By MTHULISI SIBANDA
JOHANNESBURG, (CAJ News) – LONDON Stock Exchange-listed Atlas Mara and global payments technology firm, Mastercard, have entered partnerships to provide financial access to millions of customers in sub-Saharan Africa.
The three strategic business agreements aim to digitally and financially include millions of consumers and thousands of merchants to the formal financial sector by 2020.
By leveraging the Mastercard worldwide network and other processing assets such as HomeSend, Masterpass QR and Mastercard Payment Gateway Services, the partnership will enable Atlas Mara’s operating banks in Africa to build stronger payment ecosystems and expand access to fast and secure remittance, e-Commerce and mobile payment solutions.
Chidi Okpala, Chief Digital Officer at Atlas Mara, says these Mastercard assets would position Atlas Mara to lead ongoing industry efforts to create cash-lite payments ecosystems, entrench financial independence, promote intra-Africa trade and remittances thus fast tracking attainment of scale as an Africa-focused bank.
“The digital payment solutions developed by the Mastercard Lab for Financial Inclusion in collaboration with Atlas Mara will help create a highly efficient society and facilitate true inclusive growth in Africa while reducing transaction costs across the continent,” says Okpala.
Daniel Monehin, Division President for Sub-Saharan Africa, Mastercard, says the region requires innovative solutions and strong collaborations across sectors to help drive economic growth.
“Mobile subscriptions in the region is steadily increasing and it is clear that mobile based solutions are relevant to the needs of people on the continent, and will help to develop an Africa that is less dependent on cash,” adds Mohenin.
Africa’s remittance market has opened up a number of opportunities for driving financial inclusion due to the lack of legacy issues.
According to research by the World Bank, the Sub-Saharan Africa region had an inward remittance flow of over US$34 billion, with outward remittance flows of approximately US$4 billion.
– CAJ News