TechPression

Tag: Mastercard

  • Mastercard, NAT partner to introduce prepaid card in Senegal, Côte d’Ivoire and Benin

    Mastercard, NAT partner to introduce prepaid card in Senegal, Côte d’Ivoire and Benin

    Senegalese fintech startup New Africa Technology (NAT) teams up with Mastercard to launch a digital and physical prepaid card for individuals via NAT’s current digital wallet solution, “Flash.”

    The goal of the partnership, which was announced on Wednesday, is to change how payments are made in Senegal, Côte d’Ivoire, and Benin.

    By promoting payment acceptance through cutting-edge technologies like contactless payments, Pay by Link, and QR Pay, the solution is also made to assist merchants. It also gives companies access to a specialised platform dubbed “Flash in Business,” which offers them a complete answer to their business finance requirements.

    Read also: KaiOS, Mastercard boosting digital payments in Africa

    NAT CEO and Mastercard comments on the partnership 

    Birane N’dour, CEO of New Africa Technology said, “We are excited to collaborate with Mastercard to launch this pioneering fintech card that provides users with advanced payment solutions that are secure, versatile, and inclusive. This collaboration represents a major step forward in making financial services more accessible across the region,”

    Mark Elliott, Mastercard Africa’s Division President, noted that Mastercard’s partnership with NAT will leverage the former’s global reach and the latter’s local knowledge to drive financial inclusion in the region.

    “This alliance highlights our dedication to advancing financial inclusion and economic development in the region. This collaboration with New Africa Technology leverages our global network and their local expertise to expand the financial well-being of individuals and drive growth for local businesses and the broader economy,” stated Mark Elliott, Division President for Africa, Mastercard.

    Both virtual and actual prepaid cards are included with the Flash wallet, which facilitates smooth transactions.

    Additionally, it has features like split invoices among many people, spending management, and budgeting assistance. Additionally, the software works with other wallets in the area, enabling smooth transactions.

    Mastercard, Worldpay partners to initiate virtual cards to simplify travel bookings 

    In a similar move, Worldpay and Mastercard announced a creative collaboration to expedite supplier payments and offer customised travel agency solutions. The announcement of this Initiative was published on the Worldpay website on Wednesday.

    Read also: Mastercard collaborates with Fintech Scale to accelerate SME growth

    Worldpay simplifies client payment procedures by providing virtual cards to travel agents in the UK and Europe through the Mastercard Wholesale Programme.

    “Businesses need the fast, secure, and flexible payment experiences that virtual cards offer. We’re thrilled to accelerate the adoption of this technology with Worldpay, who is now empowering its travel agency customers through the Mastercard Wholesale Program by providing them with a dynamic B2B payment solution that can be tailored to specific product and market needs,” said Chiara Quaia, senior vice president, travel industries at Mastercard, in a statement regarding the launch.

    “Working with Mastercard to deliver value across the entire travel ecosystem through this virtual card program, we will be able to help travel agents realize new efficiencies in their payment processes while increasing travel supplier virtual card acceptance through more transparent and data-driven practices,” said Nabil Manji, Head of FinTech Growth & Financial Partnerships at Worldpay.

  • Orange and Mastercard partner to expand digital payments in Africa by 2025

    Orange and Mastercard partner to expand digital payments in Africa by 2025

    Orange Middle East and Africa has announced a strategic partnership with global payments leader Mastercard to increase access to mobile financial services throughout Sub-Saharan Africa. By 2025, the collaboration aims to enable millions of Orange Money wallet users to conduct digital payments via Mastercard’s extensive network of global merchants.

    This initiative will initially launch in seven countries: Cameroon, Central African Republic, Guinea-Bissau, Liberia, Mali, Senegal, and Sierra Leone.

    Read also: KaiOS, Mastercard boosting digital payments in Africa

    Empowering underserved communities through financial access

    With only 48 percent of African adults currently banked, as reported by the African Digital Banking Transformation Report, Orange and Mastercard’s collaboration seeks to close this financial access gap. The partnership aims to support the financial empowerment of underserved communities by accelerating access to secure and convenient digital payment options.

    Under this initiative, Orange Money customers will have the option to obtain a virtual or physical debit card directly linked to their Orange Money wallets. These cards will allow seamless transactions with local merchants and provide international payment capabilities, supporting purchases on websites, mobile applications, and during travel. Customers can easily request a virtual card via Orange’s Max it app or collect a physical card at designated Orange Money Mastercard locations.

