MasterCard has announced that it has entered into a strategic partnership with GIM-UEMOA, in support of the Central Bank of West Africa’s (BCEAO) goal of being a cashless region. They made this announcement during the opening of the 5th Salon Monétique Régionale Conference held in Senegal. This new collaboration is part of an effort to increase financial inclusion in Africa.
“This partnership is part of our global commitment in delivering services to more than 200 million people previously excluded in the financial mainstream. We aim to reach 500 million people by 2020,” says Daniel Monehin, Division President, Sub-Saharan Africa, MasterCard said,
The partnership with GIM-UEMOA will focus on helping to modernise the payment systems and drive financial inclusion, initially focusing on eight countries including Senegal, Benin, Burkina Faso, Guinea-Bissau, Cote d’Ivoire, Mali, Niger and Togo.
As part of its global commitment, MasterCard has developed key partnerships across Africa to accelerate the financial inclusion of the unbanked and underbanked. In Rwanda, MasterCard is collaborating with the government to fast-track the country’s move to include 90 percent of its citizens in the financial mainstream, as set out in its Vision 2020 strategy. Across five countries, Vodafone, HomeSend and MasterCard expanded the real-time, mobile receipt of remittances by M-Pesa users in the Democratic Republic of Congo, Ghana, Lesotho, Mozambique, and Albania.
“Through the region’s banking group association and the regional switch of Economic and Monetary Union for West Africa, GIM-UEMOA, we are entering the strategic partnership to boost and enhance the use of electronic payment systems in the region,” says Blaise Ahouantchede, GIM-UEMOA Chief Executive Officer.
“This allows us to continue on our drive to financially include those members of our society currently excluded,” adds Ahouantchede.
“This partnership will help us achieve our goal of reaching 30 million citizens in West Africa in the next five years. This in turn will drive economic growth, uplifting the communities that play a pivotal role in the future development of West Africa.”
GIM-UEMOA understands that for financial inclusion to be a success, governments, business and civil society need to embrace the power of ICT and its role in financial services. With its focus on driving innovation in Africa, MasterCard is perfectly placed to help Union Economique et Monétaire Oest Africaine (UEMOA) meet its financial inclusion goals.
The strategic partnership highlights the continued importance of the microfinance sector in providing access to financial services to low income citizens. Considering the wide disparities evident in West Africa relating to banked and unbanked groups, this continues to remain on top of the Central Bank’s agenda, and that of MasterCard and GIM-UEMOA.
“Increasing financial inclusion has become more important than ever and is critical in achieving inclusive economic growth across West Africa and ultimately across Sub-Saharan Africa,” concluded Monehin.
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