TechPression

Tag: Mastercard

  • Mastercard, illicocash to launch virtual card program in DRC

    Mastercard, illicocash to launch virtual card program in DRC

    Mastercard and illicocash, the FinTech division of Rawbank, have joined forces to introduce a cutting-edge virtual card program in the Democratic Republic of the Congo (DRC).

    This strategic collaboration is geared towards fostering financial inclusion by providing consumers and businesses in the DRC with a seamless virtual card solution tailored for e-commerce transactions.

    Seamless Virtual Card Program for Enhanced Ecommerce. The introduced virtual card program is designed for swift issuance, enabling users to make transactions on both domestic and international websites. This initiative opens up a new realm of e-commerce experiences for consumers and streamlines online transactions for start-ups and small businesses in the DRC.

    Read also: Mastercard completes technology infrastructure in South Africa

    Mastercard’s Commitment to Innovate Africa’s Payments Sector

    Mastercard’s objective in this partnership is to collaborate with local FinTech companies to drive innovation in Africa’s payments sector and extend the reach of financial inclusion. illicocash, recognized for its pioneering efforts in digitising payments in the DRC, sees this collaboration as a significant addition to its digital services portfolio, catering to the unbanked and underbanked demographics.

    illicocash General Manager, Karim Nouri expressed that the fintech company “is a pioneer in digitising payments in DRC and accelerating the country’s shift away from cash. The new virtual card program, launched in collaboration with Mastercard, is a crucial addition to our portfolio of digital services that address the needs of the unbanked and underbanked.”

    Mastercard’s Vision for Financial Inclusion

    Jean-Charles Yallet, FSSA Country Lead, MENA West, Mastercard, expressed the company’s commitment to advancing financial inclusion through partnerships with local fintech companies. He stated, “Our partnership with illicocash is an integral part of our efforts to bring one billion people and 50 million micro, small and medium enterprises (MSMEs) worldwide into the digital economy by 2025.”

    Mastercard’s Trailblazing Collaborations for Digital Inclusion
    Mastercard’s commitment to innovation and sustainability extends beyond this collaboration. Recently, the company collaborated with MDP, a leading financial services provider in Egypt, to introduce an innovative carbon calculator tool. Responding to the growing demand for environmentally responsible choices, this tool aims to raise awareness and facilitate sustainable purchasing decisions.

    This recent collaboration follows Mastercard’s partnership with Nigeria’s ProvidusBank, resulting in the Providus Amphi Card. This payment solution, introduced in December 2023, empowers SMEs, merchants, and businesses with seamless self-services, focusing on cash-centric entities to enable smooth transactions.

    The Division President for Sub-Saharan Africa at Mastercard, Mark Elliott, shared the benefits of the Providus bank partnership, which resonates with the overarching values of the leading multinational company.

    According to Elliott, “Empowering these businesses with innovative, safe, secure, and efficient digital solutions will not only enhance financial inclusion but also drive rural development and fortify the resilience of the overall economy.”

  • Mastercard invests $27m in three firms 

    Mastercard invests $27m in three firms 

    The Mastercard Africa Growth Fund has made a big announcement on the substantial investments totaling $27 million that it has made in three prominent investment businesses. 

    These firms are Chui Ventures, VestedWorld, and SME Impact Fund. This move is a key step toward bolstering impact investment in Africa.

    It is a significant step forward in the process of expanding impact-driven projects on the continent because Chui Ventures receives $9 million from the fund, VestedWorld receives $10 million, and SME Impact Fund is allocated $8 million. With this most recent infusion of funding, the total number of recipients who have received assistance from the Africa Growth Fund has reached five beneficiaries.

    Prior to this, the Mastercard Africa Growth Fund had already made significant investments, including a distribution of $2.2 million to Aruwa Capital Management and $5 million to Inua Capital. The mission of Aruwa Capital, an investment firm that was founded in 2019 and is run by women, is to provide assistance to female entrepreneurs and enterprises that are geared toward meeting the requirements of women. The company has made investments in a number of different businesses, some of which are Fastizers, CrowdForce, Taeillo, Pngme, and Lifestores Pharmacy.