    Innovation to enhance financial independence

    Aminata Kane, CEO of Orange Money Group for Middle East and Africa, emphasised the transformative potential of this partnership for Orange customers. “This collaboration is an opportunity to bring top-notch innovation to our customers, allow them to pay with the Mastercard card linked to their Orange Money wallet when they travel internationally, and give them access to online shopping all over the world, in a simple and secure way,” Kane explained. She added, “By offering our users the ability to pay effortlessly with a Mastercard virtual card, we open the door to a world of new possibilities and promote their financial independence.”

    Advancing financial inclusion across Africa

    With over 160 million customers and 37 million active Orange Money accounts across 17 countries in Africa and the Middle East, Orange has already made a substantial impact on financial inclusion. Through accessible mobile technology, Orange Money provides essential financial services, including secure transfers and payment solutions, to those previously outside the formal financial system.

    Amnah Ajmal, executive vice President of market development at Mastercard for Eastern Europe, Middle East, and Africa, underscored Mastercard’s dedication to inclusive finance: “At Mastercard, we are committed to advancing financial inclusion by leveraging cutting-edge technology to create meaningful, scalable impact. Our collaboration with Orange Money represents a significant step in unlocking the full potential of digital financial services across Africa, enabling millions to participate in the global economy.”

    Read also: Safaricom partners with Apeiro and Konvergenz to invest $800 million in Kenya’s healthcare system

    Supporting Africa’s digital transformation

    This partnership also enhances Mastercard’s position as a reliable technology partner for African telecommunications companies. With expertise in secure payment solutions and tailored financial tools, Mastercard supports growth and innovation for small and medium-sized enterprises, facilitating financial inclusion across the continent.

    Aligned with Orange’s strategy to provide efficient and accessible financial services, the Orange-Mastercard partnership will expand financial access, supporting Africa’s broader digital transformation and empowering communities through greater access to digital payments.

  • How the first ever tokenised wearable technology in Somalia is shaping Africa’s financial landscape

    How the first ever tokenised wearable technology in Somalia is shaping Africa’s financial landscape

    Premier Bank in Somalia, in partnership with Mastercard and Tappy Technologies, introduced Tap2Pay, a tokenised payment wearable solution, marking a new era in the evolution of digital payments in Africa. 

    This innovative solution introduced this October, leverages Near Field Communication (NFC) technology to create a seamless, secure, and convenient consumer payment experience. 

    As the first bank in Africa to introduce such a service, Premier Bank is setting the pace for digital transformation across the continent’s financial sector.

    Read also: JPMorgan secures licence to open office in Kenya

    Transforming Everyday Payments with Tap2Pay

    In an era where convenience and security are paramount, Tap2Pay promises to redefine how consumers interact with their finances. 

    Tap2Pay integrates NFC technology into everyday accessories like eyeglasses, rings, wristbands, smartwatch straps, and phone cases, allowing users to make payments by simply tapping their wearable at compatible point-of-sale (POS) terminals or ATMs.

    This breakthrough offers a simple solution for consumers seeking ease of use in financial transactions. Everyday purchases like groceries, transportation, or even coffee can be handled with a quick tap, eliminating the need for physical cards or cash. 

    This ease of use is crucial in Africa, where mobile banking and digital wallets have already begun to take root, making cashless payments more accessible.

    The Power of Tokenization: Security at the Forefront

    At the heart of Tap2Pay’s offering is its focus on security through tokenization. Tokenisation replaces sensitive card details with encrypted tokens, ensuring that personal information remains protected during transactions. 

    This method significantly reduces the risk of fraud and hacking, making transactions more secure than traditional magnetic stripe cards.

    Mark Elliott, Division President for Africa at Mastercard, highlights the importance of this technology: “Tokenization is at the heart of the next generation of secure, contactless payments. By replacing sensitive data with encrypted tokens, we are ensuring that consumers can pay with confidence.”

    This added layer of protection is a game-changer for a region that has faced challenges with financial security and digital fraud. It enables consumers to embrace digital payments without sacrificing privacy or safety, building trust in new technological solutions.

    Read also: New tax bill: Nigerians must present tax ID to open, operate bank accounts

    Expanding financial inclusion through wearable technology

    Tap2Pay has the potential to boost financial inclusion. Mobile money and digital payments have become vital in Africa, where access to traditional banking services remains limited.

