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Tag: MasterCard

  • Firms partner to elevate customer experiences with innovative payment card

    Firms partner to elevate customer experiences with innovative payment card

    Mastercard has announced a partnership with Jumia and Providus Bank to introduce the Jumia Mastercard, an innovative payment card that enhances the shopping experience for customers, offering year-round price incentives and discounts on Jumia.

    This partnership will see the introduction of a customer reward system which will serve to elevate purchasing power and foster lasting customer loyalty on Jumia’s platform throughout the year.

    Furthermore, the payment card will improve the overall shopping experience on the platform, offering exclusive discounts to loyal customers, adding that prospective customers can also easily acquire virtual cards within minutes, with an optional physical card available within five business days, thereby ensuring flexibility and choice. 

    Read Also: CcHUB celebrates Mastercard Foundation EdTech Fellows 2023

    Vice President and Head, Customer Solutions, East and West Africa, Mastercard, Kari Tukur said, “Our mission at Mastercard is to connect and power up a world beyond cash that benefits everyone, everywhere through transactions that are safe, simple, smart, and accessible. Our partnership with Providus Bank and Jumia aims to elevate the value proposition for consumers by providing a payment solution that is both seamless and convenient, coupled with unique price incentives and discounts.

    “We look forward to further collaborations with our partners to continue delivering relevant solutions that will offer valuable benefits for Mastercard card holders,” said  Tukur.

    He further said the card supports the promotion of a cashless economy, allowing purchases on non-Jumia websites and at POS terminals while offering exclusive promotions and discounts that are only applicable on Jumia sites.

    “Additionally, customers can activate a 10% discount-capped promo offer by shopping a minimum of N50,000 as new ProvidusBank account holders.

  • Mastercard, Samsung tackle digital identity headaches

    mastercard and Samsung have partnered  to explore and deliver a better way for people to conveniently and securely verify their digital identity on the mobile devices they use every day.

    The firms said people today are joggling multiple passwords and documents in an attempt to keep their data and money safe.  They have to repeatedly provide large amounts of personal information to numerous agents, and the more it is shared, the greater the risk.  They lack control over their personal identity data and where they do have rights, there is often little transparency.

    President, Cyber & Intelligence at Mastercard, Ajay Bhalla, said in a world of physical and digital convergence, there is need for a solution that takes this reality into consideration.

    He said: “Our digital and physical lives are merging and we need a digital identity solution that reflects this reality. Without control over how their data is used, people rely on outdated systems that can compromise their security. Our collaboration with Samsung advances a digital identity solution that is bound to a trusted device – the mobile phone – which is used by millions of people every day.”

    The two firms say people will soon be able to access a digital identity capability on their devices for interactions in both the physical and digital worlds. This will provide consumers with a more efficient way to interact with businesses and service providers, whether opening a bank account, accessing e-mail and social media, video streaming or shopping online.

    EVP and Head of Service Business office at Samsung Electronics Mobile Division, Yongje Kim, said: “At Samsung, we believe consumers should be in complete control of the privacy and security of their personal identity and we’re excited to work with Mastercard to bring the first digital identity solution to Samsung smartphones.”

    The collaboration with Samsung builds on Mastercard’s commitment to improve how people manage and use their digital identity, and follows the publication of the company’s model for digital identity in an increasingly connected world.

    The model is founded on user-centric principles such as data ownership, confidentiality, consent and transparency, embodies privacy-by-design and does not collect identity data.

  • Mastercard targets 1m girls for tech education by 2025

    Mastercard is planning to expose one million girls to its Girls4Tech technology education programme worldwide by 2025.

    Already, more than 400,000 eight to 12-year old girls (twice the target set for 2020) in 25 countries, including Nigeria, have benefited from the STEM programme.

    The ambitious one million target comes as Girls4Tech marked its fifth anniversary April 23.

    Under the initiative, young girls learn encryption, fraud detection, data analysis, digital convergence others in a fun and engaging way.

    In a statement, Susan Warner, senior vice president of Global Volunteerism at Mastercard, said the firm hopes to have inspired more girls to take up STEM careers through the programme.

    “Today we celebrate the 400,000 girls who gained new STEM skills through the Girls4Tech program and learned that a future in technology can and should include them.  We hope to have sparked many future careers in STEM fields, because gender parity in tech will ultimately make all companies – and our society at large – better and stronger,” she said.

