Plan to put fintech on driver seat in digital economy

Fintechs are increasingly playing a major role in driving digital economy in Africa.

Corporations seeking to tap this growing trend have come up with various initiatives as they seek to be part of this transformation.

One of the firms banking on African fintechs is Mastercard which has launched Fintech Express in Africa, a programme designed to facilitate emerging fintechs’ launch and expansion.

Leveraging the power of partnerships and the company’s expertise in technology and global network, startups on the continent will now be able to focus on innovation that drives the digital economy.

The project is designed for all types of fintechs. These include the established fintechs requesting a direct licence from Mastercard as well as those seeking to innovate through collaborating with ready-to-go Mastercard Engage partners.

The company said the programme is split into three core modules - Access, Build, Connect. The first module focuses on enabling regulated entities to obtain a Mastercard licence and access the firm’s network through a streamlined onboarding process.

“For Build, fintechs as enablers can become an Express Partner by building unique tech alliances and benefitting from all the advantages that Mastercard provides. The Connect module will allow start-ups, looking to add payment solutions to their suite of products, can easily connect with qualified Express Partners available on the Mastercard Engage web portal, and go live with Mastercard in a matter of days,” a statement from the company reads.

The programme supports digital payment innovators by making it simple to collaborate with the payments company and its partners to launch new fintech products.

It is designed for fintechs looking to add payment solutions to their suite of products, tech-savvy startups looking at serving a new segment as well as established players with ambitions to innovate through partnerships.

Becoming an Express Partner could help brands simplify the launch of payment solutions, shortening the process from a few months to a matter of days. Express Partners will also enjoy all the benefits of becoming what the company calls a ‘Qualified Mastercard Engage Partner’.

“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. Mastercard is playing a central role in making fintech partnerships a reality as a single technology provider,” said Gaurang Shah, Senior Vice President, Digital Payments and Labs, Middle East and Africa, Mastercard.

He added that 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.