December 22, 2024

FINTECH MAGAZINE AFRICA

Fintech eyes in africa

Orange Middle East & Africa and Mastercard Partner to Drive Financial Inclusion in Sub-Saharan Africa

Orange Middle East and Africa (OMEA) and Mastercard have formed a strategic alliance to broaden access to mobile financial services across Sub-Saharan Africa. This partnership, expected to reach full implementation by 2025, will enable millions of Orange Money wallet holders to engage in digital payments via Mastercard’s extensive global merchant network.

Rolling out across seven countries—Cameroon, Central African Republic, Guinea-Bissau, Liberia, Mali, Senegal, and Sierra Leone—this initiative aims to accelerate financial inclusion in a region where only 48% of adults are currently banked, according to the African Digital Banking Transformation Report. By bridging this gap, Orange and Mastercard seek to economically empower underserved communities through enhanced digital access.

Through this partnership, Orange Money customers will have the option to obtain a virtual or physical Mastercard debit card directly linked to their Orange Money wallets, facilitating seamless transactions with both local merchants and international e-commerce platforms. Customers can quickly request a virtual debit card via Max it, Orange’s Super App, while physical cards will be available at designated Orange Money Mastercard points of sale.

Aminata Kane, CEO of Orange Money Group, Middle East, and Africa, expressed the partnership’s potential impact: “This collaboration is an opportunity to bring top-notch innovation to our customers. With a Mastercard linked to their Orange Money wallet, users can pay easily and securely both locally and internationally, unlocking a new world of possibilities and enhancing their financial independence.”

Amnah Ajmal, Executive Vice President of Market Development at Mastercard EEMEA, emphasized Mastercard’s commitment to financial inclusion, saying, “Our collaboration with Orange Money represents a significant step in unlocking the full potential of digital financial services across Africa. This partnership aligns with our vision of creating an inclusive digital ecosystem, ensuring no one is left behind.”

With over 160 million customers and 37 million active Orange Money accounts across 17 countries in Africa and the Middle East, Orange has been instrumental in advancing financial inclusion through accessible mobile financial services. Through secure transactions, payments, and other financial tools, Orange Money has effectively reached individuals previously excluded from the traditional banking system.

The Mastercard-Orange partnership reinforces Mastercard’s position as a trusted technology partner for telecommunications firms in Africa, leveraging its secure payment gateway expertise and local market insights to deliver innovative solutions tailored to small and medium-sized enterprises (SMEs). This collaboration supports Orange’s strategy to offer seamless, efficient payment solutions to its customers, contributing to the digital transformation and economic growth of Africa.

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