MasterCard has announced African expansion into seven new markets to increase the presence of the company to 48 out of the 55 markets that make up the continent.

The new markets include Chad, Central African Republic, Guinea-Bissau, Liberia, Sierra Leone, Rwanda and The Gambia.

Michael Miebach, Middle East and Africa President at MasterCard says “Africa’s ongoing economic development, steady population growth and encouraging political outlook means that there is an increasing need for innovative and secure payment solutions that address market needs. The continent has immense strategic importance to MasterCard and we will continue to invest in infrastructure, people and know-how in this part of the world. This has been the fastest growing area for MasterCard for the past few years, and we expect it to continue to register high growth.”

The payments processing company says it is collaborating with governments, central banks, financial institutions, mobile network operators, large retailers and other stakeholders across Africa to understand the economic peculiarities, investment opportunities and infrastructural challenges of the African continent.