Tanzania has become the latest Afrikan country in which Mastercard will introduce their QR payments solution, Masterpass QR. The deployment of the QR payments solution will be a three-way partnership between Tigo Tanzania, Mastercard and Tanzanian fintech company, Selcom.
Earlier in February 2018, Mastercard announced at Mobile World Congress that it has partnered with pre-paid solar power startup, M-KOPA, to pilot QR payments in Uganda while it also announced that it will be introducing Masterpass QR, to allow businesses to accept QR payments, in partnership with Zenith Bank and Ecobank in Nigeria via a Facebook Messenger bot.
“Tigo Pesa is not only a payments enabler. It is a platform where customers can perform a full range of financial services, where Masterpass is a strong addition to the range of products and services our customers can enjoy in their daily lives,” said Simon Karikari, Managing Director at Tigo Tanzania.
According to Tigo, they already have approximately 7 million registered wallet holders of the Tigo Pesa solution in Tanzania. These subscribers will now be able to securely pay for goods and services by the end of April 2018 using QR codes. This announcement was also made during the Mobile World Congress and it marks the launch of the country’s first interoperable QR payment solution, allowing payments by both mobile money users and banked consumers at locations displaying the Masterpass QR logo.
“Findings released in the 2017 FinScope Tanzania report further indicate that one of the main drivers of access to financial services in Tanzania has been the adoption of digital financial services. A trend we are seeing across the continent, and in emerging markets globally,” said Raghav Prasad, Division President for Sub-Saharan Africa at Mastercard.
Tanzania has made significant progress when it comes to financial inclusion when you consider that the percentage of Tanzanians formally part of the economy was positioned at only 15,8% in 2009, but that number has jumped to over 65% in the last year, driven largely by the introduction of easily accessible mobile solutions such as Tigo Pesa.