    However, integrating NFC-enabled wearables takes this further by offering a practical and user-friendly method of making transactions, even in remote areas.

    The adoption of Tap2Pay means that consumers in regions with limited access to bank branches can still participate in the digital economy, using wearables to connect with their finances in ways previously unimaginable. 

    This represents a bridge between the unbanked and the broader financial system, enabling more people to access digital financial services with minimal friction.

    The rise of wearable payments in Africa

    As the global wearables market is projected to reach $80.39 billion by 2030, Africa’s adoption of this technology could revolutionise payment practices. By blending everyday accessories with advanced payment technology, wearable solutions like Tap2Pay present a futuristic approach to banking—one where financial transactions become an integral part of daily life.

    This innovation goes beyond convenience; it sets a new benchmark for how financial services can evolve to meet the needs of a young, tech-savvy population eager for change. By focusing on ease of use, security, and accessibility, Tap2Pay is positioned to become a staple in Africa’s digital transformation journey.

    The launch of Tap2Pay is more than just a technological milestone—it represents a shift in how financial services can be delivered in Africa. By making secure, tokenised payments accessible through wearables, Premier Bank and its partners are pioneering a new standard in the continent’s financial ecosystem. 

    For consumers, this means a future where transactions are seamless, secure, and always within reach, signalling the emergence of a new era in digital finance where innovation drives progress and inclusion.

  • KaiOS, Mastercard boosting digital payments in Africa

    KaiOS, Mastercard boosting digital payments in Africa

    KaiOS, a prominent operating system for affordable devices, partnered with Mastercard to offer electronic payment options. Mastercard and KaiOS will provide cheaper payment acceptance devices in Cote d’Ivoire and Nigeria to promote a more inclusive, linked global economy.

    It’s still difficult for small and medium-sized businesses (SMEs), especially in developing markets, to accept digital payments. Traditional payment systems are expensive and technically difficult to set up. This, in turn, makes it harder for these companies to really take part in the digital economy, which slows growth for everyone.

    Read also: Safaricom partners with Mastercard to expand payment services

    Digital payment revolution with KaiOS and Mastercard

    KaiOS and Mastercard are helping millions of SMEs accept digital payments with KaiOS devices. With Tap & Go contactless payments technology, even small companies may soon use their low-cost devices to accept Mastercard QR Pay by Link payments safely and efficiently.

    Enrolment is straightforward. Business owners can enrol using their KaiOS phone. SMEs can use various digital payment solutions after registering and authenticating with a one-time password.

    We’re enabling small businesses and entrepreneurs to participate in contemporary commerce by adding Mastercard’s secure payment technology to cheap Internet phones running KaiOS. This idea lowers obstacles and makes an affordable consumer device a vital commercial tool, “Codeville said.

    In July 2024, Connection Africa announced that Codeville was selling feature phone-like merchant payment devices to underserved merchants for digital payments. KaiOS’s Mastercard partnership followed experimental initiatives in informal transport in Nigeria and with Côte d’Ivoire merchants.

    Read also: Zambia’s ChitChat introduces virtual cards powered by Mastercard

    Unlocking Opportunities: Mastercard in Africa 

    Mastercard and KaiOS will first operate in African markets with partners, including Touch and Pay Technologies (TAP) and Wizzit, to improve merchant access.

    TAP CEO Olamide Afolabi said the company is always looking for innovative solutions that enhance the accessibility and convenience of financial services for underserved populations. 

    “By integrating KaiOS into our platform, we’re enabling millions of users with feature phones to access seamless digital payment solutions and financial services that were previously out of reach. This partnership is vital in furthering our mission to drive financial inclusion and empower communities through technology,” Afolabi said.

    According to Wizzit COO Dirk Bruynse, partnering with KaiOS and Mastercard will expand secure payment acceptance options throughout Africa and beyond.

    “This partnership will enable us to scale our switching capabilities and deliver innovative payment solutions that cater to the evolving needs of businesses of all sizes. We are confident that this collaboration will set new benchmarks for efficiency and drive greater financial inclusion,” Bruynse added. 

    Mastercard also teamed up with Onafriq in April 2024 to offer safe payments to African consumers and SMEs. In February 2024, the multinational payments company invested $200 million in MTN Group’s fintech unit.

