Mastercard has partnered with fintech startup Scale, in a bid to accelerate market deployment for fintech companies across Africa and the Middle East. The collaboration will alleviate technical and commercial barriers to entry that fintech companies, aggregators, enablers, PSPs, and telcos face when launching payment programs.
Mastercard and Scale will support fintech companies and other ecosystem players in securing BIN sponsorships, building sustainable unit economics, and commercializing their card and other payment programs. Together with their partners, they will co-create inclusive value propositions that are poised for long-term growth.
As part of the partnership agreement, Mastercard will use its managed services in the partners’ systems and run their card program implementation from end to end. In the post-launch period, Scale will assist the partners in growing their portfolios, driving revenues, and achieving profitability. This is understanding consumer behaviors, market dynamics, and competitors.
For financial institutions, the partnership between Mastercard and Scale will facilitate collaborations with stakeholders in the card value chain. Meanwhile, merchants will enjoy easy access to digital financial products and services that will allow them to grow their businesses. For governments, the new financial offerings available in the market will contribute to reducing cash-based transactions, enabling more people and businesses to participate in economic development and boosting GDP growth.
Commenting on the partnership with Scale, Amnah Ajmal, Executive Vice President for Market Development at 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.”
On her part, Miranda Perumal, Co-Founder and CEO of 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.”