Global payment giants, including Mastercard and Visa, are pouring billions of dollars into African companies that have powered a sharp expansion in e-commerce on the continent. Recent deals have focused on mobile-money operators, which allow users to send funds using simple cellphones, and platforms that facilitate such payments for merchants such as Uber, Netflix or Estée Lauder without relying on credit cards or bank accounts.
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Payments giants want a slice of Africa’s mobile money
“The growth of mobile and digital technology [in Africa] presents a tremendous opportunity,” a Mastercard spokesman said. “We’re working with partners to ensure technology is relevant to the people who use it…our partnership with MTN supports this goal.”