  • Safaricom partners with Mastercard to expand payment services

    Safaricom partners with Mastercard to expand payment services

    Thanks to a partnership between Safaricom and Mastercard, over 636,000 Kenyan retailers will now accept payments and receive remittances.

    The partnership between Safaricom and Mastercard aims to hasten Kenya’s adoption of cross-border remittance services and payment acceptance.

    The partnership is expected to help more than 636,000 merchants who use M-PESA, Safaricom’s top mobile money service. The M-PESA-driven mobile wallet payments segment in Kenya’s payment acceptance market is expected to increase at a compound annual growth rate (CAGR) of 12.7 per cent from 2020 to 2024.

    Read also: Kenya’s Safaricom lowers internet prices to compete with Starlink

    Through this partnership, merchants can offer smooth, secure, and scalable payment solutions to customers worldwide by utilising Mastercard’s global payment infrastructure and M-PESA’s merchant network. The collaboration will also improve remittance services, effectively expediting cross-border transactions.

    “We are excited to collaborate with Safaricom to create a digital economy that benefits everyone, everywhere. Amnah Ajmal, Executive Vice President, EEMEA, Mastercard, stated, “We will help the merchants expand and support the Kenyan economy.”

    Partnership to improve cross-border money transfers 

    The alliance is expanding digital payments throughout Kenya by integrating Mastercard’s omnichannel acceptance solutions into M-PESA’s merchant space.

    Additionally, by incorporating Mastercard’s infrastructure, Safaricom will improve cross-border money transfers, offering quicker and more dependable transactions and expanding its capacity to assist retailers in taking electronic payments.

    “Our goal to provide cutting-edge, customer-focused goods is in line with our partnership with Mastercard, which opens up new potential for M-PESA merchants.

    “We are enabling businesses to offer their customers more efficient and frictionless payment solutions, both in Kenya and abroad, by combining our expertise with Mastercard’s global acceptance network,” stated Esther Waititu, Chief Financial Services Officer, Safaricom Plc.

    Safaricom and Mastercard are dedicated to promoting financial inclusion and innovation in Kenya’s dynamic digital environment. The initial measures are anticipated to be implemented in the upcoming months, furthering Safaricom’s progress in obtaining a licence and offering state-of-the-art digital payment solutions to retailers.

    Read also: Mastercard collaborates with Fintech Scale to accelerate SME growth

    About M-PESA

    M-PESA was introduced in Kenya in 2007 to make domestic money transfers as easy as texting. Customers in seven African regions may now transmit money swiftly and securely using M-PESA.

    They can also use it to pay bills, make in-store payments, move money overseas, and access financial services, including overdraft and loan options.

    Millions of people with mobile phones which either do not have bank accounts or only have restricted access to banking services can also benefit from its financial services, which include safe, affordable, and convenient ways to send and receive money, top-up airtime, pay bills, receive salary, apply for short-term loans, and much more.

  • Zambia’s ChitChat introduces virtual cards powered by Mastercard

    Zambia’s ChitChat introduces virtual cards powered by Mastercard

    Leading social commerce platform ChitChat has partnered with Mastercard to introduce virtual debit cards. This unique cooperation will allow users to transact and purchase online, manage subscription payments, and transfer cash across the continent in real-time via the ChitChat app’s chat interface.

    In addition to enabling users to transfer payments rapidly using the virtual card without any hassle, the program features an interactive chat mode that allows users to discuss spending directly.

    Read also: Mastercard collaborates with Fintech Scale to accelerate SME growth

    Cross-Border Payments Made Easy with ChitChat

    ChitChat’s virtual card will speed up cross-border payments and allow transactions that previously needed a bank visit, considerable documentation, and days of waiting with exorbitant fees to be completed quickly via the app. Users may also keep funds in several currencies to hedge against local currency volatility and inflation and facilitate cross-border transactions.

    Perseus Mlambo, ChitChat CEO, said the company was excited to work with Mastercard to debut the ChitChat virtual debit card, changing how Africans use money and access worldwide services. By linking local economies with the global market in a safe and easy chat platform, we empower our users with rapid transactions that revolutionise everyday interactions and open new economic opportunities throughout the continent.”

    Gabriel Swanepoel, Mastercard’s Country Manager, stated, “Mastercard is thrilled to debut the virtual debit card with ChitChat, making worldwide transactions faster, cheaper, and easier. Mastercard is working to create the African domestic payment ecosystem by linking partners through digital solutions and technology, expanding acceptance infrastructure, and connecting one billion people to the digital economy by 2025.

