Credit Card Companies Reaching Out To Consumers in... - Other News

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Other » Credit Card Companies Reaching Out To Consumers in Africa

Credit Card Companies Reaching Out To Consumers in Africa

Credit Card Companies Reaching Out To Consumers in Africa
The content is accurate at the time of publication and is subject to change.
This content is not provided by Citi. Any opinions, analyses, reviews or recommendations expressed here are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by the Citi.

MasterCard and Visa have their sights set on expanding their credit card businesses and are targeting consumers in the largely unbanked country of Africa. MasterCard recently partnered with the pan-African banking group Ecobank in the hopes of putting credit cards into the hands of new users in some 30 African countries, while Visa has set up shop in Rwanda to provide new financial service products to a portion of the county`s 11 million residents. Currently fewer than 100,000 Rwandans are credit card holders.

“Our goal is the 86% of Rwandan citizens who do not have access to banking services,” said Elizabeth Buse, group executive for Visa International, according to the online publication Middle East North Africa Financial News.

Likewise, Michael Meibach, president of MasterCard`s Middle Eastern and African division told the Middle East North Africa Financial News, “Increasing the acceptance of MasterCard throughout Africa is a key objective for us.”

Credit card companies are recognizing the importance of the financial inclusion of the unbanked consumers of Africa. Such untapped potential is especially meaningful in today`s ever-changing international economic climate. Both firms have essentially “reached a plateau of revenue collection” in Western countries and are turning to emerging markets in the hopes of generating new revenue.

For example, currently 57% of Visa`s revenue stems from North America. By the year 2015, however, the company intends to generate over half its income from elsewhere in the world.

Visa`s senior executive for Singapore, Rene Ho, revealed, “We are looking at economies in Asia such as Japan, but are also turning to emerging markets,” as reported by the Middle East North Africa Financial News.

Mobile banking presents another potentially lucrative opportunity for both Visa and MasterCard. It has become the most important driver of financial inclusion, unsurpassed by other technological advances. Estimates indicate that over the past decade well over 100 million people across the globe have accessed some sort of financial services via their mobile phones. The number of unbanked consumers in possession of mobile phones is predicted to reach 1.7 billion by next year, according to data released by Electronics Payment International.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related News:

New Visa Cards From CRYPTO.com

Posted: July 17, 2018

CRYPTO.com, a payments and cryptocurrency platform, is now offering three new cards - Icy White, Jade Green and Royal Indigo. These are Cryptocurrency-based credit cards. With them, people can get a wide range of perks and benefits, ... Continue reading
A New Priority Pass Restaurant and Lounge in Washington D.C.

Posted: July 16, 2018

Hitting the lounge for some rest and relaxation when flying can be a great perk. And now people with Priority Pass membership - or a credit card giving them Priority Pass lounge access - have two new options to check out when passing ... Continue reading
New LL. Bean Credit Card

Posted: July 13, 2018

L.L. Bean's credit card portfolio was purchased by Citi Retail Services, and they have now partnered with MasterCard to launch a new credit card, offering 4% on purchases made at L.L. Bean. But that is not all; With the L.L. Bean ... Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com, or wholesale clubs up to the quarterly maximum each time you activate.
For Excellent, Good Credit
We'll match all the Miles you've earned at the end of your first year. For example, if you earn 30,000 Miles, you get 60,000 Miles.
For Excellent, Good Credit
0% Intro APR on Balance Transfers and Purchases for 18 months. After that, the variable APR will be 15.74% - 25.74% based on your creditworthiness*
For Excellent, Good Credit
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!