Mastercard, MTN empower consumers to transact on global platforms

Payment and technology firm, Mastercard and MTN have sealed a strategic partnership to enable millions of consumers in 16 countries across Africa to make global e-commerce payments safely and securely.

Through a Mastercard virtual payment solution linked to MTN Mobile Money (MoMo) wallets, consumers and merchants can engage with brands and businesses abroad through digital commerce, extending their reach to an international marketplace and unlocking a host of opportunities.

Across Sub-Saharan Africa, mobile devices are the primary channel used to connect to the Internet. According to GSMA, by 2025, it is estimated that there will be 300 million more people using their devices to access the Internet. In light of the significant growth, mobile financial services have become the dominant form of digital payments, with twice as many mobile money accounts as bank accounts in the region. As a result, consumers increasingly expect to have access to a broader range of digital financial services.

However, consumers and merchants are mostly restricted to a local base of online and offline businesses, therefore curtailing their ability to engage in global commerce. Through this strategic partnership, MTN customers with a Mastercard virtual payment solution linked to their MoMo wallets can make payments to global online merchants through a seamless and secure digital payment experience on websites and mobile applications. The service is available regardless of whether or not the customer has a bank account.

The solution will enable consumers to explore and shop at well-known global e-commerce brands and pay quickly and securely for shopping, travel, accommodation, entertainment, streaming services and more. It will also allow small business owners to transact with suppliers abroad and pay with the virtual payment solution.

MTN Group Chief Digital and Fintech Officer, Serigne Dioum, said the firm was excited about the partnership with Mastercard, which is another step in realizing our ambition to build Africa’s largest fintech platform, accelerating economic and social development through digital innovation to the benefit of citizens across the continent and beyond.

Executive Vice President for Market Development, Mastercard Middle East and Africa, Amnah Ajmal, said: “This significant milestone will enable millions of MTN customers to benefit from global digital commerce and drive digital and financial inclusion across Africa through easy and secure access to financial services.

MEANWHILE, MTN has disclosed its commitment to net-zero emission by 2040 for a sustainable future

With global warming on the rise and impacting countries, communities and people everywhere, MTN has set science-based targets to achieve a 47 per cent average reduction in absolute emissions (tCO_2e) for scope by 2030.

MTN Group President and Chief Executive Officer, Ralph Mupita, said: “As we build and operate the telecommunications infrastructure to drive greater digital and financial inclusion, we believe that our growth and success should not come at the expense of the future of our planet. We must keep addressing the needs and challenges of society, which include playing our part in mitigating the effects of climate change.”

GHG emission-reduction target-setting, like that adopted by MTN, is in line with an ICT sectoral target-setting approach recently developed through collaboration between the Global Enabling Sustainability Initiative (GeSI), the GSMA, the International Telecommunication Union (ITU) and the Science-Based Targets Initiative (SBTi). These targets support the Paris Agreement’s central aim of strengthening the global response to the threat of climate change.

To realise its targets, MTN has launched its Project Zero programme to leverage the latest technologies and service partners to enable business sustainability via greater energy efficiencies, low carbon emissions, risk reduction and cost control. The programme prioritises renewable solutions, efficient emerging technologies and energy storage.

“We believe ICT companies and mobile operators have the potential to significantly contribute to global decarbonisation efforts,” said MTN Group Chief Technology and Information Systems Officer Charles Molapisi, adding: “We are pleased that Project Zero is in full swing, actively driving energy efficiency and carbon emission sustainability.”