MasterCard has expanded its footprint into seven new markets across Central and West Africa.
The seven new markets are Chad, Central African Republic, Guinea-Bissau, Liberia, Sierra Leone, Rwanda and The Gambia.
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Of the 55 African markets, MasterCard will now be accepted in 48 markets.
MasterCard is collaborating with governments, central banks, financial institutions, mobile network operators, retailers and other stakeholders across Africa to understand the economic outlooks of these countries.
Additionally, MasterCard is launching new technologies to close the gap between the banked and unbanked African population.
MasterCard Middle East and Africa president, Michael Miebach, said Africa’s ongoing economic development, steady population growth and encouraging political outlook means that there is an increasing need for innovative and secure payment solutions that address market needs.
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By GlobalData"The continent has immense strategic importance to MasterCard and we will continue to invest in infrastructure, people and know-how in this part of the world. This has been the fastest growing area for MasterCard for the past few years, and we expect it to continue to register high growth," Miebach added.
