Connecting Africa is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 3099067.

FinTech

Mastercard and MTN in e-commerce mobile payments partnership

JOHANNESBURG – Mastercard and MTN have announced a strategic partnership to enable millions of consumers in 16 countries across Africa to make global e-commerce payments safely and securely.

Through a Mastercard virtual payment solution linked to MTN MoMo (Mobile Money) wallets, consumers and merchants can engage with brands and businesses abroad through digital commerce, extending their reach to an international marketplace and unlocking a host of opportunities.

Across Sub-Saharan Africa, mobile devices are the primary channel used to connect to the Internet. According to GSMA, by 2025, it is estimated that there will be 300 million more people using their devices to access internet services.

In light of this significant growth, mobile financial services have become the dominant form of digital payments, with twice as many mobile money accounts as bank accounts in the region. As a result, consumers increasingly expect to have access to a broader range of digital financial services.

However, consumers and merchants are mostly restricted to a local base of online and offline businesses, therefore curtailing customersí ability to engage in global commerce.

Through this strategic partnership, MTN customers with a Mastercard virtual payment solution linked to their MoMo wallets can make payments to global online merchants through a seamless and secure digital payment experience on websites and mobile applications. The service is available regardless of whether or not the customer has a bank account.

The solution will enable consumers to explore and shop at well-known global e-commerce brands and pay quickly and securely for leisure shopping, travel, accommodation, entertainment, streaming services and more. It will also allow small business owners to purchase from suppliers abroad and pay with the virtual payment solution.

"We are very excited about this partnership with Mastercard, which is another step in realizing our ambition to build Africaís largest fintech platform, accelerating economic and social development through digital innovation to the benefit of citizens across the continent and beyond," said MTN Group chief digital and fintech officer Serigne Dioum.

"This noteworthy partnership is another step to enable our customers to participate in the global economy. We are resolute that accelerated financial inclusion is a potent enabler of socio-economic development that empowers the most vulnerable in society," he added.

"This significant milestone will enable millions of MTN customers to benefit from global digital commerce and drive digital and financial inclusion across Africa through easy and secure access to financial services," said Amnah Ajmal, executive VP for market development at Mastercard Middle East and Africa.

"At Mastercard, our innovation strategy is based on partnerships and collaboration. This agreement with MTN shows that we can deliver innovative digital solutions that have a far-reaching impact and realize the true potential of inclusive growth across the continent. Partnering with MTN allows us to accelerate our global pledge to connect 1 billion people to the digital economy by 2025, bringing us closer to a world beyond cash."

MTN and Mastercard first launched the digital payment solution in 2018 for MoMo customers. MTN will extend the virtual payment solution offering throughout its fintech footprint.

Initially designed to facilitate the transfer of cash between mobile users, MTNís MoMo offering is now much broader - including loans, insurance, remittances and payments.

MTN Group Ltd.

Innovation hub

Story

Five mobility startups to watch in 2024

Connecting Africa has compiled a list of five mobility startups that are making a difference in the communities they serve.

Story

Orange Ventures, Digital Africa promise more funding for startups

Orange Ventures and Digital Africa are teaming up to invest more in tech startups in Africa and the Middle East through Digital Africa's Fuzť program and the Orange Digital Center network.

More Innovation hub

Latest video

More videos

Partner perspectives

All Partner Perspectives

Sponsored video

More videos

Follow us on X

Industry announcements

More Industry announcements

Upcoming events

Africa Tech Festival 2024
November 11-14, 2024
Cape Town, South Africa
More Upcoming events

Africa Tech Perspectives

Story

Uber's Marjorie Saint-Lot on inclusion and sustainability in Africa

Uber's Country Manager for Ghana and Cote d'Ivoire, Marjorie Saint-Lot, shares how the ride-hailing company is approaching public-private partnerships, environmentally friendly initiatives and gender inclusion in Africa.

Story

The 100 most influential African leaders in 2023

A new report from Africa Tech Festival and Connecting Africa puts a spotlight on the top 100 African leaders in the telecoms and technology sector in 2023.

Story

Deep dive into East Africa's tech startup ecosystem

New survey reveals a lack of access to investors, reliance on international VCs and global recession trends as the biggest barriers for East African tech startups to access funds.

More Africa Tech perspectives

Guest Perspectives

Story

How e-mobility could transform Africa's transport sector

By Francis Hook

ICT analyst Francis Hook delves into Africa's e-mobility sector and unpacks the challenges faced locally and the benefits the move to electric vehicles could bring to urban transport systems.

Story

Omdia View: April 2024

By Omdia Analysts

April 2024's telecoms highlights in the Middle East and Africa included a license for Starlink in Ghana, new mobile termination rates in Ethiopia, and 6G trials in Bahrain – that and more in the latest Omdia View.

More Guest Perspectives

Like us on Facebook

Newsletter Sign Up


Sign Up
Tag id test-002