Mastercard and EMIS augment the digital economy in Angola

Also known as the Interbank Service Company, EMIS is the financial infrastructure operator of the Angolan Payment System, responsible for the interbank network for the network of ATMs and Point-of-Sale (POS) terminals. It is also the clearing house for banks' direct debit and funds transfer operations, and a Mobile Virtual Process Operator (MVPO) in Angola.

Through this partnership, cardholders in Angola – including consumers and small business owners – have the ability to make cross-border payments (within and outside Angola), thus facilitating the development of an interoperable payment system.

Additionally, this collaboration also benefits financial institutions, as they will have cost synergies and access to Mastercard’s technology for their domestic market and cards going forward, supporting the existing local domestic scheme in the process. These potential developments are part of the Angolan Central Bank’s (BNA) plan to spur financial inclusion grow the country’s digital economy and ecosystem.

Driving an inclusive digital economy

This cooperation enables Angolan banks to utilise Mastercard’s loyalty platform, national fraud and risk management solution, and Mastercard Payments Gateway Services, to support ecommerce businesses and process all kinds of online transactions.

Mastercard’s officials said their innovation strategy includes collaborating with like-minded partners to power an inclusive, digital economy that benefits everyone, everywhere. Their partnership with EMIS demonstrates their commitment to supporting key stakeholders across the world in creating an interconnected global payments ecosystem that benefits an array of consumers with unique needs.

Talking about how this development augments the financial sector in Angola, representatives from EMIS stated that their cooperation with Mastercard seeks to accelerate digital growth. They are committed to introducing the broad benefits of a fully-fledged interoperable payment system, creating an inclusive digital and financial ecosystem for Angolans.

Nurturing digital transformation

Digital transformation and the growth of the information and communication technologies (ICT) sector are at the core of Angola’s recent strategy that spans numerous sectors, with the government classifying them as an important element in its socio-economic development, fight against poverty and the social exclusion of marginalised groups, and a key driver of modernity.

In May 2022, the minister of Telecommunications, Information Technologies, and Social Communication, reported that the Angolan government assumed responsibility for promoting and accelerating the Single Digital Market in Africa and the business environment. As a result, the government has focused efforts on driving and supporting technological modernisation to ensure good governance, improved financial inclusion, as well as economic and social welfare.

Mastercard’s partnership with EMIS is in line with its worldwide commitment to financial inclusion to bring 1 billion people – including 50 million micro and small businesses and 25 million women entrepreneurs – into the digital economy by 2025, through initiatives and partnerships.