Mastercard has launched a new programme aimed at providing tailor-made solutions that boost market entry and expansion for fintechs in Africa and the Middle East.
The program, dubbed Fintech Express, will leverage the power of partnerships and Mastercard’s expertise, technology, and global network to help fintech companies focus on innovation that drives the digital economy.
The programme is designed for all types of fintechs – established companies wanting a direct license from Mastercard, as well as fintech startups with the ambition to innovate through collaborating with ready-to-go Mastercard Engage partners.
From a startup perspective, the “Build” part of the program enables fintechs as processors and enablers to become Express Partners by building unique tech alliances and benefitting from all the advantages that Mastercard provides.
The “Connect” part is meanwhile, aimed at fintech startups that are looking to add payment solutions to their suite of products, and helps them easily connect with qualified Express Partners available on the Mastercard Engage web portal, and go live with Mastercard in a matter of days.
“Startups are forming diverse collaborations with traditional financial institutions, and in the process manage to enhance competitiveness, while also bringing services and products to market that can have a real impact on consumers,” said Gaurang Shah, Senior Vice President of Digital Payments and Labs in Middle East and Africa at Mastercard.
“Mastercard is playing a central role in making fintech partnerships a reality as a single technology provider. Technological advancement and innovation are steering the digital financial services industry, where fintech players are becoming globally mainstream and an increasing influx of fintech players are competing with large traditional players. With today’s announcement we are taking the next step in further empowering them to fulfil their ambitions of scale and speed,” he added.