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Mastercard, in partnership with enza, aims to connect fintech companies across Africa to the Mastercard network.
A report by the European Investment Bank reveals that the number of fintech companies in Africa has nearly tripled since 2020. Many of these innovators focus on embedding payment services into broader solutions that tackle financial access, offering alternatives to legacy systems that often have a high cost to serve.
As part of the agreement, enza will host consumer and merchant accounts, manage integration with Mastercard’s network, and ensure high levels of security and system availability.
The collaboration aims to reduce complexity and speed up time to market for emerging players building digital financial solutions across the continent. It will enable fintech players to build propositions on the enza platform that serve both consumers and businesses with embedded Mastercard payment solutions capabilities.
Read also: Mastercard, Nomba partnership to enhance digital payments
“At Mastercard, we are focused on powering the fintech ecosystem by enabling access to our trusted global network. Through our work with enza, fintech innovators in Africa will be able to deploy embedded payment capabilities more efficiently, helping accelerate financial inclusion and the region’s digital transformation,” said Mete Guney, executive vice president, Market Development, EEMEA, Mastercard.
Fintech companies can now configure prepaid or postpaid accounts and issue physical or virtual Mastercard cards. Enza will enable acceptance of Mastercard payments across in-store, online and in-app channels for businesses.
With this, Fintech companies in Africa will now be able to easily access the full suite of Mastercard services.
“Our collaboration with Mastercard leverages our existing relationship to more effectively serve the fintech community. Together, we will provide innovators with a platform capability that means they do not need to build this aspect of their proposition and can get to market with greater speed and security,” said Andrew Key, executive director, enza.
