- Launches payment-on-demand services
Mastercard is taking a front row seat to boost the drive for digital inclusion in Africa with the planned launch of a pay-on-demand platform with cooperation from Samsung, Airtel Africa and Asante Financial Services Group.
In a statement obtained by Business A.M. Mastercard said that its strategy is to utilise strategic partnerships and collaborations to drive innovation, noting that by providing digital access to underserved consumers and MSMEs, it is aiming to strengthen digital and financial inclusion that will in turn improve the economic lots of people and businesses on the continent.
Mastercard also explained that the plate will provide an avenue for consumer financing that prioritises safety, security and convenience.
“Pay-on-Demand platform enables safe, secure and convenient consumer financing via Samsung devices with embedded Knox security platform, through Airtel Africa’s network,” the statement read.
The company said that it will be using Samsungs pay-on-demand enabled devices as well as Asante’s digital financial services insight to provide an innovative platform that will facilitate the provision of mobile-based loans for consumers with the coordination of Airtel Africa.
The pay-on-demand platform will be piloted in Uganda but Mastercard says that it is considering 14 other markets to debut the product in. These markets include Nigeria, DRC, Gabon, Malawi, Zambia, Madagascar, Tanzania, Rwanda, Kenya, Seychelles, Chad, Niger and Congo Brazzaville.
Reacting to the development, Amnah Ajmal, Mastercard’s executive vice president, market development, Middle East and Africa, said, “At Mastercard we are committed to accelerating the growth of digital financial services in Africa. As market organizers, we are always partnering with like-minded organizations to advance financial inclusion for individuals and MSMEs by empowering them with the right digital solutions. This Pay-on-Demand platform enables us to deliver on that promise, giving consumers an opportunity to participate in digital commerce while fostering digital and financial inclusion across the country.”
In the same vein, Sung Yoon, CEO and President at Samsung Africa noted that, “Samsung is proud to be the provider of world class devices with an end-to-end security platform with always-on protection. This partnership will benefit the people across Africa starting with Uganda and will create affordable payment plans to access Samsung devices. There is so much growth opportunity in the region and we believe that this partnership will help accelerate economic growth in the mobile industry.”
“Our mobile money services are changing customers’ lives across Africa. This innovative partnership will help Airtel feature phone customers upgrade to smartphones and pay with Airtel Money on flexible instalment plans. This opens up the digital economy and creates additional opportunities for Africa’s entrepreneurs.” Raghunath Mandava, CEO of Airtel Africa stated.
Banking December 26, 2019