Tech

Mastercard teams up with Scale to deploy fintech services in Africa, Middle East

Published

3 weeks ago

August 25, 2024

Mastercard has teamed up with global issuer orchestration partner, Scale, to accelerate the deployment of fintech services across Africa and the Middle East.

According to Amnah Ajmal, Executive Vice President of Market Development for EEMEA at Mastercard, the strategic alliance between the two is aimed at dismantling technical and commercial barriers that have hindered fintech companies, aggregators, enablers, payment service providers (PSPs), and telcos from launching payment programs in these regions.

“The partnership reflects Mastercard’s commitment to fostering innovative payment solutions and bridging the digital divide. By leveraging Scale’s expertise in the fintech landscape, Mastercard seeks to enhance financial inclusion and improve access to financial services throughout the area,”
Ajmal said.

He further emphasized the company’s dedication to working with local ecosystem players.

“The partnership with Scale aligns perfectly with Mastercard’s goals of driving growth in innovative payment solutions across the region.

“Through this collaboration, Mastercard and Scale will offer comprehensive support to fintech companies and other ecosystem participants. This support encompasses various crucial aspects of launching and maintaining payment programs.

“These include securing BIN sponsorships, developing sustainable unit economics, designing and commercialising card and payment programs, and assessing profitability models.

“The partnership will also focus on delivering exceptional customer experiences and co-creating inclusive value propositions geared for long-term growth. As the collaboration evolves, it will transform into a technology proposition, enabling any tech company to acquire Mastercard issuing capabilities through Scale,” he added.

Also commenting on the alliance, Miranda Perumal, Co-Founder and CEO of Scale, highlighted the partnership’s role in addressing a major pain point for fintech companies.

“By providing a single point of contact and absorbing the complexities of seeking bank BIN sponsors and third-party processors, the collaboration allows fintech players to concentrate on their core business while Scale handles the intricacies of payment enablement.

“Mastercard’s involvement extends to plugging its managed services into partners’ systems and overseeing card program implementation from start to finish. Post-launch, Scale will assist partners in growing their portfolios, driving revenues, and achieving profitability through insights into consumer behaviours, market dynamics, and competitive landscapes.

“The benefits of this partnership extend beyond fintech companies to encompass a broad spectrum of ecosystem players. Financial institutions will find it easier to collaborate with stakeholders in the card value chain. Merchants will gain improved access to digital financial products and services, facilitating business growth.

“Governments stand to benefit as well. The introduction of new financial offerings in the market is expected to reduce cash-based transactions, enabling greater participation in economic development and potentially boosting GDP growth.”

Related Topics:Africa Featured fintech MasterCard Scale

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Tech

Zambian neobank fintech Lupiya set to launch new debit card

Published

8 hours ago

September 18, 2024

Isaac Dachen

Zambian neobank fintech, Lupiya, has entered into a partnership with leading enabler of digital commerce across Africa and the Middle East, Network International, to launch a new debit card.

The fintech which is active in Zambia and Tanzania and has plans to expand into other African countries is an AI-driven neobank driving financial inclusion through its online lending and digital payments platform.

Muchu Kaingu, CEO of Lupiya Pay, who made the announcement in a statement, said the new debit card was e-commerce enabled, together with 3D Secure and tokenisation.

“This will help diversify Lupiya’s value proposition to include not only simplified lending, but also digital payments to its existing and growing new customer base,” he said.

“At Lupiya, we are driven by the mission to revolutionise financial inclusion across Africa. Our partnership with Network International represents a significant leap forward in providing secure, accessible, and innovative digital financial solutions.

“By launching an e-commerce enabled debit card with 3D Secure and tokenisation, we are empowering individuals and businesses to participate in the digital economy more effectively.

“This collaboration is a testament to our commitment to delivering cutting-edge technology that enhances convenience and security for our customers, while driving economic growth and financial independence across the continent,” Kaingu stated.

He added that the platform leverages alternative data and machine learning models to assess creditworthiness, enabling individuals and businesses traditionally excluded by banks to access both credit and secure payment services.

‘Lupiya offers a range of financial products, including personal loans, SME financing, and digital payments, and is now launching a debit card in partnership with Network, a digital payments company that serves governments, banks, public sector companies, fintechs, and merchants of all sizes. The company serves over 250 financial institutions and 130,000 merchants in more than 50 countries,” said Kaingu.

Tech

Five African female entrepreneurs make Visa’s She’s Next Programme final list

Published

1 day ago

September 17, 2024

Isaac Dachen

Five female African entrepreneurs have been pencilled down as finalists for the 2024 edition of the “Visa’s She’s Next Programme”, an initiative dedicated to empowering women entrepreneurs across the continent.

Lineshree Moodley, Country Manager at Visa South Africa, said the She’s Next Programme, which is in partnership with Absa, is aimed at providing women-owned small and medium-sized enterprises (SMEs) with the resources, tools, and mentorship needed to thrive in today’s dynamic business environment.

“The programme aims to support women-owned small businesses through funding, training, and mentorship,” Moodley said in a statement.

She stated that the five finalists who will compete for the grand prize of over $56,000 worth of prize money are InoBiodiesel, Moli & Mela, Diamond Days, eFama App, and HVAC Partners.

“We are delighted to announce the finalists for this year’s She’s Next Programme. These remarkable women exemplify the spirit of entrepreneurship and innovation that is vital for Africa’s economic future.

“At Visa, we are committed to supporting women-owned businesses by providing them with the tools and opportunities they need to succeed. Our partnership with Absa has been instrumental in expanding the reach and impact of this programme, and we are excited to see the incredible journeys of our finalists unfold. The winner of the 2024 She’s Next programme will be announced on September 19.

“In addition to the top five, another 25 SMEs will participate in an exclusively tailored capacity building and mentorship programme in partnership with Absa to further support and empower women entrepreneurs to take their businesses to the next level,” she added.