MasterCard and Onafric (formerly MFS Africa), a pan-African payments company, has announced a new partnership to offer secure, cost-effective and innovative payment options to consumers and small and medium-sized enterprises (SMEs) across the continent.
This collaborative effort will enable Onafriq to support the full range of their consumers’ digital commerce needs, interactions and experiences, leveraging Mastercard’s technology.
By The Numbers
Africa’s mobile money sector is one of the most established and fastest growing fintech industries in the world.
According to The State of the Industry on Mobile Money 2024 report by the GSM Association, there are 835 million registered mobile money accounts in Sub-Saharan Africa, accounting for 48% of global users and increasing by 19%. year after year.
What they say
- “Technological developments are driving the digital financial services industry and providing accessible digital payment solutions is imperative to empowering consumers to seamlessly transition to digital commerce.
At Mastercard, we seek to leverage fintech partnerships in Africa to catalyze transformative change across industries that benefit individuals, communities and businesses. We look forward to working with Onafriq to open digital pathways and drive innovation across the continent’s payments ecosystem,” he said Amnah AjmalExecutive Vice President, Market Development, EEMEA at Mastercard.
- “Onafriq is focused on making borders less important by providing digital payment networks and solutions that give all Africans access to the financial services they need to scale their businesses or transact.
We are excited about our partnership with Mastercard as we share a strong alignment of vision and mission, interoperability and markets. Furthermore, we both understand that financial inclusion is not only a moral imperative but also a strategic priority for economic development in Africa,” he said Dare OkutsuFounder & CEO of Onafriq.
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