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Tag: MasterCard

  • Jobberman, Mastercard call for digital employment

    Jobberman, Mastercard call for digital employment

    Jobberman Nigeria, in partnership with the Mastercard Foundation, under the Young Nigeria Works programme, have stressed the need for digital employment in Nigeria.

    The organisations joined by stakeholders from different sectors made the call during a Technology and Employment Inclusion in Marginalised Contexts Roundtable in Abuja.

    The event brought together key stakeholders across government, the private sector, civil society, digital platforms, and development organisations to address urgent barriers and emerging opportunities in the digital employment landscape for Nigeria’s most vulnerable groups.

    The stakeholders include women in disadvantaged communities, persons with disabilities (PWDs), and Internally Displaced Persons (IDPs), among others.

    Speaking during the roundtable, the CEO of The African Talent Company (TATC), the parent company of Jobberman, Hilda Kabushenga said: “Technology can and must be a force for inclusion, not division. As the world of work evolves, we must ensure that no one is left behind. Today’s conversations are not just about technology, they are about equity, access, and opportunity.”

    The Country Director, Mastercard Foundation Nigeria, Rosy Fynn, highlighted the Foundation’s long-standing commitment to inclusive economic growth.

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    “This roundtable aligns with our mission to enable 30 million young Africans, particularly young women, to access dignified and fulfilling work by 2030. Inclusion is not a side conversation; it is the main agenda. We must design systems where marginalised groups are not just considered but centered,” she said.

    Fynn said outputs from the event, including a policy and practice brief, would inform employment programming, platform design, and advocacy initiatives.

    She added they would also contribute to the broader Young Nigeria Works learning agenda, which is focused on advancing scalable solutions for meaningful work among young people in Nigeria.

    According to the Group Executive, Human Capital & Corporate Services, Sterling Financial Holdings, Temi Dalley,  “Technology is only a true enabler when it is inclusive, equitable, and empowering to the underrepresented.

    “Its power lies not just in innovation, but in access. Real impact happens when technology creates pathways for the underserved to thrive and levels the playing field for the marginalised.”

    Also speaking, the Senior Special Assistant to the President on Special Needs and Equal Opportunities, Mr Abba Isa, in his keynote, emphasised the importance of building inclusive digital ecosystems that provide equitable access to employment and economic dignity for all Nigerians.

    A key highlight of the event was the presentation and validation of a new research report titled: “Technology and Employment Inclusion in Marginalised Contexts”.

    The report explores how digital platforms such as job boards, gig and remote work platforms, and social media can unlock access to meaningful employment for marginalised populations.

    It also outlines the structural, cultural, and technological barriers these groups face, including low digital literacy, unaffordable data costs, and discrimination in the labour market.

    The Technology and Employment Inclusion in Marginalised Contexts research highlights inequalities in employment access for marginalised groups in Nigeria.

    “Nearly nine in 10 employers don’t recruit from these groups, with 72per cent making no effort toward inclusive hiring. Skills gaps, transport issues, and bias remain major barriers, yet 55per cent of PWDs and 44per cent of displaced women have found work, often through self-employment in creative/media and agricultural sectors.

    “Poor educational access, as 85per cent of schools unequipped for PWDs, compounds the problem, though digital tools and remote work are creating new pathways. “The report revealed that employers now cite a need for subsidised inclusivity training and public recognition to drive change.”

    During the event, breakout sessions were held focusing on three critical groups: women in disadvantaged communities, persons with disabilities, and internally displaced persons.

    Each session provided space for honest dialogue and collaborative problem-solving, generating insights to inform policy and practice.

  • UBA, Mastercard unveil debit card to mark bank’s

    UBA, Mastercard unveil debit card to mark bank’s

    • Appoints Ugboh Independent Non-Executive Director

    United Bank for Africa (UBA) Plc has collaborated with Mastercard to launch a commemorative debit card in celebration of UBA’s 75th anniversary.

    This collaboration aims to honor UBA’s long-standing customer relationships and enhance their banking experience with a range of offers and discounts across multiple platforms.

    UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, said the card comes loaded with certain benefits aimed at rewarding customers, including limited 25 per cent off purchases on Jumia and $75 cashback on transactions made through AliExpress.

    Also, UBA has appointed Henrietta Ugboh as an Independent Non-Executive Director.

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    The appointment has been approved by the relevant regulatory bodies, including the Central Bank of Nigeria.

    UBA’s Group Chairman, Tony Elumelu, commenting on the appointment, said, “Henrietta Ugboh brings a track record of professional success, integrity and leadership, which will further strengthen the UBA Group Board, underlining once again the Group’s commitment to robust corporate governance.” On the UBA MasterCard, Alawuba said initiative  symbolizes the shared vision between UBA and Mastercard towards empowering Africans by enhancing customer experience through secure and convenient transactions.

    “This new card represents the deepening of our relationship and our shared mission to empower millions of Nigerians and Africans, by providing them with access to secure transactions and new opportunities across the continent,” Alawuba said.

    The GMD also disclosed the bank’s plans to unveil similar products across all its subsidiaries. “We are proud of this collaboration, and we are confident that Mastercard’s role in Africa will only grow stronger in the coming years,” he added.

    Mark Elliott, Division President for Africa, Mastercard, expressed his appreciation for the UBA collaboration, emphasising its significance in supporting Africa’s digital economy. “We are excited to collaborate with UBA to celebrate this milestone and bring more value to customers across Africa. This commemorative card is more than just a product; it reflects our commitment to advancing financial inclusion and supporting Africans in accessing secure, convenient and impactful financial solutions.”

    Elliott highlighted the immense opportunities within the African payment ecosystem and shared that Mastercard is eager to explore new opportunities with UBA. “Together with UBA, we are focused on delivering innovation that meet the evolving needs of the region, empowering individuals, and promoting digital growth across the continent,” he stated.

    The launch of the commemorative debit card represents a significant step in UBA and Mastercard’s shared journey towards financial empowerment and innovation across Africa.

    United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than forty-five million customers, across 1,000 business offices and customer touch points in 20 African countries. With presence in New York, London, Paris and Dubai, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross-border payments and remittances, trade finance and ancillary banking services.

    Mastercard powers economies and empowers people in 200+ countries and territories worldwide. Together with our customers, we’re building a sustainable economy where everyone can prosper. We support a wide range of digital payments choices, making transactions secure, simple, smart and accessible. Our technology and innovation, partnerships and networks combine to deliver a unique set of products and services that help people, businesses and governments realize their greatest potential.

  • Nigeria, Mastercard partner to support 1m African farmers

    Nigeria, Mastercard partner to support 1m African farmers

    Nigeria and Mastercard have announced a groundbreaking partnership to support one million African farmers, aimed at improving yield and agricultural productivity.

    The project plan includes support for one million agricultural workers across Nigeria, Kenya, and Tanzania, with a focus on enhancing financial inclusion and digital access to critical services, as well as support from the African Development Bank (AfDB).

    The partnership deal was sealed during a meeting between Vice President Kashim Shettima and executives of Mastercard Corporation on the sidelines of the ongoing 79th Session of the UN General Assembly in New York

    Speaking during the meeting, the Vice President who is representing President Bola Ahmed Tinubu at the annual global event noted that the initiative has transformative potential for Africa’s food security drive.

    In a statement issued by Senior Special Assistant to the President on Media and Communications, Office of the Vice President, Stanley Nkwocha, Shettima said “this partnership is an important milestone in our quest for comprehensive financial inclusion and agricultural empowerment.

    “By leveraging Mastercard’s global expertise, we’re set to create unprecedented opportunities for farmers across Nigeria, Kenya, and Tanzania,” he said.

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    Earlier, the Minister of Communications, Innovation & Digital Economy, Dr. ‘Bosun Tijani, explained that the partnership will provide digital access to critical financial services for agricultural workers, which he said is expected to significantly boost productivity and economic growth in the sector.

    Also, the Country Manager for West Africa at Mastercard, Dr. Folasade Femi-Lawal, said a key component of the partnership is the rollout of contactless payment systems.

