MasterCard and Onafriq, a pan-African payments provider have
partnered to provide a range of payment solutions to consumers and small and
medium-sized businesses across the continent. The two firms announced their collaboration today, which they
say would allow Onafriq to leverage Mastercard technology for digital commerce.
According to
the firms, this collaboration underlines MasterCard's goal to integrating one
billion individuals into the digital economy by 2025.
The statement
notes that the partnership will drive the growth of digital financial services,
such as mobile money transactions, cross-border remittances, and cross-border
settlements.
Amnah Ajmal,
executive vice president, market development, EEMEA at MasterCard, says:
“Technological advancements are steering the digital financial services
industry, and providing accessible digital payment solutions is imperative for
empowering consumers to seamlessly transition to digital commerce.
“We seek to
leverage fintech partnerships in Africa to catalyse transformative change
across industries that benefit individuals, communities, and businesses.”
In the case
of Dare Okoudjou, founder and CEO of Onafriq, says: “We share a strong
alignment of vision and mission, interoperability, and markets. In addition, we
both understand that financial inclusion is not only a moral imperative but
also a strategic priority for economic development in Africa.”
The agreement
between MasterCard and Onafriq comes as Africa's mobile money sector is
regarded as one of the world's most established and rapidly developing fintech
industries.
According to
the GSM Association's State of the Industry Report on Mobile Money 2024,
Sub-Saharan Africa has 835 million registered mobile money accounts, accounting
for 48% of global users and growing at a 19% annual rate.
Source: itWeb Africa
