SPENN and Mastercard partner to boost digital inclusion in Africa

?Sub-Saharan Africa has made progress in financial account ownership and usage over the past decade, doubtless spurred by mobile money. By 2021, all 11 economies with more adults in possession of a mobile money account than a financial institution account were in Sub-Saharan Africa. However, more effort is needed to sustain the financial inclusion trajectory in Sub-Saharan Africa, with even more emphasis on access to financial services and products with increased value for users?

This is why it is exciting news that SPENN and Copenhagen Fintech partner, Mastercard, have entered into a strategic partnership that will enable SPENN Mobile Wallet users – even those without bank accounts - to make safe and seamless digital payments on the Mastercard network including international e-commerce transactions.??

SPENN is an advanced financial platform built on blockchain technology which drives financial inclusion through superior mobile banking applications and empowering businesses through payment solutions, whereas Mastercard is a global technology company in the payments industry.?

Together, and through the agreement, SPENN will launch a Mastercard virtual (non-plastic) card, giving its Mobile Wallet App customers new ways to access and pay for products and services at the millions of e-commerce merchants that accept Mastercard.?

With this payment solution linked to SPENN Mobile Money wallets, consumers and small businesses can make payments to local and global online brands and can pay at over 15,000 Kazang devices in Zambia. This means e-commerce transactions can be done instantly through mobile wallets for a wide variety of payments including travel, entertainment subscription services, and bill payments while ensuring that the customer’s financial data is always secure and private.?

- We are extremely proud to partner with Mastercard. To have a world-leading payments technology company give such recognition to SPENN, is both exciting and humbling, says Jens Glaso, CEO of SPENN Technology in the press release announcing the news. The partnership also supports?SPENN’s strategy to enable more efficient and seamless payments online, boosting financial inclusion.?

This partnership will help Mastercard advance its worldwide commitment to financial inclusion and pledge to bring a total of 1 billion people, 50 million micro and small businesses, and 25 million women entrepreneurs into the digital economy by 2025.?

Vincent Malekani, Country Manager for Zambia and Malawi at Mastercard, says in the press release:

- We are pleased to collaborate with SPENN to bring safer and seamless payment experiences to their customers. Fintech’s play a critical role in enabling the digital economy and hence are a critical partner for us to drive the financial inclusion agenda forward.?

The SPENN-Mastercard virtual card will be rolled out in 2023, initially in Zambia and then across other African markets including Rwanda, Tanzania, and Nigeria.?