Mastercard and Paypay collaborate to advance financial services in Africa
Global payment technology player Mastercard and Paypay, a financial technology innovator in Angola, have announced a landmark collaboration aimed at transforming financial services across Africa.
This collaboration will integrate Mastercard’s technology with Paypay’s innovative platform to provide remittance services to users across the continent.
A study by The World Bank on Migration and Development states that Sub-Saharan Africa received an estimated $49 billion in remittances in 2021. Further supporting research, from a 2022 report by Mastercard on borderless payments, highlights the importance of cross-border remittances. Findings from this report revealed that forty percent (40%) of consumers who sent a cross-border payment in 2021, shared that family members living abroad would not have survived financially without the receipt of funds.
This judicious collaboration, which fully integrates Mastercard’s advanced payment technology with Paypay’s remittance solution, will enable consumers across Africa, access to secure, swift, and efficient transactions locally and internationally.
“Mastercard’s collaboration with Paypay underscores our commitment to delivering innovative financial solutions that foster financial inclusion and drive digital transformation. Cross-border services are Mastercard's top priority. We are unwavering in our commitment to providing a single point of access for people and businesses to send money securely and confidently.
Furthermore, this collaboration is integral to and aligns with our global undertaking of bringing one billion people into the digital economy by 2025. By working closely with Paypay, we aim to elevate access to financial services, ensuring seamless, secure remittances and transactions that can improve lives and drive economic progress,” says Gabriel Swanepoel, Country Manager, Mastercard Southern Africa.
Through this partnership, Mastercard will continue to support fintech innovation across the Middle East and Africa (MEA) by providing access to a suite of digital tools, technology, and a global network.
“Partnering with Mastercard, a global payments leader, marks a transformative milestone for Paypay. This alliance accelerates our mission to deliver innovative and accessible financial solutions in Africa. We are well-positioned for significant growth and ready to make a profound impact on the financial landscape,” said Wilson Ganga, CEO of Paypay.
This collaboration is poised to set a new standard for financial services, driving economic growth and digital transformation across the continent, aligning with Mastercard’s 2025 financial inclusion commitment.
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