Tech

Mastercard partners MTN Fintech to drive mobile money acceleration in Africa

Published

2 months ago

March 1, 2024

International payments network processor, Mastercard, has entered into a partnership with MTN Group Fintech aimed at driving mobile money acceleration in sub-saharan Africa.

Amnah Ajmal, Mastetcard’s Executive Vice President, Market Development EEMEA, who announced the partnership in a statement on Friday, said the two fintech giants signed a multi-market agreement that would “set in motion a new era of collaboration to connect millions of people and small businesses across Africa with digital tools to transact through secure mobile payments, expanding access to the benefits of the cashless digital economy.”

“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,” Ajmal said.

“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.”

He stated that the partnership will use Mastercard’s cutting edge technology and capabilities to support MTN’s ambition to become Africa’s largest fintech platform for both merchants and consumers.

“This follows Mastercard and MTN’s recent agreement for a minority investment into MTN Group Fintech – the digital financial services arm of Africa’s largest mobile network operator – that concluded this month.

“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, Republic of Congo, Republic of Guinea, Rwanda, South Africa, Uganda, and Zambia,” Ajmal added.

Also speaking on the agreement, Serigne Dioum, Group CEO, MTN Fintech, said:

“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.”

Related Topics:Featured fintech MasterCard MTN

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Tech

Intel Liftoff Hackathon 2024 calls for applications from African AI startups

Published

12 hours ago

April 26, 2024

Akanimoh Etim

Applications for the 2024 cohort of Intel Liftoff Hackathon has opened for African AI startups designed to bring together aspiring tech entrepreneurs, software developers, and AI enthusiasts to collaborate, innovate, and create solutions to concrete African challenges.

In its second edition, the hackathon welcomes pioneering early-stage AI startup teams from the African continent, delving into experiments with LLM technology, a statement on the website of the organiser stated.

It added that the Intel Liftoff Hackathon for African AI Startups, which will be held online on May 27-31, is themed “Hack and Connect”, and will take place in partnership with Modus Africa, University Mohamed VI Polytechnic, Morocco

Other partners include TUT Hub of Artificial Intelligence Institute of South Africa, Prosper Africa, UM6P Ventures, FAST Accelerator, Innov8 Technology Hubs, and Open Startups International.

“The hackathon will feature hands-on workshops that will allow learning of AI essentials; three days of challenges with mentors to test skills; exhibition opportunities to showcase startups and forge partnerships with industry leaders; and networking opportunities to engage with fellow startups and gain insights from domain experts in the AI ecosystem,” the statement said.

“Winners will be invited to join the Intel Liftoff for Startups programme, and receive unique mentoring sessions with ecosystem partners and marketing opportunities with blog articles,” it concluded.

Tech

Nigeria’s NGX Group enters into strategic investment partnership with Ethiopian Securities Exchange

Published

2 days ago

April 25, 2024

Akanimoh Etim

Leading Nigerian integrated market infrastructure group in Africa, the Nigerian Exchange Group (NGX), has announced strategic investment in the Ethiopian Securities Exchange (ESX).

Chairman of the NGX Group,
Alhaji Umaru Kwairanga, who made the announcement in a statement, said the pivotal move would not only mark the group’s entry into the East African market but also “underscores its commitment to driving growth and innovation in the African capital markets, while strategically positioning itself as the largest foreign institutional investor in the ESX.”

He noted that the “investment in the ESX reflects NGX Group’s confidence in the potential of Ethiopia’s rapidly growing economy and capital market.”

“By partnering with ESX, NGX Group aims to support the development of a vibrant and resilient financial ecosystem in Ethiopia, fostering increased investor participation and capital formation.

“Through this investment, NGX Group aims to contribute to robust regulatory frameworks and foster best practices within the ESX ecosystem.

”We extend our congratulations to the ESX on its successful capital raise and commend the Government of Ethiopia and the private sector for their support in bringing this pioneering initiative in the country to fruition.

“Our partnership with ESX is a resounding affirmation of our unwavering dedication to promoting economic development, transparency, and exemplary corporate governance standards that foster an environment conducive to inclusive growth, even as we aim to maximize value for our esteemed shareholders.

“The Group remains dedicated to providing ongoing technical assistance and capability enhancements to support the successful operations and growth of the ESX,” the NGX Chairman said.

Also speaking on the partnership, Temi Popoola, Group Managing Director/CEO of NGX Group, said:

“We are excited to announce our investment in the Ethiopian Stock Exchange, which represents a significant milestone in our expansion strategy. Ethiopia is one of Africa’s fastest-growing economies, with immense potential for investment and growth.

“We believe that by partnering with the Ethiopian Stock Exchange, we can leverage our expertise and experience to contribute to the development of a robust and dynamic capital market in Ethiopia.”