Luanda – The companies Mastercard and Paypay have recently signed, in Luanda, ad a historic partnership that aims to facilitate the financial inclusion of citizens and bring millions of people into the digital economy by 2025, through the offer of accessible financial services in Africa.
According to a note ANGOP had access to, the main objective is to provide a single access point so that people and companies can transfer money in a safe and reliable way.
The note added that this partnership will include Mastercard technology with the Paypay innovative platform with the aim to provide funds sending services to users across the African continent.
The document advances that thoughtful collaboration, which fully integrates Mastercard's advanced payment technology with Paypay's remittance solution, will also enable African consumers to access secure, fast and efficient transactions locally and internationally, with a priority on services cross-border.
The Mastercard national director for Southern Africa, Gabriel Swanepoel, mentioned in the note, said that by working closely with Paypay, they intend to boost access to financial services by ensuring the sending of funds as well as simple and safe transactions which can mainly improve lives and reinforce economic progress.
The official said that with this partnership, Mastercard continues to support “FinTech” innovation in the Middle East and Africa (MEA) by providing access to a suite of digital tools, technology and a global network.
“The partnership with Mastercard, a global leader in payments, represents a transformative milestone for Paypay”, he highlighted.
In turn, Paypay CEO Wilson Ganga believes the company is well positioned for significant growth and ready to make a deep impact on the African financial landscape.
To him, this collaboration is about establishing a new standard for financial services, driving economic growth and digital transformation across the continent.
In 2021, Sub-Saharan Africa received approximately USD 49 billion in remittances, according to a World Bank (WB) study on Migration and Development.
Other supporting studies, from a 2022 Mastercard report on borderless payments, highlight the importance of cross-border remittances.
The results of that report revealed that 40% of consumers who sent a cross-border payment in 2021 shared that family members living abroad would not have survived financially without receiving the funds.
Mastercard is a global technology company in the payments industry, with a mission to connect and drive an inclusive digital economy that benefits everyone, everywhere, by making transactions safe, simple, smart and accessible.
The company with connections in more than 210 countries and territories, is building a sustainable world that can help everyone.
On the other hand, Paypay is at the forefront of financial technology in Africa, dedicated to improving financial inclusion with user-centric solutions. From real-time transfers to digital card issuance, the company is reshaping financial interactions.
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