Mastercard has pledged $2.04 million to collaborate with Wowzi, a leading influencer marketing platform in Africa, and Masria Digital Payments (MDP) to support and enhance the financial capabilities of African content creators.
Five-Year Initiative to Transform Financial Management
Spanning over five years, this initiative aims to revolutionize how content creators manage their finances by providing them with advanced digital resources. The goal is to equip creators with the tools needed to navigate and thrive in the dynamic payments environment.
Commitment to Financial Inclusivity and Innovation
Shehryar Ali, a senior official at Mastercard for East Africa and the Indian Ocean Islands, emphasized the company’s dedication to fostering financial stability and providing essential tools for digital innovators. “Our investment is a reflection of our commitment to fostering financial inclusivity and stimulating innovation within the digital economy of Africa, which is progressing rapidly,” Ali stated.
Introducing Innovative Digital Payment Solutions
By supporting the gig economy, Mastercard’s investment will introduce innovative digital payment solutions, such as wearable technology like watch cards and ring cards. These user-friendly methods will enable creators to receive payments directly from brands, followers, and patrons, bypassing traditional banking methods.
Enhanced Visibility and Secure Transactions
Wowzi plans to leverage its extensive network to boost visibility and income opportunities for creators. Meanwhile, MDP will provide its technical expertise to ensure secure and efficient financial transactions.
A Booming Internet Economy
The internet economy in Africa is poised for significant growth, with projections estimating its value to reach $180 billion by 2025, according to the IFC’s e-Conomy Africa 2020 study. This underscores the strategic importance of Mastercard’s investment in digital tools tailored for African content creators.
Shaping the Future of Digital Finance
This partnership represents a pivotal move towards shaping the future of digital finance on the continent. By merging creativity and technology, it aims to support and advance Africa’s burgeoning content creation sector, ensuring creators have the financial stability and tools needed to succeed.