    Mastercard is also introducing a new curriculum to expose the girls cybersecurity and artificial intelligence.

    As participants enter the 13-16 age bracket, Mastercard is introducing the Girls4Tech 2.0 to keep them excited about STEM throughout secondary school and expose them to crucial soft skills like: collaboration, creativity and communication with opportunities for team work and solving real-world challenges.

    In Nigeria, the Girl4Tech was implemented in collaboration with Youth for Technology Foundation (YTF), an NGO that works in Nigeria and Kenya at the RiverBank School, Victoria Island, Lagos.

    Mastercard has partnered various organisations worldwide like Scholastic, Be Better China, Singapore Committee for UN Women, Major League Baseball, R&A, and Network for Teaching Entrepreneurship to further scale the programme which has achieved global reach with the curriculum translated into 12 languages.

  • ‘Mastercard will drive digital transformation’

    Mastercard has restated its commitment to drive digital transformation in Africa which will create a new wave of digital payments and inclusive growth.

    Its President and CEO, Ajay Banga, who gave the firm’s commitment during his visit to Zimbabwe to show Mastercard’s strong support for the country’s drive in digital transformation, said the firm will collaborate with local private and public sector partners to drive greater financial inclusion through the implementation of innovative payment technologies.

    Banga met with key government and private sector stakeholders including Prof Mthuli Ncube, Zimbabwe’s Minister of Finance and Economic Development, and Dr John Mangudya, Governor of the Reserve Bank of Zimbabwe, to formalise Mastercard’s support for payments innovation in Zimbabwe.

    He said the firm plans to establish an office in Harare, Zimbabwe to coordinate its efforts to address financial inclusion – a pressing challenge in sub-Saharan Africa where only 42.6 per cent of the adult population has access to an account.

    He made the announcement in Harare at the company’s CEO Conversations, a gathering of senior leaders from top financial institutions, mobile network operators and retailers. The new office will allow Mastercard to provide more effective support to its customers in neighbouring Southern African countries.

    He said: “Too many people and businesses are still excluded from the financial mainstream. This leaves them without the things we take for granted – a way to save money for a rainy day, get loans, or insure themselves or their crops. Harnessing our global technologies and expertise, our team will closely collaborate with all stakeholders to solve local challenges and enable more inclusion in the formal financial system.”

    Mastercard’s expertise and products will be relevant across Southern Africa and in Zimbabwe, as the country implements the National Financial Inclusion Strategy, which aims to increase access to formal financial services from 69 per cent in 2014 to at least 90 per cent by 2020.

    Governor of the Reserve Bank of Zimbabwe, Dr John Mangudya, said: “We see Mastercard’s investment as a positive development that will help us achieve our long-standing vision and our strategic plan to accelerate the shift towards cashless payments, modernise payments systems and infrastructure, and build an inclusive financial sector that supports the socio-economic development of the country.”

    To increase financial inclusion in Zimbabwe, Mastercard recently partnered with EcoCash to launch EcoCash Scan & Pay, offering a simple, secure and instant QR code-based mobile payments solution to merchants and consumers. Since it leverages low-cost QR code technology rather than physical point of sale devices, Masterpass QR makes it simple and affordable for small and informal traders to accept digital payments.

    Also speaking, the Division President for Mastercard, Southern Africa, Mark Elliott, said:“We applaud the remarkable steps Zimbabwe has taken towards modernising its electronic payments sector and the significant strides it is taking towards a more inclusive society. We are excited about the opportunity to partner more closely with Zimbabwe’s financial institutions, businesses and public sector to bring greater interoperability and payments innovation to the benefit of consumers and merchants.”

     

     

     

  • Domestic business spending in Nigeria hits $400b

    Mapping of domestic business spending through electronic payment hit $400biilion in 2017, a study by MasterCard has revealed.

    The spending covers payments made for person to person transactions and person to business transactions.

    Disclosing this in Lagos at the weekend, Dr Uzebu Uwa, a digital financial services specialist and business leader/acceptance development, said MasterCard figures will increase this year as more Nigerians embrace digital platforms for payment of transactions.

