Tech

Mastercard partners MTN Fintech to drive mobile money acceleration in Africa

Published

9 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

Fintech startup DigMo launched in Zambia to gamify financial planning

Published

1 hour ago

November 24, 2024

Isaac Dachen

DigMo, a gamified fintech startup which helps users to build wealth tools from low to middle-income earners, has been launched in Zambia.

CEO of the DigMo Group, Sylvia Brune, who made the announcement, says the platform which is licensed by the Bank of Zambia to operate a wallet, offers a secure, free digital money account with a special account for users to play a financial planning game which incentivises customers to get started putting money away for the future.

“By giving customers the chance to win big rewards, DigMo is encouraging sustainable habits,” said Brune.

She stated that with an initial rollout in Zambia, DigMo wallet’s first offering, Save to Win, will make putting money away regularly, easy and rewarding with no fixed costs or fees.

“DigMo Save to Win allows users to start with small amounts – from just ZMW10 (US$0.37) – for the chance to win prizes of up to ZMW500,000 (US$19,000).

“We are committed to financial planning innovation for low and middle-income earners across Africa. To achieve this meaningful impact, we approach this like a game studio – where we constantly create and test many new products until we find those with an outsized impact,” Brune said.

“If we just take existing products and make them more affordable or accessible, it is unlikely that we can dramatically change behaviours.

“To succeed, we have engaged directly with users, observing and learning from them to develop DigMo, a solution that will dramatically improve their financial well-being and meet their unique needs,” she added.

Tech

Kenya’s startup BuuPass partners with GiftPesa to launch digital travel vouchers

Published

1 day ago

November 23, 2024

Isaac Dachen

Kenyan digital ticketing and transportation management solutions startup, BuuPass, has entered into a partnership with fintech company, GiftPesa, to introduce digital travel vouchers ahead of the holiday season.

In a statement by BuuPass cofounder and CEO, Sonia Kabra, the move will offer a more flexible and convenient way for Kenyans to manage and gift travel arrangements during the bustling holiday period.

“We’ve noticed a growing demand for digital solutions in the travel industry, especially during peak periods like the holiday season,” said Kabra.

“This partnership with GiftPesa enhances the travel experience for our customers, offering them a convenient way to send travel tickets as gifts and have a safety net for unconfirmed travel dates.

“Unlike traditional paper vouchers that can expire or get lost, GiftPesa vouchers are valid for 12 months and can be redeemed in parts at over 3,000 outlets across the country.

“This flexibility allows recipients to use the vouchers for multiple trips or select their preferred destination, making travel more accessible,” she added.

Founded in 2016 by Kabra and Wyclife Omondi, BuuPass is a leading B2B2C mobility marketplace that enables users to search, compare, and book travel tickets via web, app, or USSD, while its SaaS platform helps bus operators manage their operations, inventory, and sales.

GiftPesa, on the other hand, is a fintech startup that provides businesses and individuals with a platform for creating digital vouchers.

The partnership between the two companies will introduce digital travel vouchers, helping users manage and gift travel arrangements during the bustling holiday period.