    Read also: Mastercard completes technology infrastructure in South Africa

    More On Mastercard Investment

    The Africa Growth Fund is a fund of funds with a total value of $200 million that was established in December 2022 with the intention of bridging the financing gap that exists in the impact investment landscape of Africa. The fund offers its portfolio firms a variety of services, including business development services, fund advisory, communications support, and diversity and inclusion consulting. It is supported by Investisseurs & Partenaires (I&P), ESPartners (ESP), Criterion Institute, Genesis Analysis, and Africa Communications Group.

    A statement made by Samuel Akyianu, the Managing Director of the Mastercard Foundation Africa Growth Fund, expressed his excitement regarding the latest investments. He said, “We are excited to welcome Chui Ventures, Vested World, and SME Impact Fund to our expanding family of investment vehicles.” Together, these strategic relationships are a manifestation of our unwavering dedication to promoting sustainable development in Africa by means of investments that have a significant impact.

    Mastercard, CENFRI, ATRN to boost Ghana’s tourism via tech

    When it comes to investments in Tanzania’s agricultural industry, the Tanzanian fund manager known as SME Impact Fund specializes in the field. With 44 investments totaling more than $15 million, the fund has reached out to 23,000 smallholder farmers in Tanzania, which has resulted in the creation of more than 3,000 jobs.

    Through these contributions, Mastercard demonstrates its dedication to promoting positive change in Africa by providing assistance for initiatives that have a significant impact and by boosting sustainable development across a variety of industries.

  • Mastercard completes technology infrastructure in South Africa

    Mastercard completes technology infrastructure in South Africa

    Global payments services giant, Mastercard has completed the construction of groundbreaking technological infrastructure in South Africa.

    The new infrastructure is poised to facilitate local transaction processing and contribute to the overall modernization of South Africa’s payments industry.

    Key to this technological leap is the launch of new data centers by Mastercard. These centers are designed to process local transactions more efficiently and securely, aligning closely with the objectives of the South African Reserve Bank’s (SARB) national digital transformation agenda, Vision 2025. This strategic alignment emphasizes the commitment to enhancing the digital ecosystem and supporting Africa through locally relevant technology.

    Read also: iKhokha, Mastercard partner to drive contactless payments in SA

    Investment in Digital Transformation and Financial Inclusion

    Mastercard Southern Africa country manager Gabriel Swanepoel highlighted that the investment aligns with Mastercard’s broader strategy of adding one billion people and 50 million small and microenterprise businesses to the formal digital economy in the coming years. This move reflects the company’s commitment to driving digitalization and modernization of infrastructure to provide fit-for-purpose financial services to the broader South African ecosystem.

    According to Swanepoel, “The investment also aligns with Mastercard’s strategy of adding one-billion people and 50-million small and microenterprise businesses to the formal digital economy over the next few years,” said Mastercard Southern Africa country manager Gabriel Swanepoel. Our investment will help the broader digitalisation and modernisation of infrastructure to provide fit-for-purpose financial services to the broader South African ecosystem.”

    Swanepoel emphasized the positive impact of increased digital payment methods, citing a three-fold increase in the use of electronic acceptance points for card-based payments in South Africa. The back-end infrastructure implemented by Mastercard enables consumers to make payments efficiently and in a user-friendly manner.

    Diversification of Payment Options and Continued Growth

    Mastercard is taking a diversified approach to payments in South Africa, expanding beyond traditional card payments to offer a range of tailored products and services. The acceptance footprint nationwide has witnessed a significant increase, particularly in various forms of digital payment options, contributing to secure payment choices for consumers and improved business efficiency.

