Mastercard Partners with EMIS to Boost the Digital Economy in Angola
The partnership will enable Angolan citizens to gain access to both physical and virtual cards that can be used for cross-border payments, thereby aiding in the creation of an interoperable payment system.
Financial institutions to also benefit as they will have cost synergies and access to Mastercard’s world-class technology for the domestic market and cards.
Mastercard has today entered a strategic partnership with the Empresa Interbancária de Serviços S.A (EMIS) to roll out a co-branded contactless card with EMV technology to boost the digital economy and accelerate digital transformation in Angola. Also known as the Interbank Service Company, EMIS is the financial infrastructure operator of the Angolan Payment System, responsible for the interbank network for the network of ATMs and Point-of-Sale (POS) terminals. It is also the clearing house for banks' direct debit and funds transfer operations and a Mobile Virtual Process Operator (MVPO) 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 developing an interoperable payment system.
Additionally, the partnership represents a positive development for financial institutions, as they will have cost synergies and access to Mastercard’s world-class 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 utilize Mastercard’s loyalty platform, national fraud and risk management solution, and Mastercard Payments Gateway Services, to support e-commerce businesses and process all kinds of online transactions.
Mark Elliott, Division President, Sub Saharan Africa, at Mastercard, said: “At Mastercard, our innovation strategy includes collaborating with like-minded partners to power an inclusive, digital economy that benefits everyone, everywhere. Our partnership with EMIS demonstrates our commitment to supporting key stakeholders across the world to create an interconnected global payments ecosystem that benefits an array of consumers with unique needs.”
José Matos, Chief Executive Officer, at EMIS, said: “Angola continues to make significant progress in the financial services sector, and our partnership with Mastercard seeks to accelerate this growth. Through the partnership, we are committed to introducing the broad benefits of a full-fledged interoperable payment system as soon as possible, creating an inclusive digital and financial ecosystem for Angolans.”
Digital transformation and the growth of the information and communication technologies (ICT) sector are at the heart of Angola’s recent strategy spanning numerous sectors, with the government classifying them as an important element in its socio-economic development, an essential factor in its fight against poverty and the social exclusion of marginalized groups, and a key driver of modernity.
In May 2022, the minister of Telecommunications, Information Technologies, and Social Communication, Manuel Homem, reported that the Angolan Government assumed responsibility for promoting and accelerating the Single Digital Market in Africa, and the business environment. As a result, the government has focused on driving and supporting technological modernisation to ensure good governance, improved financial inclusion, and economic and social welfare.
Mastercard’s partnership with EMIS is in line with its worldwide commitment to financial inclusion to bring 1 billion people – including 50 million micro and small businesses and 25 million women entrepreneurs – into the digital economy by 2025, through initiatives and partnerships.