Mastercard, in support of Ghana’s Vision 2020
goals, has committed its support to helping
the country to develop a cashless economy, in
furtherance of its push to be an economic
powerhouse in Africa.
This was highlighted during a recent discussion
between Mastercard and Ghana’s new Vice
President, Alhaji Dr Mahamudu Bawumia.
With aspirations of becoming an African
economic giant, Ghana has long recognised the
importance of integrating science and
technology into all aspects of the economy.
Technology innovation will ensure Ghanaians
are financially included by giving them access
to smart, secure and accessible financial
solutions.
The commitment comes at a time when
Mastercard is able to diversify its suite of
digital payment solutions available by
introducing Masterpass QR. Harnessing the
power of mobile technology, the solution
enables consumers to pay for goods and
services directly from their smart or feature
phones.
Mobile penetration in Ghana is estimated to be
over 128 percent, allowing accessibility to
millions of citizens. The true impact will
however be made by the inclusion and
empowerment of the country’s Micro, Small
and Medium Enterprises (MSMEs), which
contribute significantly to job creation and to
GDP. According to Ghana’s Registrar General’s
department, approximately 92 percent of
companies registered in Ghana are MSMEs,
contributing about 70 percent of Ghana’s GDP.
Mastercard has pledged to financially include
40 million micro and small enterprises globally
by connecting them to digital payment
solutions. This can only be achieved through
collaboration between the public-private
sectors, as well as through private-private
sector partnerships.
Omokehinde Adebanjo, Vice President and Area
Business Head for West Africa at Mastercard
met with the Vice President to introduce the
company’s vision of a ‘world beyond cash’.
The cost of cash has a tremendous impact on
local economic growth and allows for the
shadow economy to exist.
“Digital payment solutions, whether a debit or
prepaid card or the Masterpass QR mobile
solution, ensures that transparency and
efficiency is introduced into the economy, and
this will mean that Ghana can grow and
flourish, reaching its full potential,”
Omokehinde Adebanjo explained.
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