MasterCard has signed a 5 year agreement with Standard Bank Group, one of South Africa’s leading banks, which will offer the financial payment service a larger customer network, expanding its services across Africa.According to an official statement, the partnership will “expand the remit of MasterCard across the African countries where Standard Bank is present and leverages the use of several MasterCard products and services, including MasterCard Advisors, to further optimise Standard Bank’s distribution platforms, introduce new product offerings and drive cost efficiencies.”
Standard bank currently has operations in over 18 countries across Africa, and offers several MasterCard credit services including the Platinum MasterCard credit card – which targets wealthy customers, providing credit facilities at hotels, airport lounges, malls and other financial transactions.
The US-based payment service company hopes to exploit the bank’s vast presence in both leading and emerging markets across the continent.
MasterCard Worldwide is an American multinational financial services corporation headquartered in New York, United States.
Its principal business is to process payments between customers and banks or credit unions of the purchasers who use its branded debit and credit cards to make purchases.