Digital transformation has been very much a theme of recent financial technology news from Angola, in the shape of initiatives from payment giant Mastercard and the US government, supported by the Angolan government and local businesses.
Mastercard has entered a strategic partnership with the Empresa Interbancária de Serviços (EMIS) to roll out a co-branded contactless card with what is known as EMV technology to boost the digital economy and accelerate digital transformation in Angola.
The partnership enables cardholders – including consumers and small business owners – in Angola to have one card that makes cross-border payments (within and outside Angola), thus aiding in the development of an interoperable payment system.
Additionally, the partnership will give financial institutions cost synergies and access to Mastercard’s technology for their domestic market and cards going forward, powering the existing local domestic scheme in the process.
These potential developments mark a significant boost for the Angolan Central Bank (BNA), which seeks to advance financial inclusion for millions and grow the country’s digital economy and ecosystem.
Through the partnership, Angolan banks may utilise Mastercard’s loyalty platform, national fraud and risk management solution, and Mastercard Payments Gateway Services, to support e-commerce businesses and process a variety of online transactions.
Also this week, The Embassy of the United States of America, in partnership with mobile operator Africell, has launched the Digital Money is Better project to highlight the role that digital money can play in improving the lives of Angolans by making it easier to send and receive money.
The project has funding of almost US$5million financed through the US Government Agency for International Development (USAID), and will be implemented in partnership with operator Africell, which is providing a similar contribution to the project, in addition to its existing mobile network.
The project will focus not only on improving and expanding the use of mobile money applications, but also on supporting Angolan government efforts to increase financial inclusion.