United Bank Africa (UBA) and
MasterCard
have announced a partnership which will see UBA act as the issuer for
MasterCard in 18 new markets in Africa. The partnership which came into
effect in the second quarter of 2016 will see UBA issue
MasterCard credit, debit and prepaid cards across these markets.
The
partnership will also focus on increased payments infrastructure across
Africa, including
the roll out of point-of-sale and mobile-point-of-sale technology, to
ensure merchants are able to accept the cards when introduced into these
markets.
MasterCard
and UBA are partnering across the 19 African countries in which UBA
currently
operates: Nigeria, Benin, Burkina Faso, Cameroon, Chad, Cote D’Ivoire,
Democratic Republic of Congo, Equatorial Guinea, Ghana, Gabon, Guinea,
Guinea-Bissau, Kenya, Liberia, Mozambique, Republic of Congo, Senegal,
Sierra Leone, Tanzania, Uganda and Zambia.
“As
the needs of our customers change, we are adapting through strategic
innovations and
partnerships to provide them with excellent and convenient services.
Through these strategic partnerships, we are able to accelerate the
drive for financial inclusion and economic well-being across the African
continent” said Kennedy Uzoka, Group Managing
Director-Designate, UBA plc.
Division President for Sub-Saharan Africa, MasterCard, Daniel Monehin
says;
“This focus on infrastructure and the roll out of easy-to-access
solutions is a key part of driving financial inclusion and a move away
from cash in these markets. MasterCard’s continued innovation in the
payments space coupled with UBA’s extensive pan-African network will
mean the introduction of increased competition and a stronger financial
sector in these regions.”
According to the
World Bank there are approximately 2.5 billion people who are financially excluded.
Access
to financial tools creates economic empowerment and reduces poverty.
MasterCard has the tools and resources – including potential
partnerships
– to drive real change today.
On June 27,
2016, MasterCard set a goal to connect 40 million micro and small merchants to its electronic payments network within five years. This expands
on the company’s Universal Financial Access 2020 commitment made last year.
To
date, financial inclusion has been predominantly centered on providing
the underserved
and the unbanked with tools and transaction accounts. This remains a
critical need with two billion unbanked people, the majority of whom are
women, forced to operate in a cash economy. In order for financial
inclusion efforts to truly have an impact, there
needs to be an equal focus on both access and usage.
“Collaborating
with UBA has allowed for maximum impact when it comes to changing lives
and
introducing smarter ways for people to pay in Africa. Creating
financially inclusive societies is dependent on these kinds of
partnerships and we will continue to look for ways to partner in Africa
going forward,” Monehin said.
About United Bank for Africa
United
Bank for Africa is one of Africa’s leading financial institutions, with
operations in 19 countries and 3 global financial centres: London,
Paris and New York.
From
a single country operation in Nigeria, Africa’s largest economy, UBA
has evolved into a pan-African provider of banking and related financial
services to more than 11 million customers, through diverse channels
globally.
About MasterCard
MasterCard (NYSE:
MA), www.mastercard.com,
is a technology company in the global payments industry. We operate the
world’s
fastest payments processing network, connecting consumers, financial
institutions, merchants, governments and businesses in more than 210
countries and territories. MasterCard’s products and solutions make
everyday commerce activities – such as shopping, traveling,
running a business and managing finances – easier, more secure and more
efficient for everyone. Follow us on Twitter @MasterCardNews, @MasterCardMEA join
the discussion on the Cashless Conversations Blog and subscribe for
the latest news.
No comments:
Post a Comment