Mastercard and Onafriq (formerly MFS Africa), a pan-African payments company, have joined forces to introduce secure, cost-effective, and innovative payment solutions to consumers and small and medium enterprises (SMEs) across the continent.
Africa’s mobile money sector stands as one of the most established and rapidly expanding fintech industries globally. According to The State of the Industry Report on Mobile Money 2024 by the GSM Association, Sub-Saharan Africa boasts 835 million registered mobile money accounts, representing 48% of global users and recording a 19% annual increase.
Enhancing Financial Inclusion
Aligned with Mastercard and Onafriq’s shared dedication to enhancing financial inclusion through an omnichannel approach, this collaboration aims to bolster the growth of digital financial services, including mobile money transactions, cross-border remittances, and settlements.
“Technological advancements are reshaping the digital financial services landscape, and the provision of accessible digital payment solutions is crucial for empowering consumers to seamlessly transition to digital commerce,” stated Amnah Ajmal, Executive Vice President, Market Development, EEMEA at Mastercard. “At Mastercard, we aim to leverage fintech partnerships in Africa to drive transformative change across industries, benefiting individuals, communities, and businesses. We eagerly anticipate collaborating with Onafriq to forge digital pathways and foster innovation throughout the continent’s payment ecosystem.”
This partnership empowers Onafriq to cater to their consumers’ full spectrum of digital commerce needs, interactions, and experiences by harnessing Mastercard’s technology, facilitating a smooth transition into the digital economy.
“Onafriq is committed to diminishing the significance of borders by providing networks and digital payment solutions that grant all Africans access to the financial services essential for scaling their businesses or conducting transactions,” commented Dare Okoudjou, Founder & CEO of Onafriq. “We are thrilled about our collaboration with Mastercard, as we share a robust alignment of vision and mission, interoperability, and market focus. Moreover, we both recognize that financial inclusion is not only a moral imperative but also a strategic priority for economic development in Africa.”
This collaboration underscores Mastercard’s pledge to include 1 billion people in the digital economy by 2025, contributing to a more sustainable world and harnessing technology to benefit all.The post Empowering African Businesses for Secure African Payments first appeared on IT News Africa | Business Technology, Telecoms and Startup News.