    Speaking at the launch of Market by VConnect, an online mall of customers where qualified service professionals could find and connect with real customers anytime, Uwa said Nigerians are increasingly embracing digital payment solutions.

    Such development, he said is driving person to person and person to business spending for transactions that need to be opened and closed.

    He said MasterCard study carried out recently reveals that there are over 38 million micro enterprises in Nigeria, which requires the right digital payment and operational platforms to step up their game.

    He said owners and managers of such businesses need to deploy the right technology and expertise to grow their businesses; but many of them are grappling with the challenge of building trust.

    “There is no debate about the fact that there is huge financial spend in Nigeria, either for person to person or business to person. What is lacking is that most micro business organisations are grappling with the issue of building trust. A survey or mapping of business spending in Nigeria for 2017 reveals over $400billion.

    “The demand for services is there at the demand side, but at the supply side, a lot needs to be done to add value by building the trust element.

    “That is where VConnect has built the platform where such genuine needs could be met, by building the capacity of professional businesses to deliver services.”

    Also speaking, Founder, VConnect, Deepankar Rustagi said many business in Nigeria now leverage on the power of having online presence by increasing sales and saving money through technology.

    He said with platforms like VConnect, businesses in Nigeria could get more customers than they would have with just an offline store.

    Rustagi said: “ VConnect is solving the issue of finding a reliable service provider in the industry, so it has created a way of ensuring trust between service professionals and customers on the platform with professionals providing identity.”

    Also speaking, Executive Director, FATE Foundation, Adenike Adeyemi said many business in Nigeria could thrive, if the owners consider how to gain access to market; information; access to wider network and ability to take informed decisions.

    She said: “The problem of business is not just access to funds or regulatory gaps but how to utilise information for value. Many home made products are constrained because of access to market. There is also the issue of wider range of services, referrals value, and using digital marketing platforms like VConnect.”

  • FirstBank introduces contactless naira MasterCard

    FirstBank of Nigeria Limited has announced the introduction of the Contactless Naira Master Card to its array of debit cards to promote convenience, ease of transactions and the security of funds.

    FirstBank debit cards are acceptable nationwide and globally, they can be used to withdraw cash and access value added services including bills payment, airtime recharge, flight and hotel booking, among others.

    The card enables quick pin-less purchases and is a fast secure way for customers to shop locally and globally. The contactless card can be used for making payments in the London transport network such as buses, tubes, trams, Dock and Light Railway (DLR) and the London Overground as well as in grocery shops, supermarkets and gas stations within London metropolis.

    The card is designed to enhance a cashless lifestyle by promoting increased card usage for lower value transactions. Payments are made by tapping the card on the POS machine with contactless functions for low value transactions; the card can also be used in a regular POS as a normal MasterCard. The daily limits for pin-less transactions are N3000 for the contactless naira master card and N10,000 for the contactless Platinum Debit MasterCard.

    The FirstBank Verve debit card is Chip & PIN secured for greater protection of customers’ funds, provides extra protection for web based transactions with “Safetoken”, is Naira- denominated, and personalised, bearing the customer’s name. It is accepted wherever the Interswitch or Verve logo is displayed and can also be used to perform transactions via the Quickteller services menu on FirstBank ATMs. This card is issued in 15 minutes at FirstBank branches, saves time and is very easy to obtain.

    With the FirstBank Expressions on Card, Customers now have the freedom to design the look and feel of their cards with their most cherished memories and spend with a card that is as unique as them. The card is Naira-denominated and is accepted globally for online, ATM and PoS transactions.

    The Bank also issues the Platinum Naira MasterCard to serve High Net-worth Customers. The Platinum Naira MasterCard is a Naira denominated international Debit card issued in partnership with MasterCard Worldwide, and enables transactions all over the world wherever the MasterCard logo is displayed. This card provides access to e-Commerce across the globe and enhanced security with the Europay MasterCard Visa (EMV) technology that greatly reduces the cloning of cards; access to international emergency services such as card replacement and cash advance.

    Customers with the Platinum Naira Master Card also have access to higher local daily transaction limits from FirstBank. The card is accepted worldwide at over 29.million merchant locations and can be used for transactions over the WEB or POS as well as cash withdrawals at over 1.8 million ATMs, in over 200 countries. The card is also secured by Chip & PIN technology and is issued within 15 minutes at FirstBank branches.

