Africa Becomes a Hot Market for Global Card Networks

by Mercator Advisory Group 0

At a time of global economic struggle, especially in major markets like the United States and European countries, international card networks are seeking growth opportunities in emerging markets that traditionally not received much attention. A recent article discusses the developments in some African markets.

Africa’s unbanked population stands to benefit from the entry into the continent of Visa and MasterCard, both providers of credit card services. Visa pitched tent in Rwanda last week to provide financial services to millions of the unbanked population….Almost at the same time, MasterCard partnered with Ecobank to bring credit cards to millions of people in 30 African countries.

Credit card companies are realising the unexploited potential of Africa’s unbanked and are tapping into what seems to be an unlimited resource of people hungry for financial services.

Traditionally the Middle East and North Africa area, as well as South Africa, have been the main focus of global payment companies. But now they are expanding into countries previously considered too small or not ready for the adoption of modern payment products and services. The landscape appears to be changing quickly.

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