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.