Universal payment platform and digital financial solutions provider, Wari, has signed a strategic alliance agreement with Mastercard. This agreement will help strengthen Wari’s offering for its users as well as the digital payment ecosystem in 35 African markets.
“This partnership with Mastercard will provide us with the ability to boost digital payment acceptance in the markets that we operate. With Mastercard’s experience in securing payments across the world, customers can be rest assured that their payments will be secured,” said Kabirou Mbodje, CEO of Wari.
According to research by the World Bank, the Sub-Saharan Africa region had an inward remittance flow of over US$34 billion, with outward remittance flows of approximately US$4 billion. Also, about less than 40 percent of the African market has access to basic banking services, but that is likely to change with the launch of Wari. Wari’s business model is likely to help increase the number of banking services in Africa by about 70 percent. It could also help further increase the inward remittance flow of Africa.
“Our partnership with Wari illustrates how much the payment industry has evolved, and how Africa is at the forefront of driving the shift towards digital payments,“ said Daniel Monehin, Division President for Sub-Saharan Africa, Mastercard.
With this partnership, both companies have reinforced their focus on providing all citizens with access to a secure and easy to use financial solutions by removing the need for cash and providing a more efficient way for people to pay for goods and services. Following this development, Wari will now introduce a suite of digital payment solution across its existing networks known as the MyWari app.
“The alliance between Wari and Mastercard is an important milestone in making financial inclusion a reality for all Africans,“ said Kabirou Mbodje.
Mastercard digital solutions to be offered by MyWari app include the following:
- It will help provide a secured remittance service by HomeSend. This service will give customers the ability to send and receive funds regardless of the payment method, cash, wallet, debit or credit card.
- Wari users will be able to automatically have access to a number of diverse operators from banks; telcos and money transfer operators globally.
- Users will be able to use a virtual card solution, through the app. This gives immediate access to funds, which are linked to the customers prepaid, debit or credit card.
- The mobile payment solution gives Micro, Small and Medium Enterprises (MSMEs) access to a low cost way of accepting payments for their goods and services. MSMEs will be able to go beyond cash and traditional point of sale terminals.
What you didn’t know about Wari
Wari is a new generation of innovative platform for financial and non-financial service transactions for Africa and the world.
Wari is offering easy to use mobile, web and card solutions for institutions, commercial and financial organisations, merchants and consumers through a proprietary transactional platform.
Wari services are available on MyWari or through bank branches, Micro-Finance Institutions, MFI and also through network partners such as Airtel and MTN.
Wari is a fully owned African company incorporated in 2008
Currently, it is operating in several African countries and has been granted permission from the following Central Banks:
- The Central Bank of the Republic of Kenya
- The Central Bank of the Republic of Tanzania
- The Central Bank of the Republic of Uganda
- The Central Bank of the Republic of Ghana
- The Central Bank of the Republic of Mozambique
- The Central Bank of the Democratic Republic of Congo
- The Central Bank of the Republic of The Gambia
- The Central Bank of the Republic of Cabo Verde
- The Central Bank of the Republic of Guinea Conakry
- The Central Bank of the Republic of Mauritania