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Mastercard, the American multinational financial giant, recently revealed it has partnered with the fintech firm Scale to accelerate the deployment of fintech firms in Africa and the Middle East. Amnah Ajmal praised the partnership with Scale, saying it moves her organization closer to its goal of narrowing the digital gap.
Narrowing the Digital Gap
The card services corporation Mastercard has partnered with the fintech startup Scale to facilitate the quicker deployment of fintech firms in Africa and the Middle East. According to a report, the collaboration is expected to enable telcos, fintech firms, aggregators, and payment service providers to launch new products and services without dealing with the typical technical and commercial barriers to entry.
Commenting on the collaboration, Amnah Ajmal, executive vice president of market development, EEMEA, Mastercard, praised the partnership with Scale, which she said moves her organization closer to achieving its goal of narrowing the digital gap.
“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,” Ajmal said.
As part of the partnership arrangement, Mastercard and Scale will assist fintech firms in securing bank identification number (BIN) sponsorships. Such sponsorship is seen as a streamlined way for businesses to enter the card market by partnering with an established player.
BIN Sponsorships
In addition to helping firms secure BIN sponsorship, Mastercard and its fintech partner will also be involved in building sustainable unit economics, designing, and commercializing their card and other payment programs.
Miranda Perumal, co-founder and CEO at Scale, said the collaboration is solving a major pain point and providing a single point of contact. Perumal said this is done while “absorbing the complexities” of seeking a bank BIN sponsor, third-party processor, and other payment solution providers. The Scale CEO added:
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 programme’s growth to earn revenues faster.
According to the report, Scale is expected to help partners grow their portfolios and revenues profitably.