Africa is experiencing a rapid shift toward digital payments, fueled by increased smartphone penetration and internet usage. Mastercard’s expertise in secure and scalable payment systems can complement and enhance these existing platforms.
Mastercard has opened its first office in Accra, Ghana, a key step in its West Africa expansion. This move, announced yesterday January 13, reflects its commitment to supporting Ghana’s digital economy through innovative financial products and services tailored to the local market.
“Opening our office in Ghana marks an important milestone in our commitment to deepening relationships across the region. Our growth strategy for West Africa is ambitious, and establishing a formal presence here allows us to better serve the specific needs of our customers,” said Mark Elliott, Division President for Africa at Mastercard.
The new office underscores Mastercard’s dedication to fostering stakeholder relationships and promoting inclusive growth. By establishing a presence in Ghana, Mastercard aims to enhance collaborations and accelerate the adoption of tailored financial solutions.
Beyond the office, Mastercard has collaborated with companies like Kalabash, KaiOS, Boost, and Smile ID, and partnered with banks such as Access Bank and Fidelity Bank to improve cross-border payment solutions. These efforts have empowered fintechs, expanded digital access for underserved communities, and strengthened Ghana’s position as a tech hub.
Mastercard’s office in Accra is a strategic response to the growing demand for secure, efficient, and inclusive financial solutions in Ghana and West Africa. By leveraging its global expertise and fostering local partnerships, Mastercard is set to play a pivotal role in transforming Ghana’s financial landscape and contributing to the region’s digital future.
The 2021 Financial Services Demand-Side Survey Report by the Ministry of Finance reveals that Ghana has achieved a remarkable 96% financial inclusion, leaving only 4% of the population without access to financial services. This significant progress is primarily driven by the widespread adoption of mobile money nationwide. It underscores the growing digitalization of Ghana's economy, creating opportunities for fintech innovation, e-commerce, and digital payments.
Ghana’s near-universal financial inclusion and thriving digital economy make it an ideal launchpad for Mastercard’s broader West African strategy. This milestone demonstrates the country’s leadership in financial inclusion within the region and its readiness to leverage digital solutions to drive economic development.
With offices across Africa, including in Cairo, Casablanca, Johannesburg, Lagos, and Nairobi, Mastercard’s expansion into Accra reinforces its commitment to building a sustainable digital economy across the continent.
Hikmatu Bilali
