Fintech leader Mastercard aims to create a cashless Africa

Mastercard has transformed its business in Africa as part of its strategy to create a cashless Africa. Picture: SUPPLIED/MASTERCARD

Cash also has several negative implications for merchants and small businesses. Not only does it cost these businesses to access, secure, transport and store cash, but it can also hamper business growth if they do not accept electronic payments. For example, entrepreneurs cannot access the credit or loans they need to grow their businesses without a financial record or credit history. They can also lose out on revenue when their customers do not have enough cash to pay for goods.

However, more still needs to be done if Africa is to realise the full socioeconomic benefits that financial inclusion can deliver, including greater income and social equality, an expanded middle class, and more human fairness and dignity. Through partnerships such as this, we are growing our business while addressing some of Africa’s most pressing challenges. Our approach is based on the fundamental conclusion that we do well by doing good – that we can make money and make a difference at the same time. When we do this, we create a sustainable system where everyone benefits — citizens, customers, governments and businesses including Mastercard.

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