Latest news with #Mastercard-commissioned
Morocco World
17-06-2025
- Business
- Morocco World
Morocco's ‘Moul Hanout': Government Urges Shopkeepers to Go Digital Amid Fierce Retail Competition
Rabat – Secretary of State to the Minister of Industry, Omar Hjira, has stressed the importance of urging small neighborhood shopkeepers to deploy digital options, including mobile and card transactions. 'Today, it is not allowed for merchants, including moul hanout, to tell a tourist that they don't accept or don't have an ATM system,' Hjira said on Monday in a parliament session. He backed his argument by citing online payments' contribution to Morocco's economy. 'In 2023, electronic payments in Morocco reached MAD 57 billion,' Hjira said, noting that the digitalization of payments could unlock an additional MAD 166 billion in transactions. The Moroccan official made his remarks while acknowledging the challenges that small shopkeepers face amid the expansion of giant retailers across Morocco. 'New solutions must be introduced to support moul hanout face this competition,' Hjira added, stressing that Morocco is hosting prestigious events that need vigilance and a good mobilization, including the 2030 World Cup. Hjira also emphasized the importance of small shops, not only because of their contribution to the local economy but also their fundamental part of Morocco's cultural identity. But he warned against the fierce competition that large retail chains are imposing on moul hanout. Moroccan MP Nadia Bzendfa echoed the official's remarks, stressing the vital role of Moroccan shopkeepers. She highlighted the support moul hanout continues to provide to vulnerable families, pointing out that these neighborhood shops often sell goods on credit and even lend cash to families in need. The MP also warned of the ongoing 'unfair' competition posed by retail chains, noting that these giants are now expanding into local neighborhoods, where shopkeepers were once the only source of goods and support for the community. In March, a new Mastercard-commissioned report said Africa's digital payments economy is projected to reach $1.5 trillion by 2030. Morocco has been witnessing a rapid trend in the use of digital payment options. Mastercard's Payment Index of 2022 shows that 75% of consumers in Morocco had used at least one emerging payment method in the year before, noting that 24% used a digital money transfer app, while 20% used a tappable smartphone mobile wallet. As little as 10% of consumers used a Buy Now Pay Later installment plan. Tags: bimMoroccan Economy
Business Insider
29-04-2025
- Business
- Business Insider
5 tips to start taking digital payments as a business in Africa
From Lagos to Kenya and the US, businesses are recognising that embracing digital methods is essential for growth. A Mastercard-commissioned report forecasts Africa's digital payments market will reach $1.5 trillion by 2030, fueled by increased mobile phone usage and e-commerce. While cash is still common, mobile money is on the rise. Zabira is simplifying this transition for SMEs, freelancers, and online merchants. In August 2019, the company launched Zabira to innovate Nigeria's cashless transaction market, offering services like crypto trading and utility payments. The Zabira app supports four major fiat currencies—USD, NGN, GHC, and KES, making cross-border transactions seamless. It also provides access to over 20 cryptocurrencies, giving users flexibility and freedom in managing their digital finances. Zabira For small business owners looking to adopt digital payments, here are five easy tips to get started. 1. Choose a Platform That Does It All Choose a digital payment platform like Zabira that offers multiple services in one app, including cryptocurrency trading, utility bill payments, and fiat transactions, to manage your financial life seamlessly. 2. Integrate Crypto Payments Early Africa is rapidly growing as a crypto market. Zabira allows businesses to accept Bitcoin, Ethereum, and USDT, facilitating real-time trading of crypto assets. This gives businesses a competitive advantage in international commerce, particularly with diasporan clients. 3. Get Paid Instantly, No delay Waiting three to five business days for payment to clear can disrupt cash flow. Zabira offers instant fiat payments through a robust blockchain system, allowing businesses to move money quickly, pay suppliers faster, and avoid telling customers to "wait till Monday." 4. Opt for a user-friendly app Zabira is incredibly easy to use, with no confusing menus or hidden steps. Users can download the app on Android and on iOS. 5. Offer More Than Just Products Zabira offers more than money transfers; users can top up airtime and data, pay cable bills, and fund betting wallets within the app. Businesses can learn to add value beyond just selling products.
