- The partnership will enable millions of MTN customers to pay on global online platforms with a Mastercard virtual payment solution linked to the MTN MoMo wallet.
- Mastercard’s technology will enable new digital commerce opportunities for consumers and merchants with or without a bank account, through a simple and secure payment experience.
- The collaboration supports a new wave of financial inclusion through mobile devices, opening up opportunities for millions of people in Africa.
ACCRA, Ghana, Feb 19, 2021 – / African Media Agency (AMA) / – Mastercard and MTN today announced a strategic partnership to enable millions of consumers in 16 countries in Africa to securely make global e-commerce payments.
Through a Mastercard virtual payment solution linked to MTN MoMo (Mobile Money) wallets, consumers and merchants can interact with brands and businesses abroad through digital commerce, extending their reach to an international market and opening a large amount of opportunities.
In sub-Saharan Africa, mobile devices are the main channel used to connect to the Internet. According to the GSMA, by 2025, there will be an estimated 300 million more people using their devices to access Internet services. In light of this significant growth, mobile financial services have become the dominant form of digital payments, with twice the number of mobile money accounts as bank accounts in the region. As a result, consumers increasingly expect access to a broader range of digital financial services.
However, consumers and merchants are primarily limited to a local online and offline business base, limiting the ability of customers to engage in global commerce. Through this strategic partnership, MTN customers with a Mastercard virtual payment solution linked to their MoMo wallets can make payments to global online merchants through a seamless and secure digital payment experience on websites and mobile apps. The service is available regardless of whether or not the client has a bank account.
The solution will allow consumers to browse and shop from world-renowned e-commerce brands and pay quickly and securely for purchases of leisure, travel, lodging, entertainment, streaming services and more. It will also allow small business owners to buy from suppliers abroad and pay with the virtual payment solution.
“We are very excited about this partnership with Mastercard, which is another step towards realizing our ambition to build Africa’s largest fintech platform, accelerating economic and social development through digital innovation for the benefit of citizens all over the world. the continent and beyond, “he said Serigne Dioum, director of digital technology and fintech at MTN Group.
“This remarkable partnership is another step in enabling our clients to participate in the global economy. We are determined that accelerated financial inclusion is a powerful enabler of socioeconomic development that empowers the most vulnerable in society ”, he concluded.
Amnah Ajmal, Executive Vice President, Market Development, Mastercard Middle East and Africa, He said: “This important milestone will allow millions of MTN clients to benefit from global digital commerce and drive digital and financial inclusion in Africa through easy and secure access to financial services.
“At Mastercard, our innovation strategy is built on partnerships and collaboration. This agreement with MTN demonstrates that we can deliver innovative digital solutions that have far-reaching impact and realize the true potential for inclusive growth across the continent. Partnering with MTN enables us to accelerate our global commitment to connect one billion people with the digital economy by 2025, moving closer to a world beyond cash. “
MTN and Mastercard first launched the digital payment solution in 2018 for MoMo customers. MTN, the largest mobile network operator, is the ‘Most Admired African Brand’ according to spontaneous responses from consumers in the Brand Africa 100 survey: Africa’s Best Brands 2020 and Africa’s Most Valuable Telecom Brand by Brand Finance Africa.
The company will expand the offering of virtual payment solutions throughout its Fintech presence. The expansion of this payment solution will play an important role in driving the growth of digital inclusion and e-commerce, thereby increasing the inclusion of MTN MoMo customers in the global economy.
Initially designed to facilitate the transfer of cash between mobile users, MTN’s MoMo offering is now much broader, including loans, insurance, remittances and payments.