Mastercard partners with OPay to drive financial inclusion in the Middle East and Africa

Mastercard continued to use the partnership as a strategy to gain more market share as competition intensifies in the payment industry.

The New York-based payments company and fintech giant OPay have entered into a strategic partnership to foster broader financial inclusion and boost economic prosperity by opening up digital commerce to millions of people in the Middle East and Africa.

The collaboration enables OPay consumers and merchants in the region – including Algeria, Morocco, Egypt, Nigeria, Ethiopia, Kenya, Pakistan, South Africa and the United Arab Emirates – to engage with brands and companies all over the world, through Mastercard virtual payment. solution linked to the OPay electronic wallet.

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The partnership is the latest step in Mastercard’s emerging market strategy, where the technology company is collaborating with growing Fintechs such as OPay to expand access to digital payments, enable multiple lifestyle services, create new pathways to financial inclusion and supporting the next generation of super apps. .

“As a fintech leader in the Middle East and Africa, we are delighted to partner with Mastercard as we continue our journey to promote financial inclusion, helping to open the global economy to more consumers and businesses in the Middle East and Africa,” said Yahui Zhou, CEO of OPay.

Consumers are increasingly looking for seamless user experiences on a single platform that offers easier interactions to meet various daily needs, including sending and receiving money, ordering food and groceries, arranging transportation , lend, invest, and list items they want to sell.

In the initial phase of this partnership, OPay customers will benefit from the Mastercard virtual payment solution linked to their OPay wallets, to make purchases from well-known global brands for leisure, travel, accommodation, entertainment, streaming services and more. The service is available whether or not the customer has a bank account. It also allows small business owners to buy from suppliers overseas and pay with the secure virtual payment solution.

Mastercard has partnered with different payment points around the world, including cryptocurrency platforms – a strategy Amnah Ajmal, Executive Vice President for Market Development, Mastercard EEMEA, will help create a global ecosystem of interconnected payments.

“At Mastercard, our innovation strategy is rooted in partnerships to support inclusion at scale. Our partnership with OPay demonstrates our commitment to supporting payment providers around the world to create an interconnected global payments ecosystem that benefits everyone. a range of consumers with unique needs,” he said.

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Since it began operations in 2018, OPay’s active users have grown to 15 million in dozens of markets in which it operates. The company processes an average of millions of transactions per day. In Nigeria alone, where OPay is taking a significant market share, users have saved billions of US dollars over the past four years through credit-linked savings accounts from their mobile wallets and small loans from lenders who use its platform.

Plans are in place to launch OPay services in additional markets over the next three to five years, which will significantly drive the growth of digital inclusion and digital commerce, while expanding the inclusion of OPay customers in the world economy.

Mastercard is globally committed to financial inclusion, pledging to bring 1 billion people and 50 million micro and small businesses – with a focus on 25 million women entrepreneurs – into digital economy by 2025. With OPay’s market share in MEA regions, Mastercard has a strong chance of reaching its 2025 target.