Payments giant Mastercard has entered into a strategic partnership with Scale, an issuer orchestration partner, to accelerate the growth of fintech companies across Africa and the Middle East.
This collaboration is designed to assist Fintechs, payment service providers (PSPs), aggregators, enablers and telcos, overcome the significant technical and commercial barriers they face when launching new payment programs.
By plugging it’s managed services directly into partners systems, Mastercard will oversee the entire card program implementation process from start to finish. This will enable companies to focus on their core business, expediting the launch of new products and services, and achieving profitability at speed.
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Commenting on this partnership, Amnah Ajmal, Executive Vice President, Market Development, EEMEA, Mastercard said,
“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”.
Following the launch of these programs, Scale will play a crucial role in helping partners grow their portfolios, drive revenue, and achieve profitability. Scale will provide insights into consumer behaviors, market dynamics, and competitor strategies, allowing partners to make informed decisions and adjust their offerings to meet market demands.
Also speaking, Miranda Perumal, Co-Founder & CEO, Scale said,
“Fintech companies move at speed and require commercially viable collaborations with experienced companies that cater to a cost-sensitive market. Through our exciting partnership with Mastercard, we are solving a major pain point and providing a single point of contact while absorbing the complexities of seeking a bank BIN sponsor, third-party processor and other payment solution providers. 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”.
The partnership brings a host of benefits not only to fintech companies but also to a wide array of players within the ecosystem. For financial institutions, this collaboration facilitates smoother partnerships with stakeholders in the card value chain, enabling more seamless integration and cooperation.
Merchants, on the other hand, will gain easier access to digital financial products and services, which will help them expand their businesses and enhance their offerings. As this partnership evolves, it is expected to develop into a comprehensive technology solution that allows any tech company to acquire Mastercard issuing capabilities through Scale.
This will further democratize access to advanced financial infrastructure, enabling a broader range of companies to participate in the digital economy.