Browsing: Mastercard

Airtel Money

Competition in the remittance space has intensified with the entry of new players as the race for a share of the annual $95.6 billion in cross-border remittances flowing into Africa heats up. Airtel Africa has partnered with MasterCard to unveil a new service for cross-border remittances. Their deal will see customers in Kenya and 14 other African nations become the first beneficiaries of the service.

Airtel Africa and MasterCard will provide a seamless digital experience for consumers, connecting them with millions of peers worldwide. With a mushrooming diaspora community, remittances are now the largest source of forex in many African economies.…

East Africa's Small-Scale Retailers
  • Due to their small footprint, traders are located closer to consumers, along transport hubs and routes, or within local communities. 
  • Proximity also extends to knowing and stocking customer’s preferred brands and products and offering credit to loyal customers.
  • United Nations Economic Commission for Africa indicates that small and local retail transactions account for 70 percent of total transactions in Kenya alone. 

Across East Africa, it is not uncommon to see dukas and kiosks around every other street corner offering some of life’s daily essentials such as sugar, soap, tissue paper as well as bread and milk. 

While they may not seem like much, East Africa’s dukas and kiosks are the backbone of the economy, providing jobs and basic essentials to millions of people.

According to EuroMonitor International, these spaces for trading can range from as little as 1sqm up to 30sqm. Due to their small footprint, traders are located closer

Kenya-CNN Promotion project.
  • 20 investments  in manufacturing, ICT, energy, health and agri-business have been signed in past two months.
  • Latest Kenya-US trade ties place the East African country at a pole position on attracting more American dollars.
  • Since President William Ruto took office in September 2022, Kenya-US engagements have been on a full throttle.

Deepening Kenya-US trade ties have started to pay dividends as American firms move to invest in East Africa's largest economy. With modern infrastructure, and skilled labour force, Kenya offers one of the best opportunities for US investors eyeing the region.

Currently, Kenya is the second most preferred destination by Americans seeking to invest in Africa. The 2023 US government review shows Kenya hosts 142 American firms while Nigeria has 195 conglomerates.

Latest developments, however, place Kenya at a pole position in attracting more American investors in the short to medium-term.

Deepening Kenya-US bilateral ties

Since President William Ruto took…

Mastercard plastic cards
  • Mastercard said plans are in motion to remove PVC plastics from payment cards on its network by 2028
  • The global payment solutions company said the move would further reinforce their sustainability commitments 
  • All newly–produced plastic payment cards will be required to be made from more sustainable materials – including recycled or bio-sourced plastics such as rPVC, rPET, or PLA

Mastercard said it is planning to remove PVC plastics from payment cards on its network by 2028.

In a statement, the global payment solutions company said the move would further reinforce their sustainability commitments and scale the accessibility of more sustainable card offerings for consumers seeking a way to reduce the environmental impact of their wallet.

Mastercard turns to recycled, bio-sourced plastics 

From January 1, 2028, all newly–produced plastic payment cards will be required to be made from more sustainable materials – including recycled or bio-sourced plastics such as rPVC, rPET, …

Tigo global payments
  • Tigo Tanzania, Selcom and Mastercard Inc. have partnered to introduce online payments on a global scale
  • The three parties have launched the service through the Tigo Mastercard virtual service via Selcom’s card-as-a-service (CaaS) platform
  • The deal is expected to enable Tigo Pesa customers to transact on global payments platforms

Tigo Tanzania, Selcom and Mastercard Inc. have partnered to introduce online payments on a global scale. The three parties have launched the service through the Tigo Mastercard virtual service via Selcom’s card-as-a-service (CaaS) platform.

According to the partners, the deal is expected to enable Tigo Pesa customers to transact on global payments platforms. They will also benefit from Mastercard’s technology which would enable new digital commerce opportunities for consumers and merchants, through simple and secure payment experiences.