    “We’re planning 160 contactless payment seminars starting next February. These seminars are crucial in educating stakeholders and preparing the market for this technological leap,” he stated.

  • Mastercard Foundation, World Data Lab eye 10m digital jobs

    Mastercard Foundation, World Data Lab eye 10m digital jobs

    The Nigeria Country Director for Mastercard Foundation, Rosy Fynn has said the organisation hopes to create 10 million dignified jobs in Nigeria by creating opportunities for young Nigerians through the African Youth Employment Clock.

    Fynn said Mastercard Foundation has provided nearly 3 million Nigerian youth with work opportunities already.

    “Currently, we have provided nearly 3 million Nigerian youth with work opportunities, but we still have a long way to go. The African Youth Employment Clock will help refine our strategies, recommend data-driven,” she said during the launch of the African Youth Employment Clock in collaboration with World Data Lab in Abuja yesterday.

    Fynn said the initiative aligned with a broader effort of Mastercard Foundation to address youth unemployment and create 30 million job opportunities across Africa by 2030.

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    She said: “Aligned with our mission to enable 30 million young Africans to access dignified and fulfilling work by 2030, the Africa Youth Employment Clock will be instrumental in providing critical labour market insights.

    “In Nigeria, where we have the continent’s largest youth population, this tool will be particularly valuable in shaping strategies that address both the challenges and opportunities young Nigerians face in the workforce.

    “As our youth population continues to grow, we recognise their potential as dynamic leaders capable of solving local and global challenges.”

    She said the clock is also a valuable resource for identifying gaps and strategic opportunities across various sectors, demographics, and regions.

    She stressed that real-time data will be useful for stakeholders both in the public and private sectors, academia, civil society, and the youth community.

    “As the tool is officially launched, Fynn encouraged all stakeholders to leverage the insights provided to drive positive change. Let us use this data to make informed decisions, derive meaningful change, and answer the call to action for our youth,” she said.

    She stated that the initiative is seen as a significant step towards tackling Africa’s youth unemployment crisis, with the potential to transform millions of lives across the continent.

    “The employment clock is more than just a data tool—it provides real-time insights into employment trends, helping governments, policymakers, businesses, and educators understand the current state of the labor market. The data-driven approach will enable stakeholders to make informed decisions aimed at reducing youth unemployment.

     “This tool helps us understand where we are, where we need to go, and how we can achieve our ambitious goals. It provides essential data that enables us to identify opportunities and make informed decisions to address youth unemployment effectively,” she said.

    Fynn further emphasised that the partnership with World Data Lab demonstrated the foundation’s commitment to empowering African youth.

    Minister of Budget and Economic Planning, Sen. Abubakar Atiku Bagudu said the tool aligned with the Federal Government’s commitment to empowering the youths, addressing unemployment, and building a sustainable and inclusive future for the youth to thrive and contribute to national development.

    He said: “As Africa faces unprecedented growth in its youth population, it is our duty to harness this demographic potential by creating meaningful employment opportunities. The Africa Youth Employment Clock is a powerful tool that will enable policymakers and stakeholders to access real-time data, fostering informed decisions to drive youth employment initiatives across the continent.

     “This aligns with our commitment to empowering young Nigerians, addressing unemployment, and building a sustainable and inclusive future where our youth can thrive and contribute to national development.”

    The minister emphasised the critical role of accurate and comparable employment data in shaping Nigeria’s economic policies.

    Bagudu stressed the importance of adopting methodologies that are internationally comparable, noting that Nigeria and other African countries often faced challenges with global ratings and assessments.

    He noted that data-driven insights could help address the challenges facing Nigerian youths, many of whom feel socially excluded. Accurate data would allow the government to create inclusive policies that support all segments of society, including those in informal or unconventional employment.

    Minister of State for Labour and Employment, Nkeiruka Onyejeocha, stressed the urgent need to address youth unemployment across Africa, describing it as a significant challenge that must be met with strategic commitment.

    She said: “It is a profound honor to address you all today at the launch of the Africa Youth Employment Clock. I extend my heartfelt appreciation to the World Data Lab and the MasterCard Foundation for their leadership in spearheading this initiative that is critical not only to Nigeria but to the entire continent of Africa.

