Mastercard and Onafriq, formerly known as MFS Africa, a pan-African payments company, have partnered to enhance payment choices for African consumers and small- to medium-sized businesses (SMEs).
The companies said that the partnership will accelerate the expansion of digital financial services, such as mobile money transfers, international remittances, and international settlements, because of their shared dedication to enhancing financial inclusion through an omnichannel strategy.
Amnah Ajmal, Mastercard’s executive vice president of market development for EEMEA, stated, “The digital financial services industry is being driven by technological advancements, and enabling consumers to shift to digital commerce requires accessible digital payment solutions.”
“At Mastercard, we want to use our fintech collaborations in Africa to spark industry-wide transformation that benefits people and businesses alike. We are excited to collaborate with Onafriq to create digital channels and foster innovation throughout the continent’s payment ecosystem.”
Onafriq’s creator and CEO, Dare Okoudjou, further stated, “Onafriq is committed to reducing the significance of borders by providing digital payment solutions and networks that enable all Africans to obtain the financial services required to conduct business or grow their enterprises.”
