Mastercard to support payments innovation in Kenya and Nigeria

Mastercard, the global payments processing company, has announced that it will be  introducing FinTech startups in Nigeria and Kenya to the partnership opportunities it has available through its Engage programme.

According to Mastercard, the Engage programme is a global partnership and development programme that aims to build digital payment technology ecosystems.

“At Mastercard, we believe partnerships – particularly with regional fintechs with a deep understanding of the local environment – are crucial for ongoing innovation that delivers relevant payment solutions to empower communities. Engage connects financial institutions and merchants with technology partners within a broad innovation ecosystem, helping companies create and launch the most innovative payment solutions for businesses and consumers,” said Omokehinde Adebanjo, Area Business Head  at Mastercard West Africa.

FinTech startups growing across Africa

While Kenya is famously known for the mobile money service M-PESA, it also has a growing FinTech ecosystem with varied services other than mobile money. Nigeria on the other hand, especially over the past couple of years, has experienced growing venture capital interest in its Fintech startups.

Mastercard’s Engage programme will connect financial institutions, merchants and IoT Manufacturers with the right technology partners that can help them deliver innovative payment solutions. The other listed benefit for participating FinTech companiesis access to Engage-specific training through the “Academy for Engage” education and training programme, as well as regional events that provide up to date information on Mastercard’s value propositions, product strategy and market priorities.

“Mastercard Engage addresses three key challenges: the need for payment solution providers to constantly evolve their offerings; the growing pressure for financial services organisations to harness digital innovation to offer secure, compliant solutions; and the need for advanced, convenient financial solutions to empower business and consumers.”

Some of the use cases for the solutions that can emerge from particpating are listed as ranging from contactless payments, NFC wallets on wearable devices and secure card-on-file e-commerce, through to mobile POS and advanced commercial payment solutions.

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