    “Youth employment is a pillar of Nigeria’s socio-economic future. It impacts everything from economic growth to the stability and productivity of our labor market. The youth employment agenda is, indeed, vital for Nigeria’s development.”

    Onyejeocha underscored the scale of the youth unemployment crisis, noting that an estimated 240.5 million young Africans are currently unemployed, a number that could rise to over 297 million by 2030 if decisive actions are not taken.

     “These numbers are not just statistics. They represent the hopes and dreams of our young people—dreams that risk being stifled without access to meaningful work,” she stated.

    She warned that such high unemployment levels could threaten the socioeconomic stability of African nations, stifling potential growth and innovation.

    Vice President Strategic Engagements, World Data Lab, Dr. Reshma Sheoraj said: “The Africa Youth Employment Clock is a pioneering initiative that offers reliable and comparable labor market statistics, projecting trends in youth employment across the continent until 2030.

     “Our mission is to provide decision-makers with the crucial data needed to drive meaningful change for the world’s youngest workforce. We are honored to collaborate with the Mastercard Foundation in advancing a deeper understanding of youth employment in Africa.”

  • Mastercard Foundation to organise Africa’s secondary education, women’s empowerment forum

    Mastercard Foundation to organise Africa’s secondary education, women’s empowerment forum

    The Mastercard Foundation will host two events at the 79th Session of the United Nations General Assembly (UNGA 79) on September 22, 2024. Both gatherings will address the critical issues of girls’ education and women’s economic empowerment in Africa and will be held at the Millennium Hilton New York, One UN Plaza Hotel.

    Under the themes: “Powering Parity—Inclusive Education for a Sustainable Future” and “Invincible: Empowering Women, Transforming Africa,” the events will showcase successful educational models and explore solutions to create a more equitable economic landscape for women in Africa.

    “Powering Parity—Inclusive Education for a Sustainable Future” will focus on effective strategies and programmes to improve young African women’s learning access, outcomes, and transitions to and from secondary education. The session will also include an important announcement on the expansion of a key Mastercard Foundation partnership focused on initiatives for girls and young women.

    Additionally, it will explore the pivotal role of education technology in fostering resilient and inclusive learning in Africa. The Mastercard Foundation is committed to accelerating access to dignified and fulfilling work for 21 million young women in Africa by 2030 as part of its Young Africa Works strategy.

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    “The foundation is proud to collaborate with exceptional institutions to co-create and scale solutions that drive meaningful impact for communities. Our approach resonates strongly with the UNGA 79 general debate theme of leaving no one behind,” said Tina Muparadzi, Executive Director of Education & Transitions at the Mastercard Foundation.

    Various stakeholders, including education ministries, multilateral institutions and donors are expected to use the key approaches highlighted at the events to accelerate impact and scale-proven solutions. Confirmed attendees include Dr. Haja Ramatulai Wurie, Minister of Technical and Higher Education for Sierra Leone; Prof. Birhanu Nega, Minister of Education for Ethiopia; and Hon Bosun Tijani, Minister of Communications, Innovation & Digital Economy for Nigeria.

    Reeta Roy, President and CEO of the Mastercard Foundation noted the importance of this work given the reality that in Sub-Saharan Africa, 101 million young people between the ages of six and 18 are excluded from formal education.

  • Mastercard Foundation, FG champion inclusive education at Abuja EdTech summit

    Mastercard Foundation, FG champion inclusive education at Abuja EdTech summit

    The Mastercard Foundation, an international non-governmental organisation, kicked off its inaugural EdTech conference today with an important question.

    “How do we build resilient and inclusive EdTech ecosystems?” asked Rosy Fynn, Country Director Nigeria, Mastercard Foundation, in a room of over 500 people.

    She posed this question to a high-level opening panel: Dr Bosun Tijani, Minister of Communications, Innovation, and Digital Economy; Joseph Nsengimana, Director, Mastercard Foundation Centre for Innovative Teaching and Learning and Albert Nsengiyumva, Executive Secretary, Association for the Development of Education in Africa (ADEA).

