Mastercard: Driving Africa’s digital transformation and creating a digital economy that works for everyone, everywhere
Mastercard is a technology company in the global payments business. It connects consumers, financial institutions, merchants, governments and businesses worldwide, enabling them to use electronic forms of payment instead of cash and cheques. The company uses technology and data-driven insights to make electronic payments more convenient, secure and efficient for people everywhere.
Mastercard does not issue cards, but develops advanced payment solutions and seamlessly processes billions of transactions around the world every year. Its business has a global reach—extending to more than 210 countries and territories—and continues to experience growth in a world where 85% of retail transactions are still made in cash and cheques.
In Africa, Mastercard is directly contributing to the building of robust digital payments ecosystems that support the continent’s potential for economic transformation. To meet Africa’s unfulfilled demands for goods and services, close infrastructural gaps, create jobs, displace cash, and decrease poverty, Mastercard is bringing together an entire ecosystem of key players at different touch points to deliver digital solutions that have a far-reaching impact.
In Nigeria, Mastercard partnered with NetPlusDotCom and to provide micro, small and medium-sized enterprises (MSMEs) with digital payment tools to advance their business through their self-onboarding digital platform, Merchant Digital. So far, 1 million MSMEs have been onboarded on the platform that can be accessed online by all small businesses and micro merchants in Nigeria.
The company also partnered with Unilever and Kenya Commercial Bank (KCB) to offer new lending models for micro-merchants in Kenya. The program offers a safe digital platform that enables KCB to provide an interest-free credit line based on the micro-merchant’s purchasing history. The credit line is provided through a secure Mastercard digital payment solution, which is accessible via mobile phones and other handheld devices. This solution allows micro-merchants to buy more products, giving them access to formal credit services and therefore increasing customer traffic.
The goal is to drive Africa’s digital transformation and create a digital economy that works for everyone, everywhere.
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