Zawya
27-03-2025
- Business
- Zawya
Africa's digital future: Mastercard's $1.5tln vision for growth
Africa's digital payments economy is on a rapid growth trajectory, with a Mastercard-commissioned report by Genesis Analytics projecting the sector to reach $1.5tn by 2030. As digital transformation accelerates across the continent, strategic investments, public-private partnerships, and financial innovation are shaping the future of commerce, inclusion, and economic development. By fostering collaboration with key stakeholders, Mastercard aims to enhance digital connectivity, expand economic opportunities, and enable millions of people and businesses to thrive in the digital economy. Driving Africa's digital growth Mastercard's investments will focus on three key areas to further accelerate digital adoption and financial inclusion: - Enabling Africa's Micro, Small and Medium Businesses (MSMEs) - Empowering Africa's fintech sector - Scaling remittances and cross-border payments 'Africa is filled with immense possibilities, and its people have the potential to shape the global economy in the decades ahead. Mastercard remains deeply committed to driving digital transformation across the continent, working closely with entrepreneurs, merchants, banks, start-ups, telcos, and governments. By increasing our investments, expanding innovation, and fostering inclusion, we are helping build a more connected and accessible digital future,' said Dimitrios Dosis, president, Eastern Europe, Middle East and Africa at Mastercard. Africa's digital transformation is underpinned by rapid advancements in internet penetration and financial inclusion, two of the fastest-growing enablers of digital payments across the continent. According to the report, internet penetration in Africa is projected to grow at a compound annual rate of 20%, while financial inclusion is set to expand at 6% per year. These trends signal a strong shift towards digital transactions, with businesses and consumers increasingly embracing contactless solutions, further accelerating economic participation and financial accessibility across the region. 'For over five decades, Mastercard has worked alongside African governments, businesses, and communities to advance financial inclusion and economic development. With Africa projected to host nine of the world's 20 fastest-growing economies, we are focused on leveraging our expertise and technologies to support the continent's continued digital transformation. Our investments today will help build a more resilient economy for the future,' said Mark Elliott, division president, Africa, Mastercard. 1. Enabling Africa's Micro, Small and Medium Businesses Recognising that MSMEs account for over 50% of Africa's GDP, Mastercard continues to provide digital solutions that empower small businesses and drive economic expansion. This commitment is reinforced by the Mobilizing Access to the Digital Economy (MADE) Alliance: Africa, in partnership with the African Development Bank Group. The initiative aims to extend digital access to critical services for 100 million individuals and businesses over the next decade. As part of its broader goal to bring users onto Community Pass, Mastercard has set a target to register 15 million users in Africa within five years. Community Pass is a social enterprise initiative that digitises and connects remote, and rural communities to governments, NGOs, and private-sector services. To further fuel the potential of Africa's MSMEs, Mastercard will accelerate easy access to its proprietary solutions such as Tap on Phone and SME-in-a-Box. The technology company will also continue to enable access to finance through its Track Micro Credit Program, which has already benefited thousands of micro merchants. Furthermore, African entrepreneurs will continue to gain knowledge on how to thrive as business owners through free learning resources such as The Entrepreneur's Odyssey and Mastercard Trust Center. 2. Empowering Africa's fintech sector Africa's fintech ecosystem is a key driver of digital transformation and economic progress. Nearly half of all fintech firms on the continent have been founded in the last six years, collectively raising $6bn in equity financing since 2000. Mastercard is partnering with banks, telcos, and other service providers across Africa and internationally to help accelerate fintech growth and expansion in new markets. For example, Mastercard's partnership with M-Pesa in Kenya and MTN Group Fintech has enabled millions of unbanked individuals to access digital financial services through mobile money platforms. Similarly, Mastercard's collaboration with digital wallet providers and e-commerce platforms has facilitated the integration of payment solutions into digital ecosystems, enabling seamless transactions for consumers and merchants alike. For example, Mastercard's global Fintech Express program provides fintech companies with an end-to-end experience for card issuance. By combining its identity, biometric, AI and open banking capabilities, Mastercard helps protect consumers across the spectrum of internet and payments scams. 