Mastercard Teams Up with enza for Fintech Growth in Africa
Mastercard has partnered with enza, a payment solutions company, to enhance connectivity between fintech firms and Mastercard’s network across the African continent. This strategic collaboration aims to facilitate the development of innovative financial solutions that embed Mastercard payment capabilities directly into various fintech propositions.
This partnership is timely given the growing number of fintech companies in Africa, many of which are focusing on integrating payment services into broader financial inclusion initiatives. The objective is to provide more affordable and efficient alternatives to traditional payment systems, thereby reducing costs for businesses and consumers alike.
Mastercard Services for African Fintechs
Under this collaboration, fintech firms in Africa can now access the full range of Mastercard services. Through their partnership, both companies aim to simplify processes and accelerate time-to-market for new players developing financial solutions across the region. enza will handle consumer and merchant accounts, manage integration with Mastercard’s network, ensure security and system availability, and support account configurations such as pre-paid or post-paid options, along with issuing physical or virtual Mastercard cards.
For businesses, enza will enable the acceptance of Mastercard payments across various channels including in-store transactions, online platforms, and mobile applications. This partnership is expected to drive financial inclusion and support Africa’s digital transformation by providing fintech companies with efficient tools for deploying embedded payment capabilities.
About enza’s Recent Collaborations
In addition to working with Mastercard, enza has also partnered with TerraPay in July 2024 to improve the payments landscape across Africa. Their collaboration focused on addressing barriers to business growth and promoting financial inclusion by integrating TerraPay’s connectivity with over 2.1 billion mobile wallets globally.