Mastercard, OPay partner to grow cashless ecosystem

Mastercard and OPay have announced an interconnected global payment ecosystem partnership to boost digital commerce for people across the Middle East and Africa (MEA).

In a statement on Thursday in Lagos, Amnah Ajmal, Executive Vice President, Market Development, Mastercard, MEA, said the aim was to grow wider financial inclusion.

Ajmal said the collaboration would enable OPay consumers and merchants in Nigeria, Kenya, Morocco, Egypt, Ethiopia, South Africa, Pakistan, Algeria and UAE to engage in businesses anywhere in the world.

Ajmal said that the partnership was the latest milestone in Mastercard’s emerging market strategy.

“At Mastercard, our innovation strategy is rooted in partnerships to support inclusion at scale.

“Our partnership with OPay demonstrates our commitment to supporting payments providers across the world and to creating interconnectivity that benefits an array of consumers with unique needs.

“In the initial phase of the partnership, OPay customers will benefit from the Mastercard virtual payment solution linked to their OPay wallets, to shop at well-known global brands for leisure, travel, accommodation and more.

“The service is available regardless of whether or not the customer has a bank account.

“It also allows small business owners to purchase from suppliers abroad and pay with the secure virtual payment solution, “she said.

Yahui Zhou, Chief Executive Officer of OPay, said the firm, a leading fintech in the Middle East and Africa, OPay, was delighted to partner with Mastercard to promote financial inclusion.

Zhou said the collaboration would help in opening up the global economy to more consumers and businesses across the Middle East and Africa.

The News Agency of Nigeria reports that OPay’s active users have grown to 15 million in dozens of markets in which it operates since its operations started in 2018. (NAN)