3. Scaling remittances and cross-border payments Seamless cross-border transactions are essential for Africa's economic mobility. According to the World Bank, Africa received approximately $100bn in remittances in 2023, accounting for about 6% of the continent's GDP. Mastercard is playing a key role in enabling the infusion of funds into local economies. Through a single, secure point of access, Mastercard Cross-Border Services allow people and businesses to remit money securely, and with certainty. Local partnerships such as the recent agreements with Africa's Access Bank and Equity Bank, are enabling Mastercard to make cross-border payments more simple, convenient, and accessible. Furthermore, they are enabling customers in multiple markets to make cross-border payments globally via bank accounts, mobile wallets, cards, and cash. Said Elliott, "Mastercard remains committed to driving Africa's digital growth through investment, innovation, and partnerships. By enhancing financial inclusion, expanding digital transactions, and strengthening cross-border connectivity, the company is helping to build a more inclusive and resilient digital economy for the African future." All rights reserved. © 2022. Provided by SyndiGate Media Inc. (
Web Release
26-03-2025
- Business
- Web Release
Digital payments economy in Africa expected to reach $1.5 trillion by 2030 according to new report
Africa's digital payments economy is set to grow from strength to strength according to a Mastercard-commissioned report by Genesis Analytics stating that the digital payments economy is expected to reach $1.5 trillion by 2030. As a longstanding technology partner to Africa, Mastercard continues to strengthen its commitment to the continent's digital growth through strategic investments, public-private partnerships, and innovation initiatives that drive financial health and economic growth. By fostering collaboration with key stakeholders, Mastercard aims to enhance digital connectivity, expand economic opportunities, and enable millions of people and businesses to thrive in the digital economy. Driving Africa's digital growth Mastercard's investments will focus on three key areas to further accelerate digital adoption and financial inclusion: Enabling Africa's Micro, Small and Medium Businesses (MSMEs) Empowering Africa's fintech sector Scaling remittances and cross-border payments 'Africa is filled with immense possibilities, and its people have the potential to shape the global economy in the decades ahead. Mastercard remains deeply committed to driving digital transformation across the continent, working closely with entrepreneurs, merchants, banks, start-ups, telcos, and governments. By increasing our investments, expanding innovation, and fostering inclusion, we are helping build a more connected and accessible digital future,' said Dimitrios Dosis, president, Eastern Europe, Middle East and Africa at Mastercard. Africa's digital transformation is underpinned by rapid advancements in internet penetration and financial inclusion, two of the fastest-growing enablers of digital payments across the continent. According to the report, internet penetration in Africa is projected to grow at a compound annual rate of 20%, while financial inclusion is set to expand at 6% per year?. These trends signal a strong shift towards digital transactions, with businesses and consumers increasingly embracing contactless solutions, further accelerating economic participation and financial accessibility across the region. 'For over five decades, Mastercard has worked alongside African governments, businesses, and communities to advance financial inclusion and economic development. With Africa projected to host nine of the world's 20 fastest-growing economies, we are focused on leveraging our expertise and technologies to support the continent's continued digital transformation. Our investments today will help build a more resilient economy for the future,' said Mark Elliott, division president, Africa, Mastercard. Enabling Africa's Micro, Small and Medium Businesses (MSMEs) Recognizing that MSMEs account for over 50% of Africa's GDP, Mastercard continues to provide digital solutions that empower small businesses and drive economic expansion. This commitment is reinforced by the Mobilizing Access to the Digital Economy (MADE) Alliance: Africa, in partnership with the African Development Bank Group. The initiative aims to extend digital access to critical services for 100 million individuals and businesses over the next decade. As part of its broader goal to bring users onto Community Pass, Mastercard has set a target to register 15 million