    Tijani pointed out the need for a growing literacy agenda where Africans can be digital literates and bridge

    The event with the theme: “Education Technology for Resilient and Inclusive Learning in Africa” had speakers advocate for leveraging technology to promote inclusive education across Africa and support the continent’s burgeoning youth population. 

    Panellists also discussed funding opportunities for education technology startups, the role of technology in advancing education at all levels, and the importance of preparing Africa’s youth for success in the digital age.

    Tijani also stated:”Our goal is to ensure that every young person in Africa has the opportunity to succeed in the digital age.” He stressed on the transformative power of education and technology and encouraged partnerships between startups and government to strengthen EdTech across Africa.”

    Highlighting the importance of public-private partnerships in driving innovation, Joseph Nzingamana, Director of the Centre for Innovation, Teaching, and Learning at Mastercard foundation noted: ” Collaboration between governments, industry leaders, and educators is crucial in developing sustainable solutions for inclusive education.” 

    He also noted: “Nothing really happens out of the vacuum, as they are most borne out of collaboration that’s why we at Mastercard Foundation believe in collaboration and it’s the reason we have this conference so we can find ways of working together to extend the reach especially for underserved population across the continent.”

    Emphasizing the need for innovative approaches to address the challenges facing education in Africa, Albert Nsengiyumva, Executive Secretary of the Association for the Development of Education in Africa said, “by leveraging technology, we can create more accessible and inclusive educational opportunities for all.” He however harped on a demand driven approach for technology education stating that “from the design we need to start with the learners and understand their needs, because the aim is to use education technology to address specific needs of learners.” Furthermore, Mr Albert cautioned on the misconception on the relationship between teachers and technology noting that “technology will not replace the need for good teachers. Rather, good teachers should be empowered by technology.”

    An equally important part of the conference also focuses on the significant role that education plays in driving Africa’s economic growth. With a focus on innovation and collaboration, the summit aims to develop strategies to empower Africa’s youth through access to quality education and technology tools.

  • Mastercard’s Crypto Credentials P2P Pilot Program Goes Live

    Mastercard’s Crypto Credentials P2P Pilot Program Goes Live

    • By Fhumulani Lukoto

    Mastercard has made a significant move in financial technology by launching a pilot program that integrates cryptocurrency credentials into its peer-to-peer (P2P) payment system.

    Overview of Mastercard’s Crypto Initiative

    This initiative is part of Mastercard’s broader strategy to embrace digital currencies and blockchain technology, addressing the growing demand for seamless and secure crypto transactions. The pilot program aims to simplify sending and receiving money using cryptocurrencies, making it more accessible and practical for everyday use. The test involves Mastercard’s exchange partners Bit2Me, Lirium, and Mercado and the wallet provider FoxBit. Walter Pimenta, the executive vice president for product and engineering in Latin America at Mastercard, commented, “As interest in blockchain and digital assets continues to surge in Latin America and around the world, it is essential to keep delivering trusted and verifiable interactions across public blockchain networks.” The crypto authentication system developed by the leading credit company asking easy-to-read “aliases” to users, verified by Mastercard. This eliminates the need for users to deal with complex strings of numbers and letters typical of traditional wallet addresses.

    Features and Benefits of the P2P Crypto Pilot Program

    Mastercard’s new P2P crypto pilot program introduces several key features to enhance the user experience and provide robust security measures. Some of the standout features include:

    1. User-Friendly Interface: The pilot program offers an intuitive and straightforward interface, making sending and receiving crypto payments accessible. This is crucial for attracting users who may not be tech-savvy but are interested in utilising cryptocurrencies for transactions.
    2. Enhanced Security Protocols: Security is a top priority for Mastercard, and the pilot program incorporates advanced encryption and blockchain technology to ensure transaction security. This includes multi-factor authentication and real-time transaction monitoring to prevent fraud.
    3. Instant Transactions: One of the main advantages of crypto for P2P payments is the speed of transactions. The pilot program promises near-instant transfers, a significant improvement over traditional banking methods that can take several days for funds to clear.
    4. Low Transaction Fees: Traditional cross-border payments often incur high fees. Cryptocurrencies in this pilot program aim to reduce these costs significantly, making them an attractive option for users looking to send money internationally.

