- The collaboration highlights the two company’s shared commitment to driving financial inclusion through an omnichannel approach.
Mastercard and Onafriq (previously MFS Africa), a pan-African payments company, have collaborated to bring secure, cost-effective, and innovative payment options to consumers, as well as small and medium enterprises (SME) across the continent.
Africa’s mobile money sector is one of the most established and fastest growing fintech industries in the world. According to The State of the Industry Report on Mobile Money 2024 by the GSM Association, there are 835 million registered mobile money accounts in Sub-Saharan Africa, accounting for 48% of global users and registering a 19% increase year on year.
Building on Mastercard and Onafriq’s shared commitment to boosting financial inclusion through an omnichannel approach, the collaboration will drive the growth of digital financial services, including mobile money transactions, cross-border remittances, and cross-border settlements.
“Technological advancements are steering the digital financial services industry, and providing accessible digital payment solutions is imperative for empowering consumers to seamlessly transition to digital commerce. At Mastercard, we seek to leverage fintech partnerships in Africa to catalyze transformative change across industries that benefit individuals, communities, and businesses. We look forward to collaborating with Onafriq to pave digital pathways and drive innovation across the continent’s payment ecosystem,” said Amnah Ajmal, Executive Vice President, Market Development, EEMEA at Mastercard.
This collaborative effort will enable Onafriq to support the full range of their consumer’s digital commerce needs, interactions, and experiences by leveraging Mastercard’s technology. This will contribute to a seamless transition into the digital economy.
“Onafriq is focused on making borders matter less by supplying networks and digital payment solutions that give all Africans access to the financial services they need to scale their businesses or to transact. We are excited about our collaboration with Mastercard, as we share a strong alignment of vision and mission, interoperability, and markets. In addition, we both understand that financial inclusion is not only a moral imperative but also a strategic priority for economic development in Africa,” said Dare Okoudjou, Founder & CEO of Onafriq.
This collaboration reinforces Mastercard’s commitment to bringing 1 billion people into the digital economy by 2025, contributing to a more sustainable world and enabling technology to work for everyone.