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Mastercard Launches Groundbreaking Payment Technologies

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From a mobile payments system for farmers in Africa to transactions involving humanoid robots, newly unveiled technologies at the innovation hub highlight Mastercard’s commitment to driving innovations and building a world beyond cash

Demonstrating the active role it is playing in shaping the future of payments in the region, Mastercard, a leading technology company in the global payments industry, has unveiled a number of new payment technologies at its ‘MEA Innovation Showcase’ in its regional headquarters in Dubai.

A graduation from Mastercard’s Innovation Showcase launched in 2014, the first of its kind center in the region provides a glimpse into the latest innovations that Mastercard is bringing to life in Middle East, Africa and beyond.

The latest release follows the establishment of the Financial Inclusion Labs in Nairobi, forming a part of Mastercard’s journey to deliver cutting-edge payment innovations in the region, and displays both pilot and commercial projects conceived at Mastercard Labs around the world – covering robotics, artificial intelligence (AI), contactless payments technology, wearables, biometric authentications, unattended retail, financial inclusion solutions and more

Raghu Malhotra, president, Middle East and Africa, Mastercard, said: “We are excited to unveil the enhancements introduced at our ‘MEA Innovation Showcase’ in Dubai, to provide audiences in the region with a glimpse into how Mastercard is shaping the future of payments. In addition to demonstrating Mastercard’s commitment towards championing revolutions in fintech and digital payments, the Innovation Showcase will offer a platform to stakeholders – financial institutions, end consumers, technologists, merchants, card issuers, entrepreneurs as well as the student community – to track the progress of this industry and collaborate in achieving the shared vision of financial inclusion in the region.”

A total of six themes and 25 demo products that will be updated regularly are among the key highlights of the Mastercard ‘MEA Innovation Showcase’.

Amongst the notable technologies added to the center is Masterpass QR– a payment solution that enables merchants to leapfrog POS (Point of Sale) terminals and traditional card readers in favor of a cost-effective QR code solution for secure and convenient payments. The solution is being rolled out in 28 markets across MEA.

The showcase also demonstrates key use cases of Masterpass, Mastercard’s contactless digital wallet that allows customers to safely store all their payment cards and bank information in one place and shop on the go.

Another key addition to the showcase is on new commerce platforms including Mastercard’s innovation in robotics, AI and unattended retail.

These include the conceptualization of digital payments within chatbots, messaging apps that use natural language interfaces to easily communicate with consumers on platforms they are already using every day; humanoid robot, Pepper, extending the robot’s ability to integrate customer service, information and sales into a seamless user experience; and Qkr! with Masterpass, a mobile payments platform that enables consumers to order and pay for food at locations such as cinemas, restaurants, stadiums and schools from their smart devices.

Solutions showcased in the space of financial inclusion include 2Kuze, a mobile platform pioneered in Middle East and Africa in partnership with Bill and Melinda Gates Foundation, to connect smallholder farmers with customers directly and facilitate swift and safe transactions, and Mastercard Aid Network, an award-winning end-to-end technology solution for humanitarian aid distribution that works even in the absence of telecommunications infrastructure.

Prakriti Singh, Vice President, Innovation Management, Mastercard Labs, Middle East and Africa, added, “Our objective is to help advance the application of technology and innovation in the region and to drive co-creation with our stakeholders. Additionally, the spark of ideas and concepts that will emerge from the collaborative dialogue with visitors will be instrumental in further evolving and enhancing our roster of technology innovations at Mastercard globally.”

The Mastercard ‘MEA Innovation Showcase’ combined with Mastercard’s startup engagement program Start Path and its global R&D expertise, will also provide a platform to drive collaborative dialogues with key stakeholders and fintechs in the region, creating a launchpad to advance payments innovation in Middle East and Africa.

 

 


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E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


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E-Financial

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


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CBN Urges Banks to Expedite Action on Recapitalisation

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Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


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