MasterCard and MTN Group Fintech have signed an agreement to provide all MTN MoMo customers with payment cards.
Details
In their joint statement, the two companies said that a virtual and natural The companion Mastercard will be added to every MoMo wallet, allowing users to access more than 100 million acceptance locations worldwide.
The cards will be offered to everyone 60 million active monthly MoMo wallets in the 13 countries where the mobile money service is available, namely South Africa, Benin, Cameroon, Ivory Coast, Eswatini, Ghana, Liberia, Nigeria, Republic of Congo, Republic of Guinea, Rwanda, Uganda, and Zambia.
Digging deeper
The companies explained that SME owners can now access solutions with the opportunity to create one e-commerce storefront including QR activation, Tap-on-Phone solutions, and digital card acceptance.
In addition to allowing MoMo users to transact at regular payment terminals, it will allow MoMo merchants to accept card payments.
The partnership will also expand the reach of mobile money remittance services – both domestic and cross-border remittances in Africa.
What they say
VP Market Development Mastercard EMEA Amnah Ajmal said the company was proud of the partnership that enables digital commerce for millions of people in Africa.
“The deal will enable SMEs with payment acceptance solutions such as Mastercard’s SME-in-a-Box, a low-cost payment solution that allows small business owners to move their businesses online and accept a range of digital payments from their customers,” they said.
Fintech CEO of MTN Group Serigne Dioum said the partnership will provide MoMo customers with best-in-class applications, superior user experiences, secure transactions, secure remittances, new use cases and expanded adoption.
“Demand for international remittance services is growing with more than $2 billion in daily transactions processed, equivalent to more than 40% of Sub-Saharan Africa’s GDPMastercard and MTN said.
“International remittances via mobile wallets grew 65% year-on-year in 2020 to around US$1 billion, with no signs of slowing down.”
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