OPay & Mastercard announce partnership to boost financial inclusion

Multinational financial services Mastercard Inc. and fintech giant OPay have reportedly entered a partnership to boost digital financial inclusion in the MEA (Middle East and Africa) region.

The strategic partnership allows OPay merchants and consumers in the region, including Morocco, Algeria, Egypt, Ethiopia, Nigeria, Pakistan, Kenya, the UAE, and South Africa, to engage with businesses and brands worldwide by linking a Mastercard virtual payment solution to the OPay eWallet.

This collaboration is the recent achievement under the emerging market strategy of Mastercard where the company aims to collaborate with Fintech companies like OPay to increase access to digital payments, create new financial inclusion methods, allow multiple lifestyle services, and support upcoming super-apps.

Consumers are seeking platforms that provide seamless payment experiences during daily transactions like sending and receiving money, organizing transport, ordering food and groceries, investing, lending, and listing items for sale.

During the initial phase of the alliance, OPay customers will leverage the Mastercard virtual payment solution to shop at popular global brands, for travel, leisure, accommodation, streaming services, and entertainment, among others.

Customers will be able to avail the service without having a bank account. Additionally, it allows owners of small businesses to purchase from foreign suppliers and pay using the secure virtual payments service.

Amnah Ajmal, Executive Vice President for Market Development at Mastercard EEMEA, expressed that the company’s innovation plan is centered on scaling financial inclusion.

Ajmal added that Mastercard’s alliance with OPay showcases its dedication to supporting payment providers worldwide to develop an interconnected ecosystem of global payments that benefit different consumers with distinct needs.

Since the commencement of its operations in 2018, OPay’s active users have increased to 15 million across several markets where the company operates. It processes millions of daily transactions.

In Nigeria, where it has a substantial market share, users saved billions of USD’s over the last four years using credit-linked savings accounts linked to their mobile wallets and small loans from lenders using the platform.

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