Mastercard, Angaza Partner for Digital Payment Solution Across Markets

By Vera Shawiza / February 28, 2019 | 7:14 am




People and businesses across the globe are set to benefit from an efficient digital payment solution that increases access to affordable necessities like solar home systems and water pumps through a signed partnership between Mastercard and Angaza.

Leveraging Angaza’s pay-as-you-go (PAYG) embedded metering and monitoring technology and Mastercard’s cutting-edge digital payment solutions and infrastructure including QR technology, this partnership will not only unlock access to the basic necessities but will also help people without access to credit or traditional banking services start on a path to financial inclusion.

The partnership follows the successful launch of Mastercard’s first PAYG application programming interface in Uganda last year, which combines low-cost QR technology – an open and interoperable technology, with the internet of things to lead more secure and efficient payments.

PAYG business models are emerging around the globe to give people the ability to pay for what they use, as they need it. The model adopted by Angaza allows life-changing products, such as solar home systems, clean cookstoves, and water pumps, to be sold at a low upfront cost. Consumers can then pay off the cost of the products over a period of time.

READ Mastercard and Housing Finance Bank Partner to Build Uganda’s Digital Payments Ecosystem

Currently, most payments on the Angaza platform are conducted via cash or mobile money. With the integration of Mastercard’s API, the solution will provide new levels of payment flexibility and affordability impacting the lives of millions of consumers across emerging markets.

Additionally, this partnership could open up fresh access to other financial services and tools. By keeping accurate records of payments that a user is making, the user is able to establish a verifiable digital identity and trackable credit history which was previously impossible to create or maintain. This data gives companies and financial service providers the ability to put underserved populations on a new path to financial inclusion.

To date, Angaza’s technology has enabled more than five million people in emerging markets across Africa, South America and Asia to purchase over one million life-changing products like solar home systems, water pumps, and clean cookstoves.

Following the completion of a successful pilot with the BOP Innovation Centre in Nigeria, Mastercard and Angaza will expand the programme to other markets in Africa and Latin-America to bring as many people as possible into the financial fold.

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About Vera Shawiza

Vera Shawiza is Soko Directory’s in-house journalist. Her zealous nature ensures that sufficient and relevant content is generated for the Soko Directory website and sourcing information from clients is easy as smooth sailing.Vera can be reached at: (020) 528 0222 or Email: [email protected]

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