users in Africa within five years. Community Pass is a social enterprise initiative that digitizes and connects remote, and rural communities to governments, NGOs, and private sector services. To further fuel the potential of Africa's MSMEs, Mastercard will accelerate easy access to its proprietary solutions such as Tap on Phone and SME-in-a-Box . The technology company will also continue to enable access to finance through its Track Micro Credit Program , which has already benefited thousands of micro merchants. Furthermore, African entrepreneurs will continue to gain knowledge on how to thrive as business owners through free learning resources such as The Entrepreneur's Odyssey and Mastercard Trust Center . Empowering Africa's fintech sector Africa's fintech ecosystem is a key driver of digital transformation and economic progress. Nearly half of all fintech firms on the continent have been founded in the last six years, collectively raising $6 billion in equity financing since 2000. Mastercard is partnering with banks, telcos, and other service providers across Africa and internationally to help accelerate fintech growth and expansion in new markets. For example, Mastercard's partnership with M-Pesa in Kenya and MTN Group Fintech has enabled millions of unbanked individuals to access digital financial services through mobile money platforms. Similarly, Mastercard's collaboration with digital wallet providers and e-commerce platforms has facilitated the integration of payment solutions into digital ecosystems, enabling seamless transactions for consumers and merchants alike. For example, Mastercard's global Fintech Express program provides fintech companies with an end-to-end experience for card issuance. By combining its identity, biometric, AI and open banking capabilities, Mastercard helps protect consumers across the spectrum of internet and payments scams. Scaling remittances and cross-border payments Seamless cross-border transactions are essential for Africa's economic mobility. According to the World Bank, Africa received approximately $100 billion in remittances in 2023, accounting for about 6% of the continent's GDP. Mastercard is playing a key role in enabling the infusion of funds into local economies. Through a single, secure point of access, Mastercard Cross – Border Services allow people and businesses to remit money securely, and with certainty. Local partnerships such as the recent agreements with Africa's Access Bank and Equity Bank, are enabling Mastercard to make cross-border payments more simple, convenient, and accessible. Furthermore, they are enabling customers in multiple markets to make cross-border payments globally via bank accounts, mobile wallets, cards, and cash. Mastercard remains committed to driving Africa's digital growth through investment, innovation, and partnerships. By enhancing financial inclusion, expanding digital transactions, and strengthening cross-border connectivity, the company is helping to build a more inclusive and resilient digital economy for the African future. Source: AETOSWire
Zawya
26-03-2025
- Business
- Zawya
Digital payments economy in Africa expected to reach $1.5trln by 2030: report
JOHANNESBURG, South Africa – Africa's digital payments economy is set to grow from strength to strength according to a Mastercard-commissioned report by Genesis Analytics stating that the digital payments' economy is expected to reach $1.5 trillion by 2030. 'Africa is filled with immense possibilities, and its people have the potential to shape the global economy in the decades ahead. Mastercard remains deeply committed to driving digital transformation across the continent, working closely with entrepreneurs, merchants, banks, start-ups, telcos, and governments. By increasing our investments, expanding innovation, and fostering inclusion, we are helping build a more connected and accessible digital future,' said Dimitrios Dosis, president, Eastern Europe, Middle East and Africa at Mastercard. Africa's digital transformation is underpinned by rapid advancements in internet penetration and financial inclusion, two of the fastest-growing enablers of digital payments across the continent. According to the report, internet penetration in Africa is projected to grow at a compound annual rate of 20%, while financial inclusion is set to expand at 6% per year. These trends signal a strong shift towards digital transactions, with businesses and consumers increasingly embracing contactless solutions, further accelerating economic participation and financial accessibility across the region. For driving Africa's digital growth, Mastercard's investments will focus on three key areas to further accelerate digital adoption and financial inclusion: 1. Enabling Africa's Micro, Small and Medium Businesses (MSMEs) 2. Empowering Africa's fintech sector 3. Scaling remittances and cross-border payments TF
