MasterCard News

Akeem Lawal, Divisional CEO, Switching & Processing, Interswitch. Credit: SlimTrader

Interswitch Nigeria Sees Delayed IPO Concluded by End-2019

Interswitch Ltd., a Nigeria-based payments-processing company, expects to complete its delayed dual listing in London and Lagos before the end of 2019.

Rita Okuthe, Director of Enterprise Business, Safaricom

Safaricom Sees Amazon as Model for Kenya E-Commerce Platform

Safaricom Ltd. of Kenya plans to introduce an e-commerce platform within eight months targeting formal retail and informal online trading in East Africa’s biggest economy.

Flutterwave raises over $10 million in series A financing

Flutterwave, an online payments company founded by Nigerian 26-year old, raises over $10 million in series A financing (Infographic)

Flutterwave, which provides modern payments infrastructure for banks and businesses to make and accept payments across Africa, announced on Monday that it has raised over $10 million in a Series A round of funding.

GT Bank, Nigeria's biggest bank by market value, has raised the maximum monthly dollar spend limit to $1,000 from

Nigeria Banks Boosting Dollar Spending as Liquidity Improves

Nigerian banks are boosting dollar-spending limits for payment cards denominated in local currency as much as tenfold because of improved foreign-exchange supply.

Bob Collymore, CEO, Safaricom

Safaricom's M-PESA has Kenya's government worried what happens in the event of a crash (Infographic)

At the time of M-Pesa’s launch in 2007, few could have conceived the mobile money service would be as ubiquitous and deeply entrenched in the lives of millions of Kenyans as it is today.

Dar es Salaam, Tanzania

The rise of Africa's megacities

Over the last 35 years, the share of Africa’s population living in urban areas climbed from 27% to 40%.

Johannesburg, South Africa. Credit: sothebysrealty.com

Fact of the Day: Johannesburg, South Africa is the #1 tourist destination in Africa for the 4th year in a row

South Africa’s major urban cities remain the most visited in the African continent, attracting millions of tourists, boosting local tourism and injecting billions of dollars into the economy.

Mitchell Elegbe, Founder & CEO, Interswitch

Nigerian fintech company Interswitch could become Africa's first startup to IPO at $1B+ valuation

Africa’s first billion-dollar tech IPO on a major exchange may be imminent.

MallForAfrica

Rising e-commerce platform MallForAfrica could make billions for itself and global brands

A section of Africa’s population has been steadily climbing the affluence stakes, with numbers of multimillionaires predicted to rise by 59% in the next 10 years.

L-R: Charles Ifedi, CEO, Verve; Mitchell Elegbe, Founder & MD, Interswitch; Akeem Lawal, Director, Interswitch. Credit: financialtechnologyafrica.com

Nigeria's Interswitch launches Verve payments service in Kenya

The Nigerian company Interswitch is to launch its Verve payments cards in Kenya, a move that should cut banks’ costs and threaten the dominant positions of Visa, MasterCard and the M-pesa mobile money service.

4 reasons investors should seriously look to Africa for tech

4 reasons investors should seriously look to Africa for tech

In recent years, Africa has become a hotbed of technological innovation. The spread of mobile technology has spurred new companies, such as delivery service MamaMikes, which allows dispersed family members to send gifts …

Equity Bank

Equity Bank's Equitel mobile money service targets 100 million African customers in 10 years

Equity Bank Ltd., which has started a new mobile payment and banking service called Equitel, is seeking 100 million customers in Africa within 10 years and the first five million by the end of 2015.

African Ad Agencies Emerging as Force in World Market.

African Ad Agencies Emerging as Force in World Market

Western advertising and public relations agencies are increasingly merging with African counterparts to attract international corporate clients looking to break into Africa — considered the last frontier for consumer markets.

Lagos, Nigeria

Nigeria's mobile boom should absolutely matter to your brand: Here's why

Nigeria, with 125 million mobile subscribers, is not just Africa’s largest mobile market. It is also home to one of the most connected and engaged mobile populations on the continent.

