Mastercard and Onafriq have unveiled a collaborative effort to enhance access to mobile payment services for consumers and small and medium enterprises (SMEs) throughout Africa. The partnership seeks to introduce secure, cost-effective, and innovative payment options, including mobile money transactions, cross-border remittances, and cross-border settlements.

This collaboration is part of Mastercard's broader strategy to penetrate the pan-African fintech market, as evidenced by its recent investment in MTN Group Fintech, MTN's digital financial services division.

Why does it matter?

Through the utilisation of Mastercard's advanced technology, Onafriq can enhance the quality and efficiency of its digital commerce offerings, ultimately improving user experiences, making them more inclusive, and increasing the number of users.

Sub-Saharan Africa is the global powerhouse in the mobile money landscape, boasting nearly half of all registered accounts and over half of all active global accounts each month, according to the 2023 report by Global System for Mobile Communications (GSMC). With a staggering$2.3 billion exchanged daily, this region dominates the mobile money market, accounting for two-thirds of all transactions in this sector.