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Mastercard has deepened its strategic collaboration with Smile ID, a leading African identity verification provider, to accelerate the rollout of secure digital identity solutions across the continent.
The partnership aims to strengthen fraud prevention, streamline customer onboarding, and expand access to financial services in Africa’s rapidly growing digital economy.
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As part of the agreement, Mastercard has also taken a minority stake in Smile ID, reinforcing its long-term commitment to digital inclusion and innovation.
With Africa’s digital economy projected to reach $1.5 trillion by 2030, the need for trusted identity systems is urgent. Rising smartphone adoption has opened new opportunities for inclusion but also increased the risk of identity fraud. Synthetic identity fraud alone is estimated to cost African banks and lenders hundreds of millions of dollars each year.
“This partnership with Smile ID is a pivotal step in advancing digital trust and inclusion across Africa,” said Selin Bahadirli, Executive Vice President, Services, Mastercard EEMEA. “As fragmented identity systems slow down businesses and lock millions out of the digital economy, Smile ID’s innovative identity platform complements Mastercard’s commitment to fostering secure and inclusive digital ecosystems.”
Smile ID integrates with government registries and trusted data sources across the continent, providing advanced fraud detection and verification capabilities. Its tools will be embedded into Mastercard’s digital platforms, enabling faster, near real-time onboarding of users and ensuring compliance with Know Your Customer (KYC) and Anti-Money Laundering (AML) standards.
Through the partnership, Mastercard’s banking, fintech, telecom, and mobile money partners will gain access to Smile ID’s technology, supporting secure onboarding, enhanced fraud prevention, regulatory compliance, and scalable solutions for cross-border commerce.
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Mark Straub, CEO of Smile ID, said the collaboration has the potential to reshape the digital economy: “By joining forces with Mastercard, we can help turn the tide. As we combine insights and technologies, we can expand opportunities for consumers by giving banks and mobile wallets the confidence to onboard the next 300 million African users securely, in seconds.”