    Swanepoel highlighted the evolution of business models, with card payments increasingly used for a variety of digital services and sales channels. He emphasized the importance of a strong digital ecosystem, noting that Mastercard will continue to collaborate with the SARB to make their Vision 2025 digital transformation agenda a reality.

    “This is profound, as we have now been operating in South Africa for more than four decades and we are still seeing significant growth. This tells us that the South African environment is robust, resilient and evolving as the new generation of digitally native consumers want to pay for goods and services how, where and when they want.

    “The conversation will continue to examine how the exchange of value changes as technologies evolve. Business models have already evolved, with more card payments being used for a range of digital services and sales channels,” Swanepoel noted.

    Mastercard, Lipa Later Group introduce new payment systems in Africa

    Local Relevance and Future Collaborations

    Mastercard, known for developing locally relevant solutions through partnerships, ensures that its local technology investment involves stakeholders to meet consumer demand. The newly built infrastructure is set to benefit financial services organizations, merchants, and consumers by facilitating the effective and secure exchange of value for goods and services.

    Swanepoel underscored the importance of infrastructure creation as an opportunity to be part of the solution in the country’s modernization journey. While South Africa possesses a well-developed financial system, Mastercard aims to partner with stakeholders in the broader Southern African economic environment to facilitate the exchange of value and tap into the vast potential present.

    Mastercard’s investment in resilient financial systems infrastructure, diverse financial technology solutions, local and regional partnerships, and dedication to building financial inclusion reflects its commitment to shaping the future of digital payments not only in South Africa but across the broader African continent. The company’s emphasis on security, innovation, and collaboration positions it as a key player in the ongoing evolution of the payments landscape.

  • Mastercard, CENFRI, ATRN to boost Ghana’s tourism via tech

    Mastercard, CENFRI, ATRN to boost Ghana’s tourism via tech

    In a concerted effort to propel Ghana’s tourism sector to new heights, the Mastercard Foundation, in collaboration with CENFRI and the African Tourism Research Network (ATRN), has embarked on a mission that marries data and digitalization with the country’s rich tourist offerings.

    The drive for this project is to augment the tourism sector in Ghana, and it’s set to convene in-depth workshops and training sessions, aiming to equip industry players with the skills and knowledge necessary to tackle the unique challenges facing the Ghanaian tourism sector.

    Read also: ADC, DFC to establish $300m Data Hub in Accra, Ghana

    CENFRI Dives into Ghana’s Tourism Sector

    Following a One Day Stakeholders’ in Tourism and Hospitality Data and Digitalization Economy workshop held on August 11, 2023, a follow-up workshop is scheduled to take place. The event, led by CENFRI and CDC Consult, will focus on two crucial areas. The first area will offer insights into the state of the Ghanaian tourism sector, shedding light on the critical obstacles preventing its growth and the vast opportunities waiting to be harnessed.

    One of the central discussions will revolve around the current use of data and digital technology within the sector, exploring the obstacles that hinder greater adoption of these technologies. Simultaneously, this segment will highlight the numerous advantages that can be unlocked by enhanced data and digital technology utilisation. This includes increased revenue generation, cost-saving in operations, refined customer segmentation and analysis, and overall enhancements in tourism services and products.

    Recommendations for Sector Advancement

    The second area will delve into actionable recommendations for both public and private stakeholders in the tourism sector, charting a path towards expanding the market. These recommendations will be concrete and contextually grounded, accompanied by practical examples of their implications, their relevance, and the methods for their effective implementation.

    The initiative unfolds in two distinct phases. The first phase, scheduled for October 20, 2023, will be an in-depth workshop held at the Fiesta Royale Hotel. This day-long event will gather 75 participants representing academia, private enterprises, and public institutions, providing a comprehensive forum for knowledge sharing.

    The second phase encompasses three days, from October 23 to 25, hosted at MEST in East Legon. This segment will concentrate on a hands-on training session led by CENFRI. The training will focus on essential principles of tourism marketing and harnessing data for informed decision-making.