Visa and MasterCard moving into mobile pay in Africa

Visa and MasterCard moving into mobile pay in Africa

Americans may just be getting used to mobile pay, but consumers in many African countries have been paying with their phones for years.

Employees stand inside a mobile phone store specializing in the sale of Samsung Electronics Co. handsets in Nairobi, Kenya, on April 17, 2013. Photographer: Trevor Snapp/Bloomberg

Europeans Selling Mobile Payments Should Ask Africa for Help

As telecommunications carriers in Europe seek a share of the billions of dollars likely to flow to companies that build mobile-payment systems, Claudio Chiche has a few words of advice: Ask Africa for help.

At the World Economic Forum in Davos, Ajay Banga, MasterCard’s president and CEO (left), and Donald Kaberuka, the African Development Bank’s president (right), have announced a significant partnership to boost financial inclusion in Africa. Photo by swiss-image.ch/Michael Buholzer

African Development Bank and MasterCard partner to broaden financial inclusion in Africa

Today, the African Development Bank (AfDB) and MasterCard announced a broad collaboration that aims to expand financial inclusion across the African continent.

Uber, Nairobi, Kenya

Uber launches in Nairobi, Kenya

Nairobi, the “Green City in the Sun” is East Africa’s economic powerhouse. Locals tear into meat in restaurants squeezed between car parks and casinos, or overlooking the misty green hills that fall into the Great Rift Valley on the edge of the city.

Vans at Idumota Market in Lagos Island, Nigeria

Fact of the Day: Nigeria is the world's most-watched frontier market

Nigeria has consolidated its position as the most-watched frontier market in the latest WSJ Frontiers/FSG Frontier Market Sentiment Index as an increasing proportion of multinationals put the country on their watch list for potential future investment.

Arik Air

Nigeria's Arik Air now accepting international mobile payments powered by SlimTrader

Arik Air has activated international payments on its mobile platform. Customers from anywhere in the world can now access Arik Air’s mobile site, search for tickets, select flights, and pay using credit and debit cards from Visa and MasterCard.

South Africa's economic hub Johannesburg will retain its title as Africa's most visited city for the second year in a row, a study shows

Fact of the Day: Johannesburg is Africa's most visited city for second year in a row

South Africa’s economic hub Johannesburg will retain its title as Africa’s most visited city for the second year in a row, a study has shown.

Patrick Akinwuntan, Ecobank and Daniel Monehin, MasterCard

MasterCard and Ecobank partner to accelerate electronic payments adoption in 28 Sub-Saharan African countries

Ecobank Transnational Inc. (“Ecobank”) and MasterCard, http://newsroom.mastercard.com/ today announced  a multi-country licensing agreement which will provide access to MasterCard’s electronic payments solutions for Ecobank’s customers in a further 23 African countries.

A customer transfers cash to his mobile phone in Kenya's capital Nairobi

Mobile Money: The Battle for Africa

As enthusiasm for mobile-phone-based payments grows in Africa, operators are rushing to get a piece of potentially lucrative and ever-expanding markets and to challenge more popular and established mobile-payment services, such as Kenya’s M-Pesa.

President Jonathan said the e-ID scheme would be the primary database for all government departments

Nigeria launches national electronic ID cards in partnership with MasterCard

Nigeria’s president has formally launched a national electronic identity card, which all Nigerians will have to have by 2019 if they want to vote.

Johannesburg, South Africa

Africa's top five most travelled to cities: MasterCard

Africa’s top destination for international travellers is South Africa’s Johannesburg, with an estimated 4.25m visitors for 2014, according to this year’s MasterCard Global Destination Cities Index released this week.

A PayPal sign is seen at an office building in San Jose, California May 28, 2014.

PayPal expands payment services to Nigeria and 9 other markets

PayPal is entering 10 new countries this week, including Nigeria, providing online payment alternatives for consumers via mobile phones or PCs in markets often blighted by financial fraud.