    In addition, our partnership with ChitChat will allow them to meet clients’ digital commerce needs, interactions, and experiences. We will provide multi-use, omnichannel digital payment solutions to improve operational efficiency and ease the move to digital commerce.

    As a result of this move, ChitChat’s services have greatly expanded beyond basic texting, and it is now positioned as a multi-functional program that provides a complete link between social and financial requirements. In addition, this joint initiative aims to link and empower an inclusive digital economy for everyone, confirming Mastercard’s commitment to operate on a global scale.

    Read also: Microsoft enhances Windows 11 with Gamepad Keyboard features for Xbox controllers

    About Mastercard 

    Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere, by making transactions safe, simple, intelligent and accessible. 

    Through secure data and networks, collaborations, and strong enthusiasm, our ideas and solutions assist individuals, financial institutions, governments, and enterprises in realising their full potential. Our culture, as well as all that we do within and outside our organisation, is driven by our decency quotient, often known as DQ. Through our relationships spanning over 210 nations and territories, we are working to create a sustainable world that can unleash precious opportunities for everyone.

  • Mastercard collaborates with Fintech Scale to accelerate SME growth

    Mastercard collaborates with Fintech Scale to accelerate SME growth

    In the most recent news about startups, the South African company Scale has teamed up with Mastercard to help fintech companies in Africa and the Middle East get their goods to market faster.

    Local company Scale focuses on payment orchestration, which means it helps businesses decide whether to accept or reject a transaction. It was started by two women of colour, Miranda Perumal and Barbara Woollams. Perumal is currently the CEO.

    As a “fintech agency,” it helps its companies launch, implement, and grow. Business launch is easier with scale. It provides project managers, strategy, partners, market analysis, and money.

    Read also: Mastercard Foundation EdTech Conference emphasises ICT integration in African learning

    It even offers digital content marketing and social media advertising.

    Mastercard claims the agreement will lower technical and commercial hurdles for fintech and digital finance companies implementing payment programs. These companies can launch new products and services faster with scale.

    “At Mastercard, we are committed to working with local ecosystem players to drive the growth of innovative payment solutions across the region to bridge the digital gap, enhance financial inclusion and improve access to financial services. With its in-depth knowledge of the fintech landscape, Scale is our ideal partner in achieving these goals,” said Amnah Ajmal, executive vice president, Market Development, EEMEA, Mastercard

    Mastercard and Scale’s Strategic Support 

    Mastercard and Scale will help fintech companies and other ecosystem players secure BIN sponsorships, build sustainable unit economics, design and commercialise card and other payment programs, productise, assess profitability models, and deliver fantastic customer experiences.

    In a media source, Mastercard said the alliance will become a technical proposition that allows any tech business to issue Mastercards through Scale.

    “Fintech companies move at speed and require commercially viable collaborations with experienced companies that cater to a cost-sensitive market,” enthused Perumal.

    “Through our exciting partnership with Mastercard, we are solving a major pain point and providing a single point of contact while absorbing the complexities of seeking a bank BIN sponsor, third-party processor and other payment solution providers. This combined ecosystem service allows fintech players to focus on their core business and us to focus on ours – streamlining processes, enabling payments and supporting the program’s growth to earn revenues faster.”

    By providing these companies with information about competitors, customer behaviour, and market dynamics, the scale will now help Mastercard’s fintech partners grow their portfolios, earn more money, and finally make a profit.

    Read also: Mastercard Foundation summit highlights African edtech startups

    About Mastercard

    Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere, by making transactions safe, simple, intelligent and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments, and businesses realise their most significant potential. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.

    About Scale

    Founded by South African entrepreneur and industry expert Miranda Perumal, Scale is charting a course to reshape the continent’s financial landscape. The startup supports Fintechs across their segments and stages by enabling their Go-To-Market and Speed-to-Revenue strategies through the technology and partnership suite. The launch of Scale has already generated considerable traction within the fintech community, with several prominent clients, partners and investors expressing excitement about the venture.

  • Learning Meets Tech: Mastercard Foundation Hosts Innovative EdTech Conference

    Learning Meets Tech: Mastercard Foundation Hosts Innovative EdTech Conference

    The first-ever EdTech Conference will occur from July 8–10, 2024, at the Mastercard Foundation’s Centre for Innovative Teaching and Learning. It will be an annual conference gathering. It is being held this year at the Hilton Transcorp in Abuja, Nigeria, in collaboration with the Nigerian federal government.

