MasterCard CEO in Africa: Advances Financial Inclusion for Unbanked

  MasterCard CEO in Africa: Advances Financial Inclusion for Unbanked

 To tweet this news, copy and paste: #MasterCard strengthens commitment to a
         World Beyond Cash in Africa #MAinAfrica

Business Wire

JOHANNESBURG, South Africa -- January 17, 2013

In a weeklong trip to Africa this week, Ajay Banga, President and CEO of
MasterCard Worldwide, affirmed the company’s commitment to extending financial
inclusion across the continent. Collaborating with local government officials,
financial institutions, businesses and citizens, he shared his thoughts on a
cashless society and vision of a world beyond cash.

Ajay Banga, MasterCard Worldwide President and CEO (right), discusses the
benefits of the South Afri ...

Ajay Banga, MasterCard Worldwide President and CEO (right), discusses the
benefits of the South African Social Security Agency (SASSA) Debit MasterCard
with Hilda Nkantini (left) at the Elias Motsoaledi settlement in Soweto
outside Johannesburg. Nkantini is one of the nearly six million South Africans
who now receive their social grant payments securely and conveniently by using
the Debit MasterCard, which can also be used to pay for purchases, check
balances and withdraw cash largely without incurring transaction fees. (Nadine
Hutton/AP Images for MasterCard Worldwide)

Africa: The Next Cashless Continent

  *80 percent of sub-Saharan Africa is unbanked
  *Africa’s financial services sector is projected to grow 40 percent by 2020
  *Seven out of ten of the world’s fastest-growing economies will be in
    Africa by 2015
  *Africa has surpassed Europe in the number of mobile phones and the US in
    number of cell phone users.
  *61% of Kenyans use mobile phones to send money

                                                           (World Bank Findex)

MasterCard in Africa

  *January 14^th, Ajay Banga addressed Central Bank of Nigeria (CBN)
    officials and other business leaders in Abuja, Nigeria. In his address,
    Mr. Banga acknowledged CBN’s Cashless Policy as the driving force behind
    the reform in the country’s electronic payments sector over the past two
  *January 15^th, Mr. Banga attended a signing ceremony in Nairobi, Kenya to
    announce an agreement between MasterCard and Equity Bank of Kenya to issue
    five million MasterCard-branded debit and prepaid cards.
  *The South African Social Security Agency (SASSA) and MasterCard are
    working to bring bank access to the country. By 2013, 15 million grants
    will be given to 10 million recipients, mostly those who are unbanked,
    Resulting in $375 million savings by SASSA on operational costs alone
  *On January 17^th, Mr. Banga met with South Africa’s Deputy Minister of
    Finance Nhlanhla Nene to discuss the importance of the financial sector
    and government working together.

About MasterCard:

MasterCard (NYSE: MA),, is a global payments and technology
company. It operates the world’s fastest payments processing network,
connecting consumers, financial institutions, merchants, governments and
businesses in more than 210 countries and territories. MasterCard’s products
and solutions make everyday commerce activities – such as shopping, traveling,
running a business and managing finances – easier, more secure and more
efficient for everyone. Follow us on Twitter@MasterCardNews,join the
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For media inquiries:
MasterCard Worldwide Communications
Marcy Cohen, +1 914-249-2214
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