    The objectives of this training session are twofold. Firstly, to equip key tourism sector stakeholders with the necessary tools to enhance their businesses and to empower them to share their newfound knowledge and experiences. Secondly, to provide practical guidance, templates, and key materials that can be adopted and tailored for local training sessions. These local training sessions will serve as a cascading mechanism to share the lessons and benefits from the main training event and foster industry-wide growth.

    Mastercard’s partnership with Delivery Hero drives E-commerce growth 

    Mastercard, CENFRI and ATN’s Drive Towards a Prosperous Tourism Sector

    In an era where data and digital technology are critical in shaping the future of industries, it is also revolutionising tourism in Africa, offering travellers more efficient and immersive experiences. Mobile apps, GPS, and virtual reality enable tourists to explore remote regions and access real-time information about attractions. Digital platforms facilitate bookings, providing economic opportunities for local businesses, while online reviews and social media empower visitors to share their journeys, enticing more people to discover Africa’s diverse landscapes, cultures, and wildlife.

    This joint initiative by the Mastercard Foundation, CENFRI, and ATRN is a significant step in advancing Ghana’s tourism sector. It not only enriches the industry by providing cutting-edge tools and solutions but also positions Ghana as a prominent destination, ready to provide a more fulfilling and tailored experience for tourists. This initiative represents a commitment to innovation, development, and the future prosperity of Ghana’s tourism sector.

  • Mastercard, others to promote financial inclusion in Uganda

    Mastercard, others to promote financial inclusion in Uganda

    An innovative partnership between Equity Bank Uganda and Mastercard has been officially established. This will lead to a focused effort to promote financial inclusion among Uganda’s digitally excluded people, communities, and businesses. 

    A memorandum of understanding (MoU) was signed to formalize the relationship. The two organisations aim to use technology to help underserved and marginalised groups find financial support.

    Read also: Arkel Consult and Management Services (ACMS) set to promote financial inclusion in Ghana

    Equity Bank uses Mastercard Community Pass

    Financial inclusion cards will allow people to save and spend online and offline safely.

    Community Pass credentials simplify and enable secure, privacy-first, and cost-effective access to many services. 

    Provide credit to individuals and businesses.

    Partnership with Ugandan tech businesses to expand Community Pass digital acceptance.

    Mastercard Community Pass facilitates digital inclusion and scales agricultural, micro-commerce, assistance, and healthcare activities commercially. Mastercard connects underserved, distant, and offline communities to digital life transaction solutions with Community Pass. 

    Daniel Huba, Mastercard Vice President of SSA Market Development, Community Pass, applauded the cooperation for increasing digital exposure, financial inclusion, credit-building, and digital services for disadvantaged and underprivileged groups. Community Pass securely and conveniently links the unbanked to formal financial services.”

    Equity Bank’s Executive Director of Public Sector and Social Investments, Elizabeth Mwerinde, stated future payment solutions support their strategy and customer-centricity.

    Nigerian fintech, NowNow raises $13million seed funding to boost financial inclusion

    Innovation Village partners with Mastercard, Equity Bank

    Equity Bank plans to cooperate with Innovation Village and Mastercard to support the Digital Economy Program and expand financial services.

    Our Innovation Village Digital Economy Practice Lead, Saul Weikama, said, “By leveraging digital infrastructure and a shared platform, we are dedicated to aligning solution providers with financial institutions and industry leaders… we are committed to driving growth and bolstering financial inclusion through the Digital Economy Program.”

    Beyond a partnership, the signing ceremony at the Kampala Serena Hotel represented the beginning of a future where financial inclusion is a reality for all Ugandans, regardless of technological level. This association helps customers and small companies succeed in the digital economy.

    Equity Bank and Mastercard are living in a future of financial freedom and inclusion, where technology makes it easier for everyone to participate.

