Mastercard has joined forces with Morocco-based BCP Group to improve cross-border payment solutions across African markets. The partnership aims to simplify international money transfers, make transactions more affordable, and foster economic growth by enhancing connectivity between local and global markets.
Enhancing Cross-Border Transactions
The collaboration leverages Mastercard’s advanced payment technology and BCP Group’s extensive regional presence. Built around the Mastercard Move platform, the initiative offers near-instant, traceable payments at competitive rates. It targets both individuals and businesses, streamlining the movement of funds across borders.
Kamal Mokdad, General Manager of BCP & International, highlighted the partnership’s significance, stating that it reflects a shared commitment to delivering superior payment solutions and driving innovation in the African financial sector. He emphasized that the new services aim to support regional economic growth by enabling simplified, cost-effective international transactions.
Features of Mastercard Move
The Mastercard Move platform offers a comprehensive range of money movement solutions, facilitating both domestic and international payments. It supports transactions in over 150 currencies across more than 180 countries, providing efficient and scalable services for users in the African market.
The new collaboration is designed to reduce costs and optimize operations for businesses and consumers. By improving payment systems, the initiative strengthens the ability of African economies to connect seamlessly with global markets.
Broader Implications for Innovation
Dimitrios Dosis, President of Eastern Europe, Middle East, and Africa at Mastercard, emphasized that the partnership aligns with Mastercard’s mission to provide innovative payment solutions tailored to the needs of consumers and businesses.
This partnership follows a series of recent Mastercard initiatives to expand its payment solutions globally. In September, Mastercard partnered with Saudi financial services startup barq to enhance payment acceptance in Saudi Arabia. Around the same time, Mastercard collaborated with European crypto payments provider Mercuryo to launch a euro-denominated crypto debit card, enabling users to spend digital assets directly at millions of merchants worldwide.
Mastercard is also working on biometric authentication technology to eliminate the need for physical card numbers and passwords. This innovation is expected to launch in major markets in the coming years, further transforming the global payments landscape.
By collaborating with BCP Group, Mastercard reinforces its commitment