How has technology and innovation contributed to promoting financial and digital inclusion in Sub-Saharan Africa, and what role does Mastercard play in this process?High mobile phone and internet penetration in Africa have enabled mobile money and fintech to fiourish, providing unbanked populations with access to financial services.

As a global technology company committed to driving impact in Africa, Mastercard collaborates with like-minded partners to enhance financial inclusion.

With telecommunication companies such as MTN, we accelerate the mobile money ecosystem. With financial institutions such as Access Bank, we expand access to cross-border remittances and e-commerce payments. We also work with governments to promote digital payments adoption.

As the digital economy gradually becomes the economy, it is both our business strategy and social responsibility to ensure people and organisations have access to the networks, tools, skills, and solutions that can help them reach their potential and achieve financial security.

Our collaborations with finance institutions such as KCB, I&M Bank, DTB, and Equity Bank, expand the reach of inclusive payment solutions that empower both individuals and businesses.

Could you elaborate on Mastercard’s commitment to driving an inclusive digital economy through SMEs and fintech innovation in the region?Mastercard is committed to supporting SMEs by addressing challenges related to digital tools and credit accessibility.

In Kenya for instance, our collaboration with I&M to launch the Business Credit Card Proposition fuelled by Mastercard’s advanced payment technology, provides SMEs with access to tools that will help them manage their business more effectively and enhance e-commerce opportunities.

In Zambia, initiatives such as SME-in-a-box, launched in collaboration with Digital PayGo, delivers tailored solutions, empowering SMEs to safely carry out digital payments through various channels.

This aligns with our broader commitment to integrate one billion individuals and 50 million micro and small merchants by 2025, including 25 million women entrepreneurs – a milestone we achieved in 2023.

How does Mastercard collaborate with private companies, government institutions, and development agencies to develop and scale locally relevant solutions in the region? Could you highlight an example that has struck a chord with a community?Mastercard indeed collaborates with private companies, government institutions and development agencies to develop and scale locally relevant solutions. One impactful example is our Community Pass platform, which supports smallholder farmers in Africa by digitising payments, securing better prices, and stabilising their finances.

We also work with banks and telcos to improve cross-border payment solutions for MSMEs and customers across the region.

Collaborations with the governments of Kenya, Uganda, Zanzibar, Tanzania, and Ethiopia, focus on modernising digital payments and accelerating digital transformation. We have also joined forces with Lipa Later, Wowzi, and MDP, to enhance MSMEs’ access to credit and innovative financial solutions.

How does Mastercard ensure the sustainability and scalability of its initiatives aimed at driving financial inclusion and digitisation in Sub-Saharan Africa?At Mastercard, we believe the only sustainable growth is inclusive growth. Our commitment to collaboration and innovation drives our efforts to promote financial inclusion and digitisation in Sub-Saharan Africa.

We work with governments, the private sector, banks, and telecommunications companies to create tailored solutions that advance financial inclusion.

We also champion local innovation, recognising that a one-size-fits-all approach is not suitable for Africa’s diverse landscape. By combining our expertise with local knowledge, we develop customised solutions that effectively meet the region’s needs, ensuring our initiatives are sustainable and scalable. © Copyright 2022 Nation Media Group. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).