- Mastercard, GTP Boost E-payment With Solutions
Mastercard Global Technology Partners (GTP) have signed a partnership agreement that will result in the latest prepaid solutions being made available across Africa to government institutions, financial services and corporate sector and consumers.
The partnership will enable the development and implementation of a wide range of solutions across various markets on the continent. These solutions are aimed at supporting government payments, driving innovation in the travel and tourism sector and driving transparency and efficiency for the financial services and corporate sector.
“African economies are in support of driving cash out of the financial system, and the introduction of digital payment solutions is in line with their cashless strategies. Businesses on the continent need smart solutions that will provide efficiency, but also offer convenient ways to track and monitor expenditure,” said Daniel Monehin, Division President, sub-Saharan Africa.
Providing Mastercard prepaid card solutions will strengthen GTP’s existing offering in Africa, and provide consumers greater access to payment systems, international travel, and online shopping. Prepaid cards also provide employers with an effective payroll solution, introducing a more efficient and transparent way for businesses to monitor expenditure.
“Mastercard prepaid programs give cardholders greater access to the global marketplace, while advancing government efforts to increase financial literacy and inclusion. These programmes also give businesses and government agencies a payroll solution that drives cash out of the system and provides essential financial tools to control cash flow. This partnership will also enable GTP to offer new payment solutions such as digital wallets and virtual cards to our customers,” said Chief Executive Officer at GTP, Rich Bialek.
Cardholders are assured that regardless of how they use the prepaid solution, their funds will be secured by the Mastercard multi-layered approach to protecting payments. EMV chip and PIN technology is a global payment standard to ensure that funds are protected even if the card is lost or stolen.
Once funds are loaded to the prepaid card, cardholders can use the card to pay for goods and services in store, online, by phone or to withdraw cash from automated teller machines (ATMs) – anywhere Mastercard is accepted locally or at millions of locations worldwide. The prepaid card ensures flexibility, convenience and security.
Jumia Nigeria Appoints Sunil Natraj as CEO, Outlines Ambitious Expansion Plans
Former Jumia Ghana CEO to Lead E-Commerce Giant as Massimiliano Spalazzi Steps Down
Jumia Nigeria, a prominent player in the e-commerce sector, has announced the appointment of Sunil Natraj as its new CEO.
Natraj, the former CEO of Jumia Ghana, will take the helm of the e-commerce business in January 2024, succeeding Massimiliano Spalazzi, who has been with Jumia Group for 11 years and will be stepping down in December 2023.
The announcement came during a media parley held in Yaba, Lagos, Nigeria, with Francis Dufay, the CEO of Jumia Group, unveiling Natraj as the new leader.
Natraj expressed Jumia’s commitment to becoming a truly Nigerian company and continuing the initiatives started by Spalazzi.
“We want to continue what Spalazzi started,” Natraj stated, emphasizing Jumia’s vision to expand its presence beyond Lagos.
He disclosed plans to extend operations to additional Nigerian cities, with Akure and Ilorin on the radar and a focus on cities en route to Ibadan, Warri, and Benin in the first quarter of 2024.
The overarching strategy is to create a comprehensive network covering the entire country.
Dufay outlined the ambitious goal of targeting cities with populations exceeding 20,000 people, citing successful precedents in Ghana, Cote d’Ivoire, and Senegal.
He acknowledged the challenges faced by Jumia, including a workforce reduction in Q4 2022 and a 73% cut in advertising budgets in Q3 2023.
Despite the hurdles, Dufay highlighted Nigeria as Jumia’s largest market and affirmed the company’s determination to navigate and thrive in the ever-evolving e-commerce landscape.
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Flutterwave Expands Financial Frontier: Acquires Money Transfer Licenses for 13 U.S. States
Africa’s Leading Payments Tech Firm Facilitates Faster, Affordable, and Secure Transfers between the U.S. and Africa
In a significant move towards advancing financial connectivity between Africa and the United States, Flutterwave, Africa’s premier payments technology company, has proudly announced its acquisition of money transfer licenses for 13 key U.S. states.
This strategic expansion aims to expedite, streamline, and secure the transfer of money from the U.S. to Africa and back.
The states covered by the newly acquired licenses include Arizona, Arkansas, Maryland, Michigan, Delaware, Georgia, Maine, Mississippi, Missouri, New Hampshire, Iowa, North Dakota, and South Dakota.
These additions, combined with Flutterwave’s existing partnerships and licenses, now empower the company to serve customers seamlessly across 29 states in the U.S.
Money transfer licenses, issued by state regulators, play a pivotal role in enabling financial technology companies like Flutterwave to engage in the transmission of money.
The acquisition of these licenses fortifies Flutterwave’s commitment to regulatory compliance, safety, and the soundness of its services.
Stephen Cheng, Executive Vice President, Global Expansion and Partnerships at Flutterwave, emphasized the significance of this milestone.
“Getting these licenses expands our regulatory footprint, demonstrates our ability to deliver services with safety and soundness, and fosters trust among regulators, partners, and customers,” stated Cheng.
“We’re growing and are committed to servicing customer needs in as many geographies as possible, particularly with a significant African diaspora.”
Flutterwave’s popular solutions, such as the Send App, are set to benefit greatly from this expansion.
The Send App facilitates easy and secure money transfers between the U.S. and Africa, catering to both individual users and enterprises that rely on Flutterwave for global last-mile payouts.
“Sending money between the U.S. and Africa has been challenging for the African diaspora. These licenses pave the way for Flutterwave to make the Send App available to the African diaspora in the U.S., offering a super user-friendly money remittance experience,” explained Olugbenga Agboola, Founder and CEO at Flutterwave.
“Our mission is to connect Africa to the world and the world to Africa by simplifying payments for endless possibilities. These licenses move us one step closer to our vision, and we will continue to expand this feat to ensure coverage for all states in the U.S. and beyond.”
Flutterwave remains steadfast in its commitment to providing accessible remittance services across the U.S. and has outlined plans for further expansion of licensing coverage in the near future.
This ambitious endeavor reflects the company’s dedication to fostering financial inclusion and creating a seamless financial bridge between continents.
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