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November 14, 2022

SPENN, Mastercard join hands to enable digital payments in Africa

Fintech firm SPENN Technology has entered into a strategic alliance with payments giant Mastercard to facilitate digital payments across Africa.

As part of the tie-up, SPENN mobile wallet users will be able to carry out digital payments, including e-commerce transactions across the globe, on the Mastercard network.

The partnership will benefit users with or without bank accounts.

SPENN will roll out a Mastercard virtual card to allow its mobile wallet app users to make payments for their purchases at multiple e-commerce traders that accept Mastercard.

Using the virtual card, consumers and small businesses will be able to transact with local and global online brands in addition to paying at more than 15,000 Kazang devices in Zambia.

The e-commerce transactions via mobile wallets will cover various segments, such as travel, entertainment subscription services, bill payments, among others.

SPENN expects to introduce the virtual card next year, with an aim to launch it first in Zambia.

The company plans to later introduce the card in other African nations, including Rwanda, Tanzania, and Nigeria.

SPENN CEO Jens Glaso said: “To have a world-leading payments technology company give such recognition to SPENN, is both exciting and humbling.

“The partnership also supports SPENN’S strategy to enable more efficient and seamless payments online, boosting financial inclusion.”

With the latest alliance, Mastercard aims to bring altogether one billion people, 50 million micro and small businesses along with 25 million women entrepreneurs into the digital sector by 2025.

Earlier this month, Mastercard announced a partnership with digital commerce enabler Network International to launch a 3D Secure (3DS) 2 authentication solution for e-commerce traders in the UAE.

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