Mastercard, a leading global payments technology company, today announced a partnership with Onafriq, a pan-African payments provider, to deliver secure, cost-effective, and innovative payment solutions to consumers and small and medium enterprises (SMEs) across Africa.
This collaboration aligns with Mastercard’s global commitment to bring one billion people into the digital economy by 2025. By leveraging Mastercard’s technology, Onafriq will be able to enhance its digital commerce offerings, ultimately improving user experiences and driving the growth of digital financial services in Africa.
“Accessible digital payment solutions are crucial for individuals and businesses to participate in the growing digital financial services industry,” said a Mastercard official.
“Onafriq shares our vision and mission of financial inclusion,” said an Onafriq representative. “This partnership will empower Africans with the tools they need to scale their businesses and transact seamlessly.”
Partnership Capitalizes on Africa’s Thriving Mobile Money Market
The collaboration comes at a time when Africa’s mobile money sector is experiencing significant growth. According to the GSM Association’s State of the Industry Report on Mobile Money 2024, Sub-Saharan Africa boasts 835 million registered mobile money accounts, representing nearly half (48%) of global users and reflecting a 19% year-on-year increase.
Mastercard’s Continued Focus on Fintech Partnerships
This partnership with Onafriq is one of several key collaborations Mastercard has undertaken in 2024. Earlier this year, Mastercard joined forces with Canadian fintech VoPay to simplify domestic and cross-border money movement for businesses and consumers in Canada.
Utilizing Mastercard Move, a suite of payment tools designed for secure and efficient fund transfers, both companies aim to empower their customers and further Mastercard’s commitment to fostering innovation within the global fintech community.