    The card is a dual currency card denominated in naira and dollar, allowing customers spend Naira from their Naira account when in Nigeria and dollars from their domiciliary account when outside the country. The card also has the EMV (Chip & PIN) enhanced security that ensures safety of funds and transactions.

     

    The Visa Debit card is accepted globally for ATM withdrawals, POS payments terminals as well as online for goods and services.

  • Ecobank, Mastercard, 9mobile partner

    Ecobank Nigeria and MasterCard have launched a discount promotion with 9Mobile Nigeria to drive the use of Masterpass QR payments.

    The  at 10 of its Experience Centres in Lagos, Abuja and Port Harcourt.

    Under the arrangement, consumers transacting business in any of the locations in the three cities in the country are expected to make payment with their Masterpass QR to access a N500 airtime offer when they spend N5, 000 and above. The offer, which is to customers of all the banks, will run between March 21 and April 30, 2018.

    Speaking on the partnership, Head, Transaction Services Group (TSG), Ecobank Nigeria, Emile Sagna said, “building strategic relationships with merchants, consumers and technology platforms to deliver frictionless, real-time payments is crucial for us at Ecobank in ensuring that we take payments to the next level.” He disclosed that “Ecobank has issued 9Mobile and other merchants QR codes to allow consumers to use their existing banking apps from various banks to scan the QR code for payments at all participating 9Mobile Experience centers and other merchants locations.

    With the feature phone, the consumer needs to enter a merchant terminal Identifier into their phones to make payment.”

    Sagna noted that Masterpass QR offers the consumer safety, convenience and speed to make digital payment anywhere and anytime. Further, he explained  that Ecobank released its dynamic QR code which can be integrated into merchant’s ERP in order to address the peculiar needs of other business enterprises that require customized payment functionalities. He added that merchants will be able to generate dynamic QR codes for each payment request for the customer to simply input his PIN for authentication.

  • MasterCard Index of Women Entrepreneurs released

    The MasterCard Index of Women’s Entrepreneurship (MIWE) was released yesterday. The report showed Nigeria as the Africa country with the highest score in the Women’s Advancement Outcomes category with 62.4 per cent.

    Other Africa countries that also ranked high in the same category are Botswana, Ghana, Uganda and South Africa with 61 per cent, 59.1 per cent, 55.7 per cent and 54.6 per cent respectively.

    The Women’s Advancement Outcomes adjudged countries based on women’s progress and degree of marginalization economically and professionally as business leaders, professionals, entrepreneur and labour force participants.

    The MIWE is a weighted index that helps to better understand and identify factors and conditions that are most conducive to closing the gender gap among business owners in any given economy.

    The three factors include Women’s Advancement Outcomes, Access to Knowledge and Financial Services, and Supporting Entrepreneurial Factors. The Index examined 57 different economies around the globe, including Botswana, Ethiopia, South Africa and Uganda; with Ghana, Nigeria and Malawi as new additions.

    According to the report, it was revealed that 46.4 per cent of businesses in Ghana are owned by women, making it one of the top performing African countries highlighted in the index. African countries also scored highly in women labour force participation – with Malawi at 100 per cent, Ghana at 96.1 per cent, and Ethiopia at 86.6 per cent.

    South Africa excelled in sharing knowledge assets with women and providing financial access, with a score of 84.3 per cent– coming in sixth out of 57 countries. Botswana followed closely with a score of 73 percent.  Botswana and South Africa were the highest scoring African countries in the Index overall with scores of 66.5 per cent and 64.2 per cent respectively.

    When compared to other African markets surveyed Botswana leads the charge with the highest rate of Supporting Entrepreneurial Conditions, at 68.1 per cent, this is an increase of two per cent from last year.

    Indicating that the country has positive Cultural Perceptions of Women Entrepreneurs and Quality of Governance.

     

    The continent scored highly in terms of women Financial Inclusion with South Africa at 98.7 per cent, Ghana scoring 84.6 per cent, and 77.1 per cent in Ethiopia.

    The Index results revealed that female entrepreneurs in developing countries are driven by grit and determination, along with a desire to provide for their families. The findings reinforce that women entrepreneurs are the backbone of economic growth and powerful engines of development and financial inclusion, especially in Africa.  The Index also showed an interesting contrast: women’s progress and advancement as entrepreneurs is not necessarily aligned to the pace of their own country’s economic growth and wealth. In fact, the highest rates of ownership are seen in developing economies where entrepreneurship is typically necessity-driven.

    Women entrepreneurs in Africa and other developing markets have proven to be equally vibrant, resourceful and innovative in finding opportunities to improve their own lives as well as create a better future for their children.

    “Botswana, Ghana and Uganda shine as examples of women’s determination to provide for themselves and their families and Africa excels at creating strong women entrepreneurs with the drive to succeed even in the face of financial, regulatory or technical constraints,” says Beatrice Cornacchia, Head of Marketing and Communications, Middle East and Africa, Mastercard.

    An interesting outcome of the Index is that cultural perceptions of women entrepreneurs in Africa are predominantly positive – at 69.1 percent in Uganda and 67.2 percent in Nigeria, this is well above their Middle Eastern counterparts.

    According to the Index, some women’s inclination towards business ownership may be undermined by limited access to education, financial and entrepreneurial opportunities. These are by no means only African – or developing – countries challenges, however. Women entrepreneurs even in developed nations face cultural and gender biases that restrict them from opening or expanding their own businesses.

     

  • Mastercard, Rewane: cities can be strong economic hubs

    With half of Nigeria’s population currently living in cities, it is critical that a development framework is in place to ensure its future growth is sustainable, participants at the Mastercard CEO Conversation Dinner held in Lagos at the weekend, have said.

    An Economist and CEO, Financial Derivatives, Bismarck Rewane, who led discussions with Mastercard President/CEO, Ajay Banga, said 60 per cent of the country’s Gross Domestic Product (GDP) is generated by those living in cities.

    With: Developing Nigeria’s Smart Cities through Technology Transformation as its theme, the discussants, said smart cities leverage technology with open standards and platforms to drive scale in order to deliver economic growth and efficiency.

    The session which had executives from the financial sector and other business leaders, also explored how smart cities deliver economic growth and resilience.

    According to them, Nigeria, by engaging technology, is helping citizens connect to services that help them lead better and easier lives. Mobile alps, they said, is playing an important role, and more Nigerian’s have access to the internet via their smartphones, with current estimates stating that over 97 million users have access.

  • Mastercard, GTP boost e-payment with solutions

    Mastercard, GTP boost e-payment with solutions

    Mastercard  Global Technology Partners (GTP)  have signed a partnership agreement that will result in the latest prepaid solutions being made available across Africa to government institutions, financial services and corporate sector and consumers.

    The partnership will enable the development and implementation of a wide range of solutions across various markets on the continent. These solutions are aimed at supporting government payments, driving innovation in the travel and tourism sector and driving transparency and efficiency for the financial services and corporate sector.

    “African economies are in support of driving cash out of the financial system, and the introduction of digital payment solutions is in line with their cashless strategies. Businesses on the continent need smart solutions that will provide efficiency, but also offer convenient ways to track and monitor expenditure,” said Daniel Monehin, Division President, sub-Saharan Africa.

    Providing Mastercard prepaid card solutions will strengthen GTP’s existing offering in Africa, and provide consumers greater access to payment systems, international travel, and online shopping.  Prepaid cards also provide employers with an effective payroll solution, introducing a more efficient and transparent way for businesses to monitor expenditure.

    “Mastercard prepaid programs give cardholders greater access to the global marketplace, while advancing government efforts to increase financial literacy and inclusion. These programmes also give businesses and government agencies a payroll solution that drives cash out of the system and provides essential financial tools to control cash flow. This partnership will also enable GTP to offer new payment solutions such as digital wallets and virtual cards to our customers,” said  Chief Executive  Officer at GTP, Rich Bialek.

    Cardholders are assured that regardless of how they use the prepaid solution, their funds will be secured by the Mastercard multi-layered approach to protecting payments. EMV chip and PIN technology is a global payment standard to ensure that funds are protected even if the card is lost or stolen.

    Once funds are loaded to the prepaid card, cardholders can use the card to pay for goods and services in store, online, by phone or to withdraw cash from automated teller machines (ATMs) – anywhere Mastercard is accepted locally or at millions of locations worldwide. The prepaid card ensures flexibility, convenience and security.