    The crypto credentials program aims to reduce financial losses by checking transactions beforehand to stop users from sending crypto assets that don’t match the recipient’s address.

    Potential Impact on the Financial Ecosystem

    Mastercard’s foray into crypto P2P payments could have wide-reaching implications for the financial ecosystem. By integrating crypto into its platform, Mastercard is validating the importance of digital currencies and setting a pattern for other financial institutions to follow. Here are some potential impacts:

    1. Increased Adoption of Cryptocurrencies: As one of the largest payment processors globally, Mastercard’s support for crypto could lead to increased adoption among consumers and merchants. This mainstream acceptance is crucial for the growth and stability of digital currencies.
    2. Competition and Innovation: Mastercard’s entry into crypto will likely spur competition among other financial institutions and payment processors. This could lead to further innovations in the field, with companies developing new technologies and services to capture market share.
    3. Regulatory Considerations: Integrating crypto into mainstream financial services will undoubtedly attract attention from regulators. Mastercard’s pilot program must navigate a complex regulatory landscape, ensuring compliance with local and international laws. This could help shape future regulations and standards for using cryptocurrencies in financial transactions.
    4. Financial Inclusion: One of the most vital benefits of crypto is its potential to provide financial services to unbanked and underbanked populations. Mastercard’s pilot program could promote financial inclusion by offering a new avenue for people to participate in the global economy.

    Experts at Bitcoin Synergy mentioned that cryptocurrencies and other digital assets have often faced issues with user interfaces that are complicated and present technical hurdles, making them intimidating for new or inexperienced users.

    Issues Related to Centralisation

    Even though Mastercard aims to simplify crypto transactions, worries about centralisation remain. Mastercard’s crypto credentials program needs to be decentralised. The company must confirm a user’s identity and check transactions for potential problems that could lead to fund loss. Security-conscious individuals also expressed apprehension about the additional Know Your Customer (KYC) verification process and the storage of sensitive data with Mastercard. Mastercard has faced numerous notable data breaches from malicious attacks on its payment processing partners and retail clients. Since 2005, hackers have exposed over 40 million Mastercard accounts by targeting vulnerabilities in the centralised infrastructure of Mastercard’s network, including payment processors, retail clients, and IT partners. In 2022, crypto analyst and influencer Miles Deutscher identified an issue hindering widespread adoption and argued that it was a barrier to mass acceptance.

    Mastercard’s crypto credentials P2P pilot program represents a bold step towards the future of payments, where digital currencies play a crucial role in everyday transactions. By leveraging blockchain technology and addressing key issues such as security, speed, and cost, Mastercard is well-positioned to take charge of integrating crypto into mainstream financial services. Observing how it evolves and influences the broader financial landscape will be interesting as the pilot program progresses. The success of this initiative could pave the way for more comprehensive adoption of digital currencies, ultimately transforming how we conduct financial transactions. With Mastercard’s backing, the future of cryptocurrency looks promising, and this pilot program is a crucial milestone in that journey.

  • Mastercard, NAPS to drive innovation in payments space

    Mastercard, NAPS to drive innovation in payments space

    Mastercard and NAPS, a Moroccan fintech company, have initiated a collaboration to develop innovative payment solutions for individuals and businesses. The partnership consolidates the strong historical relationship between the two entities.

    NAPS is on a mission to expand the horizons of digital payments in Morocco. NAPS benefits from the over 30 years of expertise of M2M Group in software for electronic payments and biometric identity.

    As Mastercard’s partner, NAPS benefits from access to its extensive network, expertise and wide-ranging portfolio of products and services, powered by innovative and secure technologies.

    In line with NAPS’s long-term strategy, the collaboration will boost the company’s innovation capabilities through Mastercard’s advanced technology and optimize time to market for its upcoming digital offerings.

