Mastercard, New UBA-Mastercard pact eyes African cashless stakes, Technology Times

New UBA-Mastercard pact eyes African cashless stakes

New UBA-Mastercard pact eyes African cashless stakes

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United Bank Africa (UBA) and Mastercard say they have closed a deal under which the Nigerian bank will act as MasterCard issuer in 18 new African markets.

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, according to the statement from the two companies.

Mastercard, New UBA-Mastercard pact eyes African cashless stakes, Technology Times
Cash market: Mobile phones on display at Ikeja Computer Village in Lagos

[quote font=”georgia” font_size=”22″ font_style=”italic” align=”left” arrow=”yes”]Mastercard says it set a goal on June 27, 2016, to connect 40 million micro and small merchants to its electronic payments network within five years.[/quote]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.

Kennedy Uzoka, Group Managing Director-Designate, UBA plc says, “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 wellbeing across the African continent.”

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 says it set a goal on June 27, 2016, 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.

“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 adds.

 

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Donatus Anichukwueze Technology Journalist at Technology Times Media Phone No: 08074016066 e-mail: donatus.anichukwueze@technologytimes.ng