The launch of the virtual card will ensure Tigo’s ability to provide its customers access to products and services previously a preserve of physical …

Mastercard agreement with DTB
  • Diamond Trust Bank and Mastercard have announced a strategic agreement that will enable the bank to provide payment cards to tech-enabled companies including fintechs in Kenya
  • The Agreement will enable tech-enabled companies to issue their own card propositions through DTB, using Mastercard’s technology
  • The agreement is the latest partnership between DTB and Mastercard in East Africa with the bank exclusively issuing Mastercard payment cards in Kenya, Uganda, and Tanzania

Diamond Trust Bank (DTB) and global technology company Mastercard have entered into a new deal to enable the bank to provide payment cards to tech-enabled companies including fintechs in Kenya.

The Agreement will enable tech-enabled companies to issue their own card propositions through DTB, using Mastercard’s technology.

The agreement will enable DTB to process and settle payments in a faster, more convenient, cost-effective and regulated way as it works to increase its footprint in the region. It also improves the reach …

Mastercard and Ecobank Group to connect small-scale farmers to Farm Pass. www.theexchange.africa

In Sub-Saharan Africa, more than 60 per cent of the population is comprised of small-scale farmers, and the agricultural sector is anticipated to provide 23 per cent of the continent’s GDP, as stated by McKinsey & Company. However, just 3% of the industry is eligible for banking credit, which severely restricts the ability of farmers to expand their businesses or reduce the impact of unfavourable harvests.

“In contemporary times, ensuring food security is a requirement that is both vital and urgent. As a result, we are going to have to step up to the challenge and create chances for growth in Africa’s agriculture value chain. Our collaboration with Mastercard has arrived at the perfect time to hasten the process of providing smallholder farmers in Africa with access to the essential financial services they require.

These services are essential to the achievement of Africa’s full agricultural potential. According to Ade Ayeyemi, …

www.theexchange.africa
  • Kenya’s PesaLink payments ecosystem has signed a Memorandum of Understanding (MoU) with Mastercard to create innovative, digital-first payment solutions
  • PesaLink will leverage Mastercard’s technology, expertise, partnerships, and cyber intelligence solutions to diversify its payment capability beyond person-to-person payments
  • Mastercard will collaborate with PesaLink to expand its services to include a direct-to-consumer digital proposition, agent banking and solutions for business and government payments

Integrated Payment Services Limited (IPSL) which runs the PesaLink payments ecosystem has signed a Memorandum of Understanding (MoU) with Mastercard to create innovative, digital-first payment solutions designed to boost the adoption and usage of digital payments and accelerate Kenya’s transition to a cash-lite economy.

Established by the Kenya Bankers Association, the PesaLink ecosystem continues to grow and today, comprises 31 banks in Kenya and several payment service providers, Savings and Credit Cooperatives (SACCOs) and a telco, enabling over 9.5 million customers to connect to a secure, fast, efficient, …

www.theexchange.africa
  • MyBank, Mastercard and Network International have partnered to launch a new Mastercard debit card in Somalia
  • The new physical card is a first for MyBank in the country and will enable consumers to transact in-store at various points of sale and at ATMs
  • The initiative is expected to contribute to significantly boosting digital payments penetration in Somalia and will be supported by an awareness programme, educating customers on the card benefits and usage

As part of continued efforts to expand access to the digital economy and drive financial inclusion in Somalia, MyBank, Mastercard, and Network International have partnered to launch a new Mastercard debit card that seamlessly enables online shopping in Somalia.

The new physical card is a first for MyBank in the country. It will enable consumers to transact in-store at various points of sale and ATMs while also giving them the ability to make online purchases through e-commerce …

www.theexchange.africa
  • The Entrepreneur’s Odyssey is a mobile and tablet-friendly, a self-paced curriculum that includes online lessons across 21 modules with a total of 28 videos of approximately 20-30 minutes each
  • Its launch comes at a time when the small business segment in the region has faced unprecedented changes in the wake of the COVID-19 pandemic, further fueled by the rapid acceleration of digital transformation and e-commerce

Mastercard Academy has launched ‘The Entrepreneur’s Odyssey’, a digital education platform that brings together a range of world-class academic and business resources to help small businesses learn and thrive.

The Entrepreneur’s Odyssey is a mobile and tablet-friendly, self-paced curriculum that includes online lessons across 21 modules with a total of 28 videos of approximately 20-30 minutes each.

According to Mastercard, the platform follows a five-pathway approach which is open to all aspiring and established entrepreneurs with no limits on the number of viewers and is …