    The 2024 Mastercard Foundation EdTech Conference’s subject, “Education Technology for Resilient and Inclusive Learning in Africa”, is in keeping with the African Union’s Year of Education.

    Read also: Insights from the Mastercard Foundation EdTech Fellowship

    The discussion will centre on the current state of the EdTech ecosystem, emerging trends, the role of EdTech in solving Africa’s educational challenges and policies that are needed to foster an enabling environment for technology-enabled innovation in education.

    Transforming Africa’s Education Ecosystem

    Reeta Roy, President and CEO of the Mastercard Foundation stated that technology is a potent enabler of opportunity and advancement. Young entrepreneurs and innovators are reviving the education industry with fresh ideas and energy all over Africa. A few breakthroughs can potentially change ecosystems and countless people’s futures.

    This first conference aims to accelerate the development of digitally connected educational platforms and systems that provide accessible learning opportunities for everyone. Participants include young people, EdTech entrepreneurs, policymakers, investors, donors, data scientists, and many others.

    It is anticipated that members of the EdTech ecosystem operating at the intersection of ICT and education from all over the continent will exchange knowledge on workable strategies to expand access to high-quality education for all in Africa.

    The Mastercard Foundation EdTech Conference aims to transform Africa’s education ecosystem by investing in home-grown innovative solutions to bridge access and learning gaps, highlighting the role of technology in catalysing transformation.

    Read also: Mastercard-AfDB Digital Economy Alliance to boost African digital access

    About the Mastercard Foundation

    One of the most significant foundations worldwide is the Mastercard Foundation, a registered charity in Canada. It collaborates with forward-thinking organisations to promote financial inclusion and education so that young people in Canada’s Indigenous communities and Africa can find respectable and meaningful employment.

    Established in 2006 by Mastercard’s kind generosity upon the company’s going public, the Foundation operates independently of the business and has offices in Toronto, Kigali, Accra, Nairobi, Kampala, Lagos, Dakar, and Addis Ababa.

    The Foundation’s Board of Directors and leadership make decisions on its policies, operations, and programmes.

    The Mastercard Foundation Centre for Innovative Teaching and Learning promotes technology-driven education, focusing on underserved communities. It collaborates with various stakeholders to integrate technology into education, fostering innovative EdTech innovations and enhancing learning.

  • Insights from the Mastercard Foundation EdTech Fellowship

    Insights from the Mastercard Foundation EdTech Fellowship

    Egypt is now part of the Mastercard Foundation EdTech Fellowship, previously offered in South Africa, Kenya, and Nigeria. Promising African ed-tech startups are supported by the Mastercard Foundation EdTech Fellowship, an entrepreneurial acceleration programme introduced in 2019.

    It offers vital financial, educational, and business support to help ed-tech enterprises grow, become sustainable, and make a more significant impact.

    The Mastercard Foundation EdTech Fellowship has a track record of accomplishment, funding several businesses in Kenya, South Africa, and Nigeria.

    Building on this momentum, the programme has now been launched in Egypt thanks to a strategic agreement with Nahdet Misr Group’s investment arm, EdVentures, a well-known MENA-based ed-tech venture capital business.

    Read also: Mastercard EdTech Fellowship applications opens

    This expansion represents a critical turning point in line with the fellowship’s objective to support EdTech entrepreneurs and innovators throughout Africa and promote inclusive, high-quality education for all.

    Fostering Innovation in Egypt’s Ed-tech Sector Through Strategic Partnership

    Twelve startups have been chosen for the initial eight-month programme, comprising specialised training, mentorship, workshops, networking, and course access. Each startup will receive US$60,000 in equity-free funding.

    Over the next three years, the fellowship will support 36 ed-tech startups, driving positive change in the education sector.

    The founder and CEO of EdVentures, Dalia Ibrahim, declared they are honoured to partner with Mastercard Foundation, a testament to their impact in Egypt’s ed-tech sector. This partnership is pivotal for the ed-tech industry, aligning with their mission to foster innovation and empower young entrepreneurs.

    Also, in partnership, they will continue to shape a robust ed-tech ecosystem in Egypt, redefining learning experiences. They eagerly anticipate the forthcoming cycles, each contributing to their shared vision of a brighter future for education.