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    “At Mastercard, we are committed to supporting a global network of innovators with the aim of building a more accessible and sustainable digital economy. We serve as a trusted partner of pioneering fintech companies across all stages of development, helping them achieve agility and speed. We are delighted to share our technological expertise with NAPS to pursue our common objective of advancing inclusive growth,” said Mohamed Benomar, Country General Manager, MENA West, Mastercard.

    “The partnership with Mastercard will reinforce our position as a market-leading fintech company and support the culture of innovation that is at the core of everything we do. By accelerating the development of digital payment solutions in Morocco, it will also contribute to cementing the country’s status as a premier fintech hub in the Arab world,” said Hassan Ghellab, CEO, NAPS.

    NAPS and Mastercard aim to create new ecosystems of digital services in Morocco to unlock the full potential of digital payments and provide users with an enhanced experience through innovative services in order to promote financial inclusion. These digital ecosystems will enable the development of high-value applications and explore new service opportunities, contributing to innovation and the digital transformation of the sector.

    The CGAP report Fintechs Across the Arab World , issued in December 2020, highlighted Morocco as the third-largest fintech hub among the 22 member countries of the Arab League. High mobile coverage, a large unbanked population, an abundant supply of talent, infrastructure upgrades and government initiatives encouraging the uptake of digital financial services, coupled with enabling regulations, are among the key drivers of growth in this space.

  • Mastercard foundation reaffirms commitment to empowering EdTech In Africa

    Mastercard foundation reaffirms commitment to empowering EdTech In Africa

    The Mastercard Foundation has emphasised its unwavering commitment to the growth and development of EdTech companies across Africa.

    The Director of the Centre for Innovative Teaching and Learning (CITL), Mastercard Foundation, Joseph Nsengimana, outlined the Foundation’s strategic approach to supporting African EdTech ventures beyond initial funding phases, ensuring they can achieve sustained growth and increased impact.

    Nsengimana highlighted the Foundation’s partnerships with tech hubs across the continent, which are designed to identify and nurture high-potential EdTech solutions.

    “Our goal is to create a robust ecosystem where EdTech companies can thrive, reach more learners, and significantly enhance educational outcomes,” he stated.

    The event also featured a panel, which included Nissi Madu, Managing Partner at the Co-creation Hub Limited in Nigeria, Solomon Twum, EdTech Advisor, Reach for Change in Ethiopia, and Jumanne Mtambalike, CEO of Sahara Consult in Tanzania.

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    They stressed the importance of collaborative efforts within the education technology sector in Africa. They showcased successful partnerships, such as Loho Learning and Angaza Elimu, which combine content expertise with personalized learning frameworks to create impactful educational tools.

    They noted that partnerships are crucial for expanding reach and making EdTech solutions more affordable, partnerships with telecom companies were discussed, with Kalamu’s collaboration in Kenya serving as a prime example.

    The panelists also underscored the importance of equipping teachers with valuable tools and resources through strategic collaborations, such as the one between Edutams, Skula Skula, and Cory AI, which provides AI-powered assistants to enhance classroom learning.

    Nsengimana and the Mastercard Foundation also announced the Foundation’s upcoming EdTech conference happening in Abuja, Nigeria from July 8-10, noting that it will bring together entrepreneurs, policymakers, investors, and educators to co-create the future of EdTech in Africa.

    The conference, which will gather about 600 delegates from across Africa, will focus on aligning on a shared vision for EdTech in Africa and discussing actionable steps to overcome challenges and leverage opportunities.

  • Access Bank, Mastercard open up African cross-border payments

    Access Bank, Mastercard open up African cross-border payments

    Access Bank Group and Mastercard have launched a unified cross-border money movement solution across various African markets, enabling businesses and consumers to send and receive international payments across more than 150 countries.

    Under the partnership, Access Bank will provide a fast, assured-value, transparent and traceable payment origination and delivery solution at competitive rates and with a greater choice to the customer.

    The partners said the collaboration underlines their commitment to the African economy by providing a financially inclusive solution that optimises liquidity and capital in the markets and reduces international transaction costs incurred by businesses and consumers while making and receiving international payments.

