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Mastercard supports African payment innovation

By Prince Osuagwu

Mastercard is expanding its Engage programme in sub-Saharan Africa, with the first events in Nigeria and Kenya to introduce local fintech innovators to its broad partnership opportunities.

Mastercard Engage, launched to fintechs in Nairobi and Lagos, is a global partnership and development programme that builds digital payment technology ecosystems and enhances speed to market. The programme connects financial institutions, merchants and IoT Manufacturers with the right technology partners that can help them deliver innovative payment solutions, for businesses and consumers alike.

Since its launch in February 2017, the platform has tripled the number of fintech partners. The capabilities of these partners include deploying digital wallets, enabling tokenization, facilitating instant payouts and launching mobile point of sale solutions, among others.

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Area Business Head , Mastercard West Africa, Omokehinde Adebanjo, said: “At Mastercard, we believe partnerships – particularly with regional fintechs with a deep understanding of the local environment – are crucial for ongoing innovation that delivers relevant payment solutions to empower communities. Engage connects financial institutions and merchants with technology partners within a broad innovation ecosystem, helping companies create and launch the most innovative payment solutions for businesses and consumers.”

Mastercard Engage addresses three key challenges: the need for payment solution providers to constantly evolve their offerings; the growing pressure for financial services organisations to harness digital innovation to offer secure, compliant solutions; and the need for advanced, convenient financial solutions to empower business and consumers.

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