    EdTech Startups: The Leading Cohort Transforming Education

    The first cohort of the Mastercard Foundation EdTech Fellowship consists of the interactive STEM e-learning platform Armstrong, 5 Quarters, and a dental student learning application. Arabic podcast for self-improvement and business skills called Business بالعربي; Career 180, career advancement, and youth employment alternatives;

    Read also: Injini Mastercard Foundation supports 12 startups in South Africa

    Fednee is a platform for networking, professional development, mentorship, and collaboration; Deaf Gain provides consulting services for people who are hard of hearing and deaf people.

    The cohort is completed by iSchool, which teaches AI and coding for kids ages 6-17; Mharet Tefl: a speech therapy programme for children; Nafham by Tayro, an online learning application;

    OTO Courses, an online one-on-one English course, and other courses; Science Street, which promotes science literacy; and Bayt Alkhyata, which fosters social development for women and their communities.

  • Mastercard-AfDB Digital Economy Alliance to boost African digital access

    Mastercard-AfDB Digital Economy Alliance to boost African digital access

    Mastercard and the African Development Bank (AfDB) have joined forces to enhance African digital access through the Mastercard-AfDB Digital Economy (MADE) Alliance. 

    This initiative aims to connect 100 million people and businesses to essential digital services over the next decade, marking a significant step forward in Africa’s digital transformation.

    The MADE Alliance is a strategic collaboration designed to foster digital inclusion and economic growth across the continent. By leveraging Mastercard’s expertise in digital payments and AfDB’s extensive network and resources, the alliance seeks to create a robust digital ecosystem that empowers individuals and businesses alike.

    Read also: Access Bank, Mastercard partner for cross-border payments in Africa

    One of the primary goals of the MADE Alliance is to connect 100 million people and businesses to vital digital services by 2034. This ambitious target reflects the alliance’s commitment to bridging the digital divide that has long hindered Africa’s development. By providing greater access to digital tools and services, the partnership aims to drive economic growth, improve livelihoods, and enhance millions of Africans’ overall quality of life.

    Focusing on Agriculture and Women’s Empowerment

    The initiative will initially focus on two critical areas: agriculture and women’s empowerment. 

    Agriculture remains a cornerstone of many African economies, and the MADE Alliance aims to revolutionise this sector through digital innovation. The initiative will provide access to real-time data, market information, and financial services by connecting farmers to digital platforms. These tools can help farmers increase their productivity, access new markets, and ultimately improve their incomes. Digital solutions like mobile banking and e-commerce platforms will enable farmers to manage their businesses more efficiently and sustainably.

    Empowering women is another critical priority for the MADE Alliance. Women play a crucial role in Africa’s economy, yet they often face significant barriers to accessing digital services and financial resources. The initiative will focus on providing women with the tools and knowledge they need to thrive in the digital economy. This includes access to digital financial services, entrepreneurship training, and support for women-led businesses. By empowering women, the alliance aims to foster inclusive economic growth and promote gender equality across the continent.

    Driving Africa’s Digital Era

    The partnership between Mastercard and AfDB represents a significant milestone in Africa’s journey towards a more connected and inclusive digital future. By addressing critical barriers to digital access and fostering innovation, the MADE Alliance is set to drive substantial progress in the region’s digital transformation.

    A crucial aspect of the MADE Alliance is the creation of a sustainable digital ecosystem that can support long-term growth and development. This involves providing access to digital services and ensuring that the necessary infrastructure, policies, and skills are in place to sustain these advancements. The alliance will work closely with governments, private sector partners, and local communities to build a robust and resilient digital infrastructure that can adapt to changing needs and challenges.

    MADE will Promote Financial Inclusion and Digital Literacy

    Financial inclusion is a core component of the MADE Alliance’s mission. By expanding access to digital financial services, the initiative aims to bring more people into the formal economy and provide them with the tools they need to manage their finances effectively.

    Read also: Injini Mastercard Foundation supports 12 startups in South Africa

    This includes access to mobile banking, digital payments, and microfinance services that can help individuals and businesses build financial security and resilience.

    To ensure the success of the MADE Alliance, it is essential to promote digital literacy and skills development across the continent. The initiative will provide education and training programs that equip individuals with the knowledge and skills to navigate the digital landscape.

    This includes everything from basic digital literacy to advanced technical skills, helping to create a digitally savvy workforce that can drive innovation and growth.