Fintech innovation in Africa and the Middle East gets a significant boost with the alliance between Mastercard and Scale.
Mastercard and Scale Form Strategic Alliance to Boost Fintech Services in Africa and Middle East
Mastercard has announced a strategic alliance with Scale, an issuer orchestration partner, to accelerate the deployment of fintech services across Africa and the Middle East. This collaboration aims to enhance financial inclusion, improve access to financial services, and pave the way for increased innovation and digital transformation in the regions.
The partnership will offer comprehensive support to fintech companies and other ecosystem participants, addressing a major pain point for these businesses by providing a single point of contact and absorbing the complexities of seeking bank BIN sponsors and third-party processors.
Mastercard's commitment with this partnership is to foster innovative payment solutions and bridge the digital divide. The collaboration will transform into a technology proposition, enabling any tech company to acquire Mastercard issuing capabilities through Scale.
Scale's assistance includes providing insights into consumer behaviors, market dynamics, and competitive landscapes. The partnership will also focus on delivering exceptional customer experiences and co-creating inclusive value propositions for long-term growth.
Governments stand to benefit as the introduction of new financial offerings in the market is expected to reduce cash-based transactions, potentially boosting GDP growth. Merchants will gain improved access to digital financial products and services, facilitating business growth.
Post-launch, Scale will assist partners in growing their portfolios, driving revenues, and achieving profitability. The partnership seeks to dismantle technical and commercial barriers for fintech companies, aggregators, enablers, payment service providers, and telcos.
This support includes securing BIN sponsorships, developing sustainable unit economics, designing and commercializing card and payment programs, and assessing profitability models. The financial institution involved in integrating Scale into Mastercard's partnership to promote innovative payment solutions in Africa and the Middle East is not explicitly mentioned in the provided search results.
The collaboration combines Mastercard's global expertise with Scale's local knowledge, poised to make a lasting impact on the financial ecosystem of Africa and the Middle East. The benefits of the partnership extend to financial institutions, making it easier for them to collaborate with stakeholders in the card value chain.
The partnership is expected to play a crucial role in shaping the future of financial services in the regions as the fintech sector continues to evolve rapidly. This alliance aims to be a significant step forward in the fintech landscape, fostering innovation, improving financial inclusion, and accelerating digital transformation.
