MasterCard has entered into a strategic partnership with GIM-UEMOA (Interbank Electronic Banking Group of the Economic and Monetary Union of West Africa), in support of the Central Bank of West Africa’s (BCEAO) goal of being a cashless region.
Daniel Monehin, Division President, Sub-Saharan Africa, MasterCard said, “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″.
Announced at the 5th Salon Monétique Régionale Conference held in Senegal, the partnership with GIM-UEMOA will initially focus modernising payment systems and drive financial inclusion in eight countries, including Senegal, Benin, Burkina Faso, Guinea-Bissau, Cote d’Ivoire, Mali, Niger and Togo.
“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,” said Blaise Ahouantchede, CEO of GIM-UEMOA.
“This allows us to continue on our drive to financially include those members of our society currently excluded,” added 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”.
According to GIM-UEMOA 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 organisation has stated.
“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.
iTWebAfrica