Mastercard and the African Development Bank Group have formed an alliance to provide access to critical services to 100 million people and businesses in Africa.
The mentioned intentions will be realized within the next ten years. Mobilizing Access to the Digital Economy (MADE) Alliance, as part of the initial phase of its activities, will provide digital identities and access to high-quality seeds and agricultural inputs to 3 million farmers in countries such as Kenya, Tanzania, and Nigeria. The relevant information is contained in a press release that was published by Mastercard this week.
The alliance also plans to expand its presence to the rest of the continents after launching a pilot program in partnership with African banks.
Mastercard CEO Michael Miebach says that across Africa, people are driving growth and opening up new opportunities. According to him, the giant of the payment industry wants to support the mentioned success.
The press release also announced Mastercard’s intention to register 15 million African users on its Community Pass platform over the next five years. This platform digitizes and connects remote, underserved communities with governments, non-governmental organizations, and the private sector.
Moreover, the press release notes that the African Development Bank Group will support the MADE Alliance programs. In this case, it implies actions such as investing $300 million in financing digital infrastructure and encouraging public and private partners to enhance virtual access.
African Development Bank Group President Dr. Akinwumi A. Adesina says that digitalization will accelerate the process of adoption of agricultural technologies and increase the incomes of smallholder African farmers.
As we have reported earlier, Mastercard Launches Domestic Payments Processing in China.
Serhii Mikhailov
Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.