    By leveraging the network and treasury capabilities of Mastercard Move, Access Bank, through its cutting-edge Access Africa platform, shall empower individuals and businesses to enjoy instant, traceable, seamless, and cost-effective international transactions.

    The newly launched solution has become operational across Africa, with expansion plans in place for further penetration across the continent.

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    The solution offers a global gateway for businesses and individuals that are leveraging Access Bank Group’s deep understanding of the African markets and forward-looking vision that aims to realise customers’ aspirations through innovative product sets.

    Stitching together Mastercard’s multiple complementary network assets and the treasury capabilities of Mastercard Move, this collaboration offers customers more choices with their payment means.

    Cross-border remittances continue to play an important role in Africa’s economy, with flows to Sub-Saharan Africa increasing by approximately 1.9 per cent in 2023 to $54 billion as a result of strong remittance growth in Mozambique, Rwanda and Ethiopia, with Nigeria accounting for 38 per cent of the remittance flows.

    In 2024, remittance flows to the region are projected to increase by 2.5 per cent. B2B Cross Border payments serve as a lifeline to a large section of businesses who are reliant on regional and international trade to fuel the growth of the African economies.

    Group Deputy Managing Director, Access Bank, Chizoma Okoli, said that Access Bank’s partnership with Mastercard is a testament to the strong alliance between the two organisations notable for innovation and customer-centered approach.

    Okoli noted that Access Bank and Mastercard have partnered on several initiatives, including the National Identity Smart Cards, Live B3ta, Prepaid cards, Access Pay and more.

    “The unified cross-border money movement solution we are launching today cuts across various African markets where Access Bank operates, and we are working in compliance with the regulatory requirements of each of these countries. Access Bank remains a regulatory compliant entity. Our customers should expect speedy transactions through the unified cross-border money movement solution, like we have done with other solutions,” Okoli said.

    Senior Advisory, Retail Banking, Access Bank, Robert Giles said the bank was thrilled to collaborate with Mastercard to advance financial inclusion in Africa through the Access Africa initiative.

     “By combining our strengths, we can unlock new opportunities, bridge the financial divide, and create a more inclusive and prosperous future for all Africans,” Giles said.

    According to him, customers in Access Bank’s operating countries in Africa, are now enabled to send and receive cross-border payments globally through to and from various channels including bank accounts, mobile wallets, cards, and cash.

    Division President, Africa, Mastercard, Mark Elliot, said empowering Access Bank customers with innovative solutions that prioritise choice, security, and flexibility was an achievement that filled the company with great pride.

    “This collaboration signifies our commitment to transforming payment experiences as it not only brings cutting-edge payment solutions to the bank’s diverse clientele, but also extends the reach of Mastercard’s financial and digital ecosystem, ensuring millions from underserved communities can actively participate in the evolving financial and digital economy,” Elliott said.

    Country Manager, West Africa, Mastercard, Folasade Femi-Lawal, said that Mastercard’s partnership-led approach has helped the company establish a strong presence in West Africa and Sub-Saharan Africa.

    She added that with Access Bank on board, the customers will enjoy Mastercard cross-border services which allow individuals and businesses to send and receive money securely to 90 per cent of the world’s population.

    According to her, the service is part of the Mastercard Move portfolio of money movement capabilities, which can move money domestically and internationally to various endpoints, including bank accounts, digital wallets, cards, and cash.

    Fable Fintech, an Express Partner of the Mastercard Move Partner Program, was the technical implementation partner of the solution, effectively collaborating with both Access Africa and Mastercard Move experts.

    Co-Founder and Chief Executive Officer, Fable Fintech, Naushad Contractor said it was a fortunate thing to be the fulcrum of the seamless multi-country integration of one of the largest banks in Africa using the network and resilience of Mastercard’s cross-border assets.

    “We look forward to working on more innovative solutions that will empower the lives of African customers and businesses,” Contractor said.

    The partners noted that the groundbreaking collaboration represented a significant step towards creating a more inclusive financial ecosystem in Africa, with both parties determined to continue actively leveraging their collective strengths, resources, and expertise to drive meaningful change and financial inclusion for millions across the continent.