Banks Shutout In Money Spinning Deal Between Airtel And Mastercard

By Emmanuel Aziken, Editor

Mobile phone users on the Airtel network in Nigeria are to partake in a bold new initiative that allows them make transactions on the Mastercard payment platform even when they do not have bank accounts.

Until now, Mastercard has transacted with customers in the country using a bank account.

The partnership is expected to connect Airtel Money customers to a global online market place, across multiple digital payment platforms and provide access to Mastercard’s global network of merchants.

The deal is part of a continental arrangement between Airtel Africa and Mastercard that cuts across 14 African countries.

At least 100 million customers on the Airtel network on the continent could potentially be enrolled into the scheme.

Airtel which recently listed its shares in the Nigerian Stock Exchange has submitted notice of the transaction to the exchange.

“The Mastercard virtual (non-plastic) card allows Airtel Money customers, even those without a bank account, to make payments to local and global online merchants that accept Mastercard cards,” the company said in a statement obtained by GWG.

Customer’s financial data, the company said, will always be secure and private in the transaction channel.

“In addition, Airtel Money customers will also be able to make in person payments at outlets via Quick Response (QR) codes (whereby payments are made from an Airtel mobile phone by scanning the QR code displayed at checkout or by entering a merchant identifier, at any location worldwide that Mastercard QR is accepted).

An estimated one million merchant locations across Africa presently accept Mastercard QR payments.

Airtel Money customers according to the statement will also benefit from competitive pricing and preferential exchange rates for international payments, and gain access to other domestically relevant use cases including bill payments, merchants payments and value added services such as cash management solutions, the statement affirmed.

Commenting on the development, Raghunath Mandava, the CEO of Airtel Africa said, “Airtel and Mastercard have a shared passion for digital transformation and making mobile financial services accessible to everyone across the continent.

“Through our partnership we will enable over 100 million Airtel Africa customers make safe mobile money purchases online and in person. The partnership will also significantly bolster Airtel’s position as one of the largest offline to-online digital payment network in Africa. We are really excited to embark on this partnership with a globally trusted brand like Mastercard. This partnership is truly revolutionary in our market, giving millions of people better access to the digital and online world.”

Amnah Ajmal, Executive Vice President for Market Development, Mastercard Middle East and Africa, said, “Across the MEA region our digital partnerships strategy remains focused on enabling digital transformation for our partners so that their consumers can enjoy seamless access to payments and a superior experience.

“We are very excited to partner with Airtel to lead the transition to digital by enabling access to their millions of consumers for online and in-person payments across the globe. Mastercard is uniquely positioned as a single technology provider to enable our digital partners like Airtel to transition seamlessly into digital”.

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