Mastercard has partnered MTN to enable millions of consumers in 16 countries across Africa to make global e-commerce payments safely and securely.
This was contained in a statement by the company on Tuesday.
It said, through its virtual payment solution linked to MTN MoMo (Mobile Money) wallets, consumers and merchants could engage with brands and businesses abroad through digital commerce, extending their reach to an international marketplace and unlocking a host of opportunities.
According to Mastercard, the service is available regardless of whether the customer has a bank account.
It explained that the solution would enable consumers to explore and shop at well-known global e-commerce brands and pay quickly and securely for 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.
Commenting on the product offering, Mastercard’s Executive Vice President for Market Development, Middle East and Africa, Amnah Ajmal, said, “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.
“Partnering MTN allows us to accelerate our global pledge to connect one billion people to the digital economy by 2025, bringing us closer to a world beyond cash.”
MTN Group Chief Digital and Fintech Officer, Serigne Dioum, also said, “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.”
Mastercard disclosed that it would extend the virtual payment solution offering throughout its fintech footprint.
Initially designed to facilitate the transfer of cash between mobile users, MTN’s MoMo offering is now broader, including loans, insurance, remittances, and payments.
