Mastercard and Scale Join Forces to Revolutionize Fintech in Africa

Mastercard, the American multinational financial giant, has announced a groundbreaking partnership with the fintech firm Scale aimed at accelerating the deployment of fintech solutions in Africa and the Middle East. Amnah Ajmal, executive vice president of market development at Mastercard, emphasized that this collaboration brings the organization closer to its mission of narrowing the digital gap.

Narrowing the Digital Gap

This partnership intends to facilitate the quicker deployment of fintech firms by enabling telcos, fintech companies, aggregators, and payment service providers to launch new products and services with ease, bypassing traditional technical and commercial barriers.

Ajmal stated, “At Mastercard, we are committed to working with local ecosystem players to drive the growth of innovative payment solutions across the region with the aim of bridging the digital gap, enhancing financial inclusion, and improving access to financial services. With its in-depth knowledge of the fintech landscape, Scale is our ideal partner in achieving these goals.”

BIN Sponsorships

One of the pivotal aspects of this partnership includes assisting fintech firms in obtaining bank identification number (BIN) sponsorships. This sponsorship acts as a streamlined entry point into the card market by collaborating with established players.

In addition, Mastercard and Scale will aid in building sustainable unit economics and in designing and commercializing payment programs.

Miranda Perumal, co-founder and CEO at Scale, highlighted that the collaboration addresses significant pain points by providing a single point of contact while managing the complexities of seeking a bank BIN sponsor and other payment solution providers. She stated:

“This combined ecosystem service allows fintech players to focus on their core business, and us to focus on ours – streamlining processes, enabling payments, and supporting the program’s growth to earn revenues faster.”

According to reports, Scale is anticipated to significantly assist partners in profitably growing their portfolios and revenues.