Kampala, Uganda | THE INDEPENDENT | JULIUS BUSINGE | Mastercard, a global technology company in the payments industry, has launched Fintech Express in the Middle East and Africa, a program designed to facilitate emerging fintechs’ launch and expansion, it said in a Sept.29 statement.
Leveraging the power of partnerships and Mastercard’s expertise, technology, and global network, startups will now be able to focus on innovation that drives the digital economy.
Mastercard Fintech Express is designed for all types of fintechs wanting a direct license from Mastercard as well as fintechs with the ambition to innovate through collaborating with ready-to-go mastercard partners.
The program is split into three core modules – access, build and connect.
Under access, the programme will enable regulated entities to obtain a Mastercard License and access Mastercard’s network through a streamlined onboarding process. Under build, Fintechs as processors/enablers can become an express partner by building unique tech alliances and benefitting from all the advantages that Mastercard provides.
On the other hand, connect will deal with Fintechs/start-ups, looking to add payment solutions to their suite of products to easily connect with qualified Express Partners available on the master card engage web portal, and go live with Mastercard in a matter of days.
Generally, the program supports digital payment innovators by making it simple to collaborate with Mastercard 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.
Gaurang Shah, the senior vice president for Digital Payments & Labs, Middle East and Africa for Mastercard, said 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.
Some of the early players to have joined forces and created alliances under the new Express Partner program across Sub-Saharan Africa are Diamond Trust Bank, DPO Group, Selcom and Tutuka.
“We are excited to partner with Mastercard under the Fintech Express program,” said Farouk Khimji, the head of products and innovation at Diamond Trust Bank Kenya.