MasterCard to extend mobile money services throughout Africa

MC  Håkan DahlströmThe tie is expected to benefit more than 750mn consumers across Africa, according to MasterCard. (Image source: Håkan Dahlström/Flickr)MasterCard has tied up with mobile operator service provider Comviva and software solutions provider Tutuka to extend mobile money services throughout Africa

The collaboration will make use of MasterCard’s global electronic payments network, Comviva’s mobile payment service mobiquity and Tutuka’s prepaid processing platform.

According to MasterCard, “The tie up will enable operators providing mobile money services using Comviva’s mobiquity platform to offer its customers prepaid MasterCard cards or virtual card numbers linked to their existing stored value accounts.”

The company added that the tie up would allow customers to make payments at all physical and online retailers that accept MasterCard and would benefit more than 750mn consumers across Africa.

MasterCard’s mobile group executive Mung Ki Woo said, “The ubiquity of mobile and interoperability are the keys to the penetration of electronic payments in Africa.

“This solution leverages our biggest asset, the MasterCard Worldwide network, to bring acceptance to mobile wallet consumers across Africa in an efficient manner.”

Comviva mobile financial solutions vice-president Srinivas Nidugongi said, “By partnering with Tutuka, we can now bring the full benefits of the MasterCard Mobile Money Partnership Programme that we joined in February to consumers across Africa.

“Together, we are now able to bring open loop solutions faster to market, like empowering consumers to utilise their existing stored value account at any of the 33mn locations worldwide that accepts MasterCard.”

twn Are you sure that you want to switch to desktop version?