MTN MoMo and Mastercard announced a multi-market partnership to launch prepaid virtual cards. This collaboration aims to empower millions of individuals and small businesses with secure and convenient digital payment options.
According to a joint press release, the virtual cards will grant access to over 100 million acceptance points worldwide for MTN's 60 million active MoMo wallet users. These users are spread across 13 African markets, including Nigeria, South Africa, and Ghana. This partnership comes shortly after Mastercard's minority investment in MTN Group Fintech, solidifying its commitment to driving financial inclusion in Africa.
The agreement extends beyond virtual cards, enabling MoMo merchants to seamlessly accept card payments, enhancing their cross-border money remittance services. Additionally, physical companion cards linked to MoMo wallets will be issued, further increasing user convenience and propelling MTN towards a global presence.
Mastercard will leverage its expertise to provide advanced cybersecurity solutions to MTN's operations, fostering user trust and loyalty. The collaboration also aligns with MTN's vision of becoming Africa's leading fintech platform for both consumers and merchants.
"Our innovation strategy is built on collaboration," said Amnah Ajmal, Executive Vice President of Market Development for Mastercard EEMEA. "We are proud to partner with MTN to enable digital commerce for millions in Africa."
Serigne Dioum, Group CEO of MTN Fintech, echoed these sentiments: "We are excited to collaborate with Mastercard, a partner committed to empowering individuals and businesses through innovative solutions." This partnership is expected to significantly contribute to the growth and accessibility of the African fintech ecosystem, paving the way for a more inclusive and secure digital future.
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