Mastercard has announced a strategic partnership with fintech giant OPay, which marks a significant boost for wider financial inclusion and economic prosperity by opening up digital commerce to millions of people across Middle East and Africa.
This collaboration enables OPay consumers and merchants in the region to engage with brands and businesses anywhere across the globe because of a Mastercard virtual payment solution linked OPay eWallet. The regions that will benefit include Algeria, Morocco, Egypt, Nigeria, Ethiopia, Kenya, Pakistan, South Africa and the UAE.
This partnership is the ;attest milestone in Mastercard’s emerging market strategy where the technology company is collaborating with growing Fintech’s such as OPay to expand access to digital payments, enable multiple lifestyle services, create new pathways to financial inclusion and support the next generation of super-apps.
Consumers are increasingly looking for seamless user experiences on a single platform offering easier interactions to complete various day-to-day needs, including sending and receiving money, ordering food and groceries organizing transport, lending, investing, and listing items they wish to sell.
In the initial phase of this partnership, OPay customers will benefit from the Mastercard virtual payment solution linked to their OPay wallets, to shop at well-known global brands for leisure, travel, accommodation, entertainment, streaming services and more. The service is available regardless of whether or not the customer has a bank account. It also allows small business owners to purchase from suppliers abroad and pay with the secure virtual payment solution.
Amnah Ajmal, Executive Vice President for Market Development, Mastercard EEMEA, said that Mastercard’s innovation strategy is rooted in partnerships to support inclusion at scale.
“Our partnership with OPay demonstrates our commitment to supporting payments providers across the world to create an interconnected global payments ecosystem that benefits an array of consumers with unique needs,” Amnah said.
On his part, Yahui Zhou, CEO of OPay,said that the fintech is delighted to be partnering with Mastercard as they continue on their journey to promote financial inclusion helping to open up the global economy to more consumers and businesses across Middle East, and Africa.”
Since its operations started in 2018, OPay’s active users have grown to 15 million in dozens of markets in which it operates. The company processes millions of transactions per day on average. In Nigeria alone, where OPay takes significant market share, users have saved billions of US dollars in the last four years through credit-linked savings accounts from their mobile wallets and small loans from lenders that use its platform.
Plans are in place to launch OPay services in other markets in the next three to five years, significantly driving the growth of digital inclusion and digital commerce, while at the same time widening OPay customer inclusion into the global economy.
Mastercard has made a worldwide commitment to financial inclusion, pledging to bring 1 billion people and 50 million micro and small businesses – with a focus on 25 million women entrepreneurs – into the digital economy by 2025.