Johannesburg - MasterCard was eyeing a slice of the expected exponential growth from the emerging African market in coming years, particularly as mobile payments surged, Aaron Oliver, the head of emerging payments in the Middle East and Africa for the multinational firm, said yesterday.
Speaking on the sidelines of the Cards and Payments World Africa 2014 conference in Johannesburg yesterday, Oliver said the continent had become almost unrecognisable from what it was eight years ago, with much of the change influenced by technology roll-outs.
“It has become an industry as opposed to the next best thing,” he said.
In sub-Saharan Africa, about 16 percent of adults used a cellphone to pay bills and send or receive money in the past year. There are 42 million active mobile money users in the region, which represents about 70 percent of the global population of active users, according to data referred to by Oliver. About 52 percent of mobile money services are in Africa.
“We have to work on it, bring on new partners so that early adopters can get good experiences, convenience, safe and secure transactions,” Dubai-based Oliver said.