In essence, the collaboration intends to enable Onafriq to use Mastercard technology for digital commerce purposes. This partnership aligns with MasterCard's objective to integrate one billion individuals into the digital economy by 2025, as stated by representatives from the involved companies. The initiative is expected to support the growth of digital financial services, encompassing mobile money transactions, cross-border remittances, and cross-border settlements.
Officials from Mastercard cited by itweb.africa emphasised the significance of accessible digital payment solutions in light of technological advancements driving the digital financial services industry. In turn, representatives from Onafriq talked about the shared vision and mission between the two entities, highlighting the importance of financial inclusion for economic development in Africa.
The partnership between MasterCard and Onafriq coincides with the flourishing mobile money sector in Africa, recognised as a rapidly evolving fintech industry. According to the GSM Association's State of the Industry Report on Mobile Money 2024, Sub-Saharan Africa accounts for 835 million registered mobile money accounts, representing 48% of global users and exhibiting a 19% annual growth rate.
In 2024, Mastercard entered into a few other significant partnerships, including a collaboration with Canadian fintech VoPay. Following this announcement, the partnership between the two entities was set to simplify both domestic and cross-border money movement for businesses, customers, and fintechs in the region of Canada.
By leveraging Mastercard Move, both companies revealed their intention to provide a new choice of payment rails and capabilities. This suite of tools is expected to provide reliable, fast, and secure fund transfers to both firms’ customers and clients. The collaboration also aimed to expand Mastercard’s commitment to working with the overall fintech community around the world in order to simplify, speed up, and make the money movement safer.
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