Mastercard reinforces commitment to drive Digital Transformation Agenda in Zimbabwe

Mastercard reinforces commitment to drive Digital Transformation Agenda in Zimbabwe
Published: 22 October 2018 (3651 Views)
Harare, Zimbabwe, 22 October 2018 - Mastercard President and CEO, Ajay Banga, this week visited Zimbabwe to show Mastercard's strong support for the country's drive to create a new wave of digital payments and inclusive growth. He outlined how Mastercard will collaborate with local private and public sector partners to drive greater financial inclusion through the implementation of innovative payment technologies.
 
Banga met with key government and private sector stakeholders including Professor Mthuli Ncube, Zimbabwe's Minister of Finance and Economic Development, and Dr John Mangudya, Governor of the Reserve Bank of Zimbabwe, to formalise Mastercard's support for payments innovation in Zimbabwe.
 
Banga also disclosed Mastercard's plans to establish an office in Harare, Zimbabwe to coordinate its efforts to address financial inclusion – a pressing challenge in Sub-Saharan Africa where only 42.6 percent of the adult population has access to an account.

He made the announcement in Harare today at the company's CEO Conversations event, a gathering of senior leaders from top financial institutions, mobile network operators and retailers. The new office will allow Mastercard to provide more effective support to its customers in neighbouring Southern African countries.
 
"Too many people and businesses are still excluded from the financial mainstream. This leaves them without the things we take for granted – a way to save money for a rainy day, get loans, or insure themselves or their crops," says Banga. "Harnessing our global technologies and expertise, our Zimbabwean team will closely collaborate with all stakeholders to solve local challenges and enable more inclusion in the formal financial system."
 
Mastercard's expertise and products will be relevant across Southern Africa and in Zimbabwe, as the country implements the National Financial Inclusion Strategy, which aims to increase access to formal financial services from 69 percent in 2014 to at least 90 percent by 2020.
 
Dr John Mangudya, Governor of the Reserve Bank of Zimbabwe, says: "We see Mastercard's investment as a positive development that will help us achieve our long-standing vision and our strategic plan to accelerate the shift towards cashless payments, modernise payments systems and infrastructure, and build an inclusive financial sector that supports the socio-economic development of the country."
 
To increase financial inclusion in Zimbabwe, Mastercard recently partnered with EcoCash to launch EcoCash Scan & Pay, offering a simple, secure and instant QR code-based mobile payments solution to merchants and consumers. Since it leverages low-cost QR code technology rather than physical point of sale devices, Masterpass QR makes it simple and affordable for small and informal traders to accept digital payments.
 
"We applaud the remarkable steps Zimbabwe has taken towards modernising its electronic payments sector and the significant strides it is taking towards a more inclusive society," says Mark Elliott, Division President for Mastercard, Southern Africa. "We are excited about the opportunity to partner more closely with Zimbabwe's financial institutions, businesses and public sector to bring greater interoperability and payments innovation to the benefit of consumers and merchants."

- Agencies

 0

You May Like These Videos

Comments

There are no comments.

Latest stories

Churches condemn shooting of civilians

by Staff reporter | 17 January 2019 | 98 Views

Mnangagwa's pronouncement was not the whole truth

by Staff reporter | 17 January 2019 | 131 Views

Zimbabwe doctor group reports 68 gunshot wounds

by AFP | 17 January 2019 | 74 Views

Tendai 'Beast' Mtawarira named Sharks vice-captain

by Staff reporter | 17 January 2019 | 60 Views

'Zimbabwe to have another GNU as fuel price drops'

by Mandla Ndlovu | 17 January 2019 | 200 Views

Kirst Coventry resigns?

by Mandla Ndlovu | 17 January 2019 | 179 Views

ZSE charms investors

by Staff reporter | 17 January 2019 | 50 Views

MDC denies hand in mayhem

by Staff reporter | 17 January 2019 | 57 Views

Court frustrates lawyers representing Zanu-PF youths

by Staff reporter | 17 January 2019 | 63 Views

Zanu-PF behind acts of violence, says Court

by Staff reporter | 17 January 2019 | 72 Views

Hundreds arrested in violent crackdown

by Staff reporter | 17 January 2019 | 36 Views

Mnangagwa's Govt unleashes soldiers in civilian clothes

by Staff reporter | 17 January 2019 | 51 Views

Musona leaves Anderlecht

by Staff reporter | 17 January 2019 | 70 Views

Mnangagwa's fuel price hike backfires badly

by Africa News | 17 January 2019 | 55 Views

Mnangagwa maintains freeze on WhatsApp

by newzimbabwe.com | 17 January 2019 | 53 Views

Mutsvangwa slams Mnangagwa's 'forex allocation economy'

by newzimbabwe.com | 17 January 2019 | 77 Views

Mnangagwa talks up mega deals

by Staff reporter | 17 January 2019 | 196 Views

Mnangagwa says no justification for violence

by Staff reporter | 17 January 2019 | 177 Views

#ZimbabweShutDown organisers to pay for damages, says Govt

by Staff reporter | 17 January 2019 | 240 Views

SA backs new Zimbabwe currency

by Staff reporter | 17 January 2019 | 254 Views

Mnangagwa assures foreign investors

by Staff reporter | 17 January 2019 | 110 Views

Doctors in Zimbabwe train for seven years

by Staff reporter | 17 January 2019 | 90 Views

Chamisa unleashes touts to punish supporters

by Staff reporter | 17 January 2019 | 145 Views

Jonathan Moyo shamed for peddling falsehoods

by Staff reporter | 17 January 2019 | 104 Views

60 more in court for public violence

by Staff reporter | 17 January 2019 | 70 Views

WATCH: She's on fire, SA woman shads a tear for Zimbabwe

by Staff Reporter | 17 January 2019 | 67 Views

CAF boss dumps Chiyangwa?

by Staff reporter | 17 January 2019 | 102 Views

Mnangagwa to probe NGOs inciting violence

by Staff reporter | 17 January 2019 | 61 Views

The evil hand of civil society, MDC-Alliance

by Panganai Kahuni | 17 January 2019 | 97 Views

Zanu-PF youths lead 'operation restore sanity'

by Staff reporter | 17 January 2019 | 101 Views

Fugitive prisoner arrested

by Staff reporter | 17 January 2019 | 81 Views

Former Zanu-PF MP freed on bail

by Staff reporter | 17 January 2019 | 74 Views

Man fatally assaults sister's lover

by Staff reporter | 17 January 2019 | 80 Views

Residents call for Zupco return

by Staff reporter | 17 January 2019 | 80 Views

Calm returns to Midlands

by Staff reporter | 17 January 2019 | 35 Views

Violent protests rock Mutare

by Staff reporter | 17 January 2019 | 51 Views

Stop using children to push political agenda

by Staff reporter | 17 January 2019 | 80 Views