Mastercard partners up to boost Zambia's pay ecosystem. Photo: Reuters
INTERNATIONAL – Global fintech group Mastercard yesterday announced a partnership with Zambia’s National Association of Saving and Credit Unions (Nascu), which will see the introduction of a secure payment system to streamline and automate payments to its savings and credit co-operative members.

The partnership aims to drive financial inclusion by extending formal financial products and services to under-served members of co-operatives.

Under this agreement, Nascu will introduce a secure, efficient and transparent electronic payment system to streamline and automate payments including payroll, loans, and disbursements to its savings and credit co-operative members.

It will also issue 1.5 million Mastercard contactless debit payment cards to its members over the next five years, providing them with a convenient electronic payment tool to receive and make safe and simple payments for everyday commerce activities.

The initiative is seen as a fundamental building block in developing a modernised and inclusive payments ecosystem in Zambia. With Mastercard’s wide acceptance footprint, cardholders will be able to securely transact around the world.

Mark Elliott, division president of Mastercard Southern Africa, said this collaboration with Nascu represented a major step forward in its strategy to create a cashless society and build an inclusive financial sector. 

African News Agency (ANA)