…Five year
deal across 19 markets focused on driving financial inclusion in Africa
United Bank
Africa (UBA) and MasterCard have announced a partnership which
will see UBA act as the issuer for MasterCard in 18 new markets in Africa. The
partnership which came into effect in the second quarter of 2016 will see UBA
issue MasterCard credit, debit and prepaid cards across these markets.
The
partnership will also focus on increased payments infrastructure across Africa,
including the roll out of point-of-sale and mobile-point-of-sale technology, to
ensure merchants are able to accept the cards when introduced into these
markets.
MasterCard
and UBA are partnering across the 19 African countries in which UBA currently
operates: Nigeria, Benin, Burkina Faso, Cameroon, Chad, Cote D’Ivoire,
Democratic Republic of Congo, Equatorial Guinea, Ghana, Gabon, Guinea,
Guinea-Bissau, Kenya, Liberia, Mozambique, Republic of Congo, Senegal, Sierra
Leone, Tanzania, Uganda and Zambia.
"As the
needs of our customers change, we are adapting through strategic innovations
and partnerships to provide them with excellent and convenient services. Through
these strategic partnerships, we are able to accelerate the drive for financial
inclusion and economic well-being across the African continent," said Kennedy
Uzoka, Group Managing Director-Designate, UBA plc.
Division
President for Sub-Saharan Africa, MasterCard, Daniel Monehin says; "This
focus on infrastructure and the roll out of easy-to-access solutions is a key
part of driving financial inclusion and a move away from cash in these markets.
MasterCard’s continued innovation in the payments space coupled with UBA’s
extensive pan-African network will mean the introduction of increased
competition and a stronger financial sector in these regions."
According
to the World Bank there are approximately 2.5 billion people who are
financially excluded. Access to financial tools creates economic
empowerment and reduces poverty. MasterCard has the tools and resources –
including potential partnerships – to drive real change today.
On June 27, 2016,
MasterCard set a goal to connect 40 million micro and small merchants to
its electronic payments network within five years. This expands on the
company’s Universal Financial Access 2020 commitment made last year.
To date,
financial inclusion has been predominantly centered on providing the
underserved and the unbanked with tools and transaction accounts. This remains
a critical need with two billion unbanked people, the majority of whom are
women, forced to operate in a cash economy. In order for financial inclusion
efforts to truly have an impact, there needs to be an equal focus on both
access and usage.
"Collaborating
with UBA has allowed for maximum impact when it comes to changing lives and
introducing smarter ways for people to pay in Africa. Creating financially
inclusive societies is dependent on these kinds of partnerships and we will
continue to look for ways to partner in Africa going forward," Monehin said.
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