MasterCard has announced its expansion into seven new markets across Central and West Africa, increasing its acceptance footprint across the continent and securing a number of strategic agreements.
The addition of Chad, Central African Republic, Guinea-Bissau, Liberia, Sierra Leone, Rwanda and The Gambia to the MasterCard network extends the company’s presence to 48 of the 55 markets that make up the continent.
“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,” says Michael Miebach, Middle East and Africa President at MasterCard.
“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.”
MasterCard is collaborating with governments, central banks, financial institutions, mobile network operators, large retailers and other stakeholders across Africa to understand the economic outlooks of these countries, their unique demographics, infrastructure challenges and opportunities. In so doing, MasterCard is directly contributing to the building of robust electronic payments ecosystems that support Africa’s potential for economic transformation.
MasterCard’s acceptance footprint, its network of ATMs and Point of Sale (POS) terminals, increased significantly to reach more than 58,000 ATM locations and 438,000POSterminals across Africa. MasterCard is also introducing new technologies that are rapidly closing the gap between the banked and unbanked on the African continent. Alternative delivery channels pioneered by MasterCard such as m-commerce, e-commerce, contactless technology and digital wallet services, are helping financially-underserved consumers gain access to formal financial services.
The company’s collaborative approach and emphasis on innovation, safe and secure payment services, extending financial inclusion, and partnering with governments resulted in the conclusion of several partnerships across the continent since January 2013:
