With the rise of digitalization, content creators have become an influential segment of the digital economy. However, they face challenges in financial management. Addressing these unique financial needs is crucial for African development, making initiatives like this highly significant.

Mastercard has invested $2.04 million in a partnership with Wowzi, Africa’s influencer marketing platform, and Masria Digital Payments (MDP), Wowzi announced on June 6. The five-year initiative aims to enhance financial management for content creators, providing them with advanced digital tools to manage their earnings.

“Our objective is to empower these digital trailblazers with the financial tools and security they need to thrive in the dynamic payments landscape. This investment aligns with our vision to promote financial inclusion and drive innovation in an ever-evolving digital economy,” said Shehryar Ali, senior vice president and country manager for East Africa and Indian Ocean Islands at Mastercard.

Mastercard’s investment supports the gig economy by offering digital card products (watch and ring cards) for secure and convenient transactions. These cards will allow content creators to receive payments directly from brands, fans, or sponsors, bypassing traditional gateways. Meanwhile, Wowzi will leverage its network to boost content creators' visibility and profitability and MDP will manage the technical aspects, ensuring secure and seamless transactions.

The IFC report "e-Conomy Africa 2020" reveals that Africa's internet economy could reach $180 billion by 2025, contributing 5.2% to the continent's GDP. This underscores the importance of Mastercard's investment in digital solutions for African content creators. This collaboration marks a significant step towards the future of digital finance, combining creativity and technology to empower content creators in Africa.

Hikmatu Bilali