriq, highlights the shared vision and mission between MasterCard and Onafriq, emphasizing the importance of interoperability and market alignment.
- Both entities recognize financial inclusion as not only a moral imperative but also a strategic priority for driving economic development in Africa.
Growth of Africa’s Mobile Money Sector:
Africa’s mobile money sector is recognized as one of the world’s most established and rapidly growing fintech industries, with Sub-Saharan Africa leading in mobile money adoption.
According to the GSM Association’s State of the Industry Report on Mobile Money 2024, the region boasts 835 million registered mobile money accounts, representing 48% of global users and growing at a remarkable 19% annual rate.
The partnership between MasterCard and Onafriq marks a significant step towards advancing digital payments and financial inclusion in Africa.
By leveraging MasterCard’s technology and expertise, Onafriq aims to expand its digital commerce capabilities, driving innovation and growth in the rapidly evolving landscape of digital financial services across the continent.
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