Mastercard, a U.S.-based multinational on card payment services, has reiterated its commitment to the enhancement of digital infrastructure to support Africa’s growing demand for seamless digital transactions. it also said the company will utilize technology for the promotion of financial inclusion in the continent.
The venture’s Country Manager for the South African region, Gabriel Swanepoel said this at the Mastercard Indaba 2024, an annual customer engagement and leadership conference held in South Africa, attesting that technological advancements and economic shifts are shaping the continent immensely.
Swanepoel stressed the importance of deploying tailored technology to ensure safety and efficiency in digital transactions. “We live in a world that is more interconnected than ever. Mastercard’s commitment is to ensure the financial safety of all stakeholders within the ecosystem by innovating tools that facilitate secure and easy transactions—this is crucial for both merchants and consumers alike,” he explained.
Swanepoel foregrounded the vital role of access in driving growth, particularly for SMEs, which contribute nearly half of Africa’s GDP but face a substantial financing gap in the cash economy.
He said: “We believe in the entrepreneurial spirit of small businesses that embrace opportunities, provide livelihoods, and support communities across Africa. That’s why we are using our technology, expertise, and partnerships to empower every business everywhere to grow digitally and succeed in a more connected and inclusive world,” he stated.
“From 2021 to the end of 2023, the card acceptance rate has grown significantly. This is a testament to the innovation and deployment of technology that enables transactions satisfying consumers while serving merchants,” Swanepoel stated, while explaining that operations in South Africa, with over 2.6 million micro, small, and medium enterprises,
Mastercard’s initiatives extend beyond payment solutions. The global technology leader is dedicated to helping SMEs receive payments, secure capital, and go digital—safely and securely—wherever they are. Through collaborations with local governments, fintech companies, and startups, Mastercard is scaling solutions that impact the region’s financial ecosystem. “We are building a community of stakeholders who can act together, make a difference, and drive sustainable, lasting impact,” Swanepoel stated.
It also includes enhancing digital infrastructure to support the continent’s growing demand for seamless digital transactions. Innovations like tokenization allow consumers to make payments using any device, supporting the new generation of digitally native consumers. “The proliferation of mobile phones across the continent and the expansion of infrastructure with low-cost point-of-sale devices enable us to provide value and support economies on their digitization journey,” he said.
ALSO READ: SENEGAL: LAFRICAMOBILE BAGS $4.6 MILLION FOR EXPANSION IN FRANCOPHONE-AFRICAN COUNTRIES
Swanepoel said the company’s commitment to Africa goes beyond technology—it’s about empowering communities and creating opportunities for future generations. “Mastercard is in Africa for Africa. By fostering innovation, partnerships, and digital transformation, we aim to drive sustainable, inclusive growth across the continent,” he concluded.
