Fintechs are increasingly playing a major role in driving digitalisation of the African economy. Corporations like MasterCard have also responded proactively to this trend by participating in this transformation by introducing their own initiatives.
Mastercard recently introduced Fintech Express in Africa, a programme designed to facilitate emerging fintechs’ launch and expansion. The Programme will enable start-ups to partner with MasterCard and leverage its strength in technology and global network, and focus on innovation that drives the digital economy. The partnership is open to both established fintechs as well as new ones. The established ones can seek a direct license from Mastercard while those seeking to innovate can collaborate with ready-to-go Mastercard Engage partners.
The programme has three core modules – Access, Build, Connect. A statement from the company said that the first one-Access- enables regulated entities to obtain a Mastercard licence and access the firm’s network through a streamlined on boarding process.
The second module –Build- enables fintechs to be an Express Partner by building unique tech alliances and leveraging the strengths of MasterCard. The Connect module, the third one will allow start-ups, looking to add payment solutions to their suite of products, can easily connect with qualified Express Partners available on the Mastercard Engage web portal, and go live with Mastercard in a matter of days. The digital payment innovators can collaborate with the payments company and its partners to launch new fintech products. Being an Express Partner help brands simplify the launch of payment solutions, cutting short the process from a few months to a matter of days and also, enjoy all the benefits of becoming a ‘Qualified Mastercard Engage Partner’.
