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MasterCard opens East African headquarters

MasterCard Worldwide, the global payments and technology company, today launched its official East African regional headquarters in Nairobi, Kenya. This development brings the number of...

http://www.africanbusinessreview.co.za/finance/1038/MasterCard-opens-East-African-headquarters


MasterCard opens East African headquarters

- Finance - Feb 02, 2012

MasterCard Worldwide, the global payments and technology company, today launched its official East African regional headquarters in Nairobi, Kenya. This development brings the number of MasterCard offices across the African continent to five, with other offices operational in Cairo, Casablanca, Lagos and Johannesburg.

The Nairobi office will act as MasterCard’s liaison office for customer banks, business associates and consumers in its main markets of Kenya, Tanzania, Mauritius, Ethiopia and Uganda, as well as across the rest of the East African region, bringing the organisation’s knowledge of electronic payments best practice to these markets.

Kenyan Prime Minister, Raila Odinga, welcomed MasterCard’s announcement. “We are pleased to welcome MasterCard to East Africa and in particular to Kenya, as we see the region’s growth path continue. MasterCard’s products will see the benefits of inclusion into the financial system extend to many more East Africans, giving them the opportunity to transact electronically with people and companies and so keep their precious money safe and secure, helping to build prosperity for their future.”

“Nairobi’s reputation as an African commerce, trade and development hub made it a strategically sound location for MasterCard to establish its regional headquarters. We believe it is a natural recognition of Kenya’s role as the financial heart of the East Africa region,” said Daniel Monehin, Area Head, East & West Africa and Indian Ocean Islands, MasterCard Worldwide.

 

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Bringing the benefits of electronic payments to people across the African continent is a primary focus for MasterCard. “East Africa, and indeed Africa as a whole, has always been heavily reliant on cash – both in the consumer and corporate sectors,” says Charlton Goredema, Vice President and Market Manager for East Africa and Indian Ocean Islands for MasterCard Worldwide. “This dependence is costly – the costs of printing notes and keeping them secure are significant – and cash payments restrict an individual or company’s economic activity to their immediate geographic area.”

MasterCard has already been active in the Kenyan market working with banks and other business organisations to advise on developing payment solutions that are best suited for Kenyans. Most recently, in collaboration with Airtel & Standard Chartered Bank, the world's first virtual card that operates off a mobile wallet was launched in Kenya.

“PayOnline is a unique virtual card payment solution, developed specifically to address the needs of consumers in Kenya. At the Mobile World Congress 2011 this product was awarded top honours as the Best Mobile Money Product or Solution. PayOnline makes it possible for Kenyan Airtel clients to shop online, even if they do not have a bank account,” says Goredema.

 

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