MasterCard has its sights set on Africa
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MasterCard has its sights set on Africa

According to Daniel Lanre Monehin, the Sub-Saharan Africa division president of MasterCard, the cashless transactions company has big plans for the continent. MasterCard has been in Africa for 23 years, and its payments tech can be found in 52 out of 54 markets. Over recent years, it’s been debuting technological means to “close the gap” between the banked and unbanked African continent – in doing so, the company will bring financial services to an underserved population, and contribute to growth in Africa.

MasterCard’s share price has risen by 20% so far this year

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SOURCE: Yahoo Finance

Speaking to Vanguard News, Mr. Monehin said: “Africa is hugely important for Mastercard as it’s full of potential. According to the World Bank, roughly two-thirds of the adults on the continent remain unbanked and card penetration is low. By improving access to digital payments and the formal economy, we will be able to help more people contribute to healthy, sustained economic growth. Mastercard has made a commitment to connect more than 100 million Africans to formal financial infrastructure by 2020, because a financially included society ensures prosperity and security for every citizen.”

He also claimed that MasterCard sees Ecommerce sales in Africa hitting $75 billion annually by 2025, and that mobile technology was a driver of growth in Africa – even more so than it is globally! He said that MasterPass was transforming how Africans paid for things, and that the product (in its various iterations) “is currently being rolled our in a total of 33 markets across the continent, with the intention of reaching 100 million customers by 2020.”

Disclosure

Dominion holds MasterCard in its Global Trends Ecommerce Fund.


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