Mastercard has invested USD 200 million into MTN Group's fintech division in February 2024, deepening an existing commercial partnership between the two companies.
As part of the expanded alliance, the two companies are working to launch a prepaid virtual and physical Mastercard companion card for users of MTN's MoMo platform across 13 African countries. The virtual card is designed to allow MoMo account holders to make purchases online and at merchants that accept Mastercard globally.
The virtual card product is structured to be accessible without requiring users to hold a conventional bank account.
Bank news that matters, every weekday.
Follow The Global Banker on LinkedIn