  • Mastercard’s partnership with Delivery Hero drives E-commerce growth 

    Mastercard’s partnership with Delivery Hero drives E-commerce growth 

    Mastercard‘s strategic partnership with Delivery Hero, the world’s leading local delivery platform, is continuing to drive the growth of ecommerce in the Middle East and North Africa (MENA) region. 

    Since the announcement of their large-scale collaboration in 2020, aimed at digitalizing Delivery Hero’s payment chain, the two companies have witnessed a remarkable surge in the number of transactions conducted through their platforms, more than doubling the figures.

    Read also: Payday to take action to address Mastercard related problems

    Facilitating Seamless Payments in MENA

    Over the past three years, Mastercard and Delivery Hero have worked together to facilitate seamless payment acceptance across Delivery Hero’s operating entities in MENA. This collaboration has not only streamlined payment processes but has also added significant value for consumers, benefiting millions of users across the region.

    Between 2020 and 2022, the number of Mastercard food order transactions on Delivery Hero’s apps experienced a remarkable increase of over 100%. This surge reflects the growing demand for digital food and grocery deliveries in the MENA region. Mastercard’s always-on Customer Value Proposition (CVP) has played a pivotal role in this growth, offering Mastercard cardholders access to unique discounts and benefits.

    Delivery Hero’s MENA region witnessed substantial Gross Merchandise Value (GMV) growth, accelerating to 21% year-on-year in Q2 2023 (Q1 2023: 16% year-on-year). This impressive growth is attributed to the strong demand from customers who are increasingly relying on digital platforms for their food and grocery needs.

    Supporting the Shift to Ecommerce

    Amidst the evident and sustained shift towards ecommerce for food and grocery deliveries, Mastercard is committed to supporting the growing appetite among MENA consumers for secure and convenient digital transactions. In a groundbreaking collaboration within the region, Mastercard recently joined forces with Abu Dhabi Commercial Bank (ADCB) and talabat UAE to introduce the talabat ADCB Mastercard Credit Card. This innovative card is designed to maximize rewards for day-to-day delivery orders, offering a selection of seven food-themed designs tailored to various types of food enthusiasts. Interested consumers can conveniently apply for the card digitally through the talabat app.

    Amnah Ajmal, Executive Vice President, Market Development, Eastern Europe, Middle East and Africa, Mastercard, emphasized the company’s commitment to enhancing the consumer experience. She stated, “Mastercard remains focused on providing a superior consumer experience to its partners. As part of our partnership with Delivery Hero, we are continuously innovating the consumer experience to enable a best-in-class proposition for consumers. The recent talabat cobrand card launch is just another example of how we are bringing benefits and convenience to our cardholders.”

    Setting New Benchmarks in Ecommerce Solutions

    Emmanuel Thomassin, CFO of Delivery Hero, expressed the significance of their partnership with Mastercard, highlighting their shared commitment to innovation. He emphasized how this collaboration is benefiting both customers and operational efficiencies, stating, “Our landmark partnership with Mastercard, built on our shared passion for innovation, enables us to provide unprecedented benefits to our customers while boosting operational efficiencies and eliminating the need for cash across our value chain. Together, we are setting new benchmarks for ecommerce solutions of the future.”

    By promoting the adoption of digital payments, the partnership between Mastercard and Delivery Hero is continually enhancing the customer experience and ensuring financial security for consumers, riders, and restaurants. It also supports the growth of digital inclusion in the MENA region and drives operational efficiencies across Delivery Hero’s platforms.

    Mastercard partners Ingiz to boost financial literacy in Egypt 

    About Mastercard

    Mastercard is a global technology company in the payments industry, dedicated to connecting and empowering an inclusive, digital economy. Through secure data and networks, partnerships, and innovation, Mastercard strives to make transactions safe, simple, smart, and accessible. With a presence in over 210 countries and territories, Mastercard is committed to unlocking priceless possibilities for all.

    About Delivery Hero

    Delivery Hero is the world’s leading local delivery platform, operating across more than 70 countries in Asia, Europe, Latin America, the Middle East, and Africa. The company initially started as a food delivery service in 2011 and has since expanded its services, now operating its own delivery platform on four continents. Additionally, Delivery Hero is pioneering quick commerce, aiming to deliver groceries and household goods to customers in under an hour, often within 20 to 30 minutes. Headquartered in Berlin, Germany, Delivery Hero has been listed on the Frankfurt Stock Exchange since 2017 and is now part of the MDAX stock market index.

  • Payday to take action to address Mastercard related problems

    Payday to take action to address Mastercard related problems

    Payday, a financially troubled company, has announced in a statement that it will take action to address MasterCard-related problems with its clients. This is done to make sure that its users’ finances are safe.

    Payday says all impacted cards have been defunded, and the remaining balances have been added to the customer’s digital wallets. The financial service provider says again that it wants to make the user experience better and stresses that customer funds are now safe.

    In this area, Payday has made it easier for people to download their Mastercard bills, which are:

    Open the Payday app on your phone and look for the ” icon in the top-right spot.

    Just click the “Download” button, then choose Cards,” and choose the period you want.

    If you choose “Mastercard,” the statement will be sent to your email quickly.

    Payday also encourages customers with questions or concerns to use the easy in-app chat tool. This makes sure that any problems can be solved quickly and directly.

    Read also: Payday returns to Rwanda using SpaceX’s Starlink

    How Payday caused the MasterCard withdrawal problem

    Popular Twitter account @PIDOMNIGERIA tweeted about PayDay founder and CEO Favour Ori on August 21. The tweet accused Ori of exploiting his software to steal from Nigerians and other Africans.

    These charges included “dubious exchange rates,” limits on withdrawing or moving funds, making them inaccessible, and a lack of customer service.

    Favour Ori, the CEO, has been openly accused of these actions before, as customers recounted in the comments area below the tweet.

    Payday ended its USD Mastercard connection a few weeks ago but had trouble withdrawing cash. The financial company stated that the problem was uncommon because it had been solved before. It took longer than planned this time.

    According to reports from a customer complaint investigation two months earlier, These concerns involved scams on the site that led to unapproved account deductions or disparities in funded amounts.

    Even though the unapproved trades happened, the site did not compensate or pay back the hurt users. However, a user and expert in hacking said the program has many problems that make it hard to use.

    Payday has fixed the problems that many customers are having with their accounts in response to recent complaints.

    Favour Ori claimed to Reports that the company’s service providers were to blame for these issues.

    According to Ori, these technological issues have harmed the company’s services and caused the issues listed.

    How to choose between ‘Chipper Cash’ and ‘Payday’

    Some payday clients’ reactions to the remark

    In every case. Customers like Sir Odiong reported on X that his final account balance was $31.87, indicating that some users of the financial service provider are still unsure of the meaning of the founder and CEO of PayDay’s recently released statement. At first, he was given 11 cents back. After sending an email, he was told that the return was being worked on. But yesterday, he got an extra $0.11, which has made him nervous. After reading their statement, he found some problems. He asks the company to investigate and fix the case so everything is clear.

  • Mastercard partners Ingiz to boost financial literacy in Egypt 

    Mastercard partners Ingiz to boost financial literacy in Egypt 

    Mastercard has established a strategic relationship with Ingiz, a family financial management start-up in Egypt funded by Masria Digital Payments. The collaboration is aimed at building a cutting-edge digital payments application with a view to promoting financial inclusion and literacy among Egypt’s teeming youth population. 

    This is a huge step towards financial empowerment since this mainly unexplored and neglected consumer sector will now have access to banking goods and services.

    Read also: Mastercard, Zanzibar to speed up digital transformation

    Benefits to stakeholders

    For parents and their kids, Ingiz offers prepaid cards that make it simple for them to handle their funds. With gamified in-app features, the firm encourages young users to earn, save, and spend money while providing parents with non-intrusive monitoring tools for supervision.

    Ingiz will improve its portfolio of financial solutions catered to the requirements of children and youth by utilising Mastercard’s network, experience, and knowledge as well as its market-leading digital payment technology as part of the new partnership. The two partners hope to provide young people with the knowledge they need to take charge of their financial destiny by teaching them important financial concepts.

    Younger generations are actively looking for new payment options, as shown by Mastercard’s National Payment Index 2022, which indicates that 40% of Gen Z and Millennials are expected to have acquired a new touch-free payment method and are less likely to conduct in-person purchases and payments.

    With the agreement, Ingiz’s growth and market penetration should be greatly accelerated. It also wants to simplify payment processing and increase the app’s accessibility to a wide variety of businesses and customers.

    “As Egypt adopts a wider variety of digital payment methods, we are dedicated to creating new technologies and offering creative solutions that will improve the payment experience. Future generations will have access to powerful and user-friendly family financial management apps thanks to our cooperation with Ingiz, according to Inji Borai, Mastercard’s country manager for Egypt and North Africa.

    We want to develop a cutting-edge solution with Mastercard that will promote financial inclusion and, in turn, financial literacy in Egypt. According to Sherif Ramadan, CEO of Ingiz, “the partnership will enable us to provide an unmatched financial education experience that equips our youth for a better tomorrow.”

    The future of the partnership on Ingiz 

    Additionally, Ingiz and Masria Digital Payments (MDP) have teamed to enable Ingiz to use MDP’s experience as a top processor. By utilising Mastercard technology on MDP platforms to offer a smooth payment solution, this move will increase the market reach of Ingiz and further solidify their relationship with MDP. Ingiz is also a member of the MV Builder II programme, which was started by Modus, a venture platform that consists of venture building, VC funds, and a Corporate Innovation arm to promote digital inclusion in Egypt by fostering and assisting companies.

    Airtel, Mastercard provide mobile money transfers in Africa

    About Mastercard

    The payments sector’s leading worldwide technology firm is Mastercard. Our goal is to connect and fuel an inclusive, global digital economy by facilitating secure, easy, intelligent, and accessible transactions. Our ideas and solutions assist people, financial institutions, governments, and enterprises in reaching their full potential by utilising secure data and networks, collaborations, and enthusiasm. We are creating a sustainable world that opens up valuable opportunities for everyone through connections spanning more than 210 nations and territories.

    Ingiz’s Operations

    With its family financial management software, Ingiz aims to change the FinTech environment in Egypt. While giving parents extensive monitoring capabilities for supervision and control, Ingiz’s gamified in-app features enable adolescents to earn, save, and spend money.

  • MasterCard suspends Binance’s crypto card contract

    MasterCard suspends Binance’s crypto card contract

    Mastercard will end its relationship with Binance, the biggest cryptocurrency exchange in the world, by the end of next month.

    The four-year partnership, which gave Binance users in Argentina, Brazil, Columbia, and Bahrain access to services, will stop on September 22, a MasterCard spokesperson said in an email on the same day. Mastercard’s other crypto card programmes will not be affected by this move, and cardholders will have time to convert any holdings in their Binance wallets.

    Even though the news story didn’t say why this change was made, it hinted that it might be because regulators are paying more attention to the troubled crypto exchange.

    Mastercard isn’t the only company separating itself from Binance over regulatory difficulties, as reports indicate. Binance said that Visa stopped issuing new co-branded cards with Binance in Europe in July.

    Read also: Airtel, Mastercard provide mobile money transfers in Africa

    The crypto cards from Binance and MasterCard

    Mastercard and Binance’s prepaid crypto cards let users pay for things in local fiat currencies using their crypto stocks on the exchange.

    This collaboration ended about a year after the two businesses teamed up to introduce an Argentinean prepaid card. Then, in the first month of 2023, the companies added a prepaid card in Latin America to the relationship.

    But, sadly, it all had to end because Binance had to deal with more legal problems worldwide. Mastercard has confirmed through a spokesperson that the end of its relationship with Binance will not affect any of its other crypto card programmes. On its website, the payment platform still shows partnerships with Gemini and other crypto exchanges.

    Mastercard, EMIS Promote Angola’s Digital Economy

    Problems with Binance

    We told you last week that Binance Connect, the regulated part of the world’s biggest exchange that lets people buy and sell cryptocurrencies, would be shutting down. A spokesperson for Binance said that the decision to shut down Binance Connect was made after a regular review of the company’s goods and services.

    Binance Connect lets businesses accept crypto payments, and a week later, the company’s customer service team announced on X (formerly Twitter) that its crypto-backed debit card would no longer be available in Latin America and the Middle East.

    Binance has had a rough year because of legal and government problems. In June, the US government accused the cryptocurrency exchange and its CEO, Changpeng Zhao, of a “web of deception.

    The US Commodity Futures Trading Commission sued Binance for not registering with the government. The US Department of Justice is investigating whether Binance broke sanctions by letting Russians use the exchange.

  • Mastercard, Zanzibar to speed up digital transformation

    Mastercard, Zanzibar to speed up digital transformation

    Mastercard has worked with the Zanzibar e-Government Agency (eGAZ) to back and speed up the island’s ambitious digital transformation journey. 

    This will make it possible for different industries on the Zanzibar islands, like tourism, to use digital payments, which will greatly help the economy grow.

    H.E. Hussein Ali Mwinyi, President of the Revolutionary Government of Zanzibar, led the launch of the Zanzibar Digital Government Strategy for 2023–2027, where the Memorandum of Understanding (MoU) was signed.

    Read also: MTN signs $5.2billion MoU with Mastercard

    The deal is Mastercard’s first MoU in line with Zanzibar’s Digital Economy Blueprint and Roadmap for Digital Transformation. The strategy aims to build a strong digital economy in Zanzibar that protects digital systems, drives innovative information, communication, and technology solutions, and trains digital governance, which will transform public services.

    Mastercard will provide technical assistance to the Zanzibar government for three years. This includes creating a digital transformation team, partnering with ZanMalipo to facilitate digital payments, and distributing two million government cards to simplify services and travel.

    Mastercard and the Zanzibar e-Government Agency share goals, so they collaborate. This will power a digital economy that benefits all Zanzibaris. Shehryar Ali, Mastercard’s Country Manager for East Africa, said it shows how important digitization is and builds on Mastercard’s global experience in enabling digital transformation, fostering cross-sector collaboration, fueling economic growth, and making financial and digital inclusion easier.

    Mastercard, Lipa Later Group introduce new payment systems in Africa

    Zanzibar E-Government Agency and Mastercard solutions

    Mastercard solutions will include Mastercard Payment Gateway Services (MPGS), which lets merchants accept a wide range of payment methods, such as mobile payments, credit cards, and e-wallets. Priceless.com will also highlight the many benefits for consumers that will help the economy grow.

    The leaders of the Revolutionary Government of Zanzibar are working to create the conditions for a pan-African digital economy, which would encourage innovation, trade, and investment in the United Republic of Tanzania and the wider area.

    “This partnership shows that we are committed to using innovative technologies to improve service performance. We think that by working with Mastercard, a trusted partner, we can significantly speed up the implementation of our digital plan and give our citizens a lot of benefits,” said Said Seif Said, Managing Director of the Zanzibar e-Government Agency (eGAZ).

    Zanzibar’s immediate goal is to build a fast and safe digital infrastructure for delivering services to citizens, tourists, and the business community. The island hopes to become a major player in the pan-African trade transformation journey. The people who will benefit the most from these efforts are the consumers, who will enjoy a more seamless, efficient, and inclusive digital environment.