Mastercard has
partnered with Smile ID, a leading African digital Know Your Customer (KYC)
provider, to transform the merchant onboarding process for businesses across
Africa. This collaboration will streamline the process, making it faster, more
secure, and efficient.
The partnership
integrates Smile ID's technology into Mastercard's Merchant Digital Onboarding
Program (MDOP), enabling acquiring partners to digitally onboard merchants in
just three minutes or less. This innovative solution will benefit businesses in
South Africa, Nigeria, and over 50 African countries.
“Traditional onboarding methods are
often plagued with inefficiencies, high costs, and vulnerabilities to fraud.
Our collaboration with Smile ID marks a significant advancement in the merchant
onboarding process, setting a new standard for speed, security, and user experience. This move demonstrates our commitment to fostering a
secure, inclusive, and efficient digital ecosystem for African businesses.
Together, we are leading a transformative journey that drives inclusive growth
and financial empowerment across the continent,” said
Sekai Ndemanga, Senior Vice President,
Head of Emerging Markets, Global Acceptance Team at Mastercard.
Traditional
onboarding methods are often plagued by inefficiencies, high costs, and
vulnerabilities to fraud. The collaboration between Mastercard and Smile ID
sets a new standard for speed, security, and user experience, demonstrating
their commitment to fostering a secure, inclusive, and efficient digital
ecosystem for African businesses.
KYC due
diligence and account opening are major bottlenecks in the merchant onboarding
process. The integration of Smile ID's suite of solutions, including ID
document verification, biometric face authentication, and government database
checks, will significantly reduce onboarding time and enhance security.
“Smile ID is thrilled to
collaborate with Mastercard because of their commitment to financial inclusion
and innovation. Our combined offering allows acquiring banks and payment
facilitators to delight their customers with locally optimised signup experiences while maintaining global best practices
for speed and security,” added Mark Straub, CEO of Smile ID.
This
collaboration enables financial institutions to process merchant applications
faster and with greater security. Merchants will benefit from a streamlined,
efficient, and secure onboarding process, while fintech and telcos can utilize
the solutions to expand their service offerings and improve customer
experiences.
The joint
effort supports Mastercard's global mission to bring one billion people and 50
million micro and small businesses into the digital economy by 2025, fostering
financial inclusion and economic growth across Africa.
By: Kanto Okanta
