MasterCard CEO in Africa: Advances Financial Inclusion for Unbanked

JOHANNESBURG, South Africa - Saturday, January 19th 2013 [ME NewsWire]

To tweet this news, copy and paste: #MasterCard strengthens commitment to a World Beyond Cash in Africa http://bit.ly/WhZBFo#MAinAfrica

(BUSINESS WIRE)-- In a weeklong trip to Africathis week, Ajay Banga, President and CEO of MasterCard Worldwide, affirmed the company’s commitment to extending financial inclusion across the continent. Collaborating with local government officials, financial institutions, businesses and citizens, he shared his thoughts on a cashless society and vision of a world beyond cash.

Africa: The Next Cashless Continent

    80 percent of sub-Saharan Africa is unbanked
    Africa’s financial services sector is projected to grow 40 percent by 2020
    Seven out of ten of the world’s fastest-growing economies will be in Africa by 2015
    Africa has surpassed Europe in the number of mobile phones and the US in number of cell phone users.
    61% of Kenyans use mobile phones to send money

(World Bank Findex)

MasterCard in Africa

    January 14th, Ajay Banga addressed Central Bank of Nigeria (CBN) officials and other business leaders in Abuja, Nigeria. In his address, Mr. Banga acknowledged CBN’s Cashless Policyas the driving force behind the reform in the country’s electronic payments sector over the past two years
    January 15th, Mr. Banga attended a signing ceremony in Nairobi, Kenya to announce an agreement between MasterCard and Equity Bank of Kenyato issue five million MasterCard-branded debit and prepaid cards.
    The South African Social Security Agency (SASSA) and MasterCardare working to bring bank access to the country. By 2013, 15 million grants will be given to 10 million recipients, mostly those who are unbanked, Resulting in $375 million savings by SASSA on operational costs alone
    On January 17th, Mr. Banga met with South Africa’s Deputy Minister of Finance Nhlanhla Nene to discuss the importance of the financial sector and government working together.

About MasterCard:

MasterCard(NYSE: MA), www.mastercard.com, is a global payments and technology company. It operates the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews, join the discussion on the Cashless Conversations Blog and subscribe for the latest news.

Photo Caption:

Ajay Banga, President and CEO MasterCard Worldwide (left), Dr. James Mwangi, CEO Equity Bank Group (left) and Professor Njuguna Ndung'u, Governor Central Bank of Kenya, unveil a mockup of the new EMV card to be rolled out as a result of the partnership between Equity Bank and MasterCard Worldwide. As part of the collaboration, MasterCard debit and prepaid cards with chip-enabled technology will be issued, first into the Kenyan market and then extended into Uganda, Tanzania, Rwanda, and South Sudan. The cards will also introduce MasterCard PayPass(TM) with the first ever installation of PayPass enabled point of sale terminals across the region. (Photo: Business Wire)



Contacts

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MasterCard Worldwide Communications

Marcy Cohen, +1 914-249-2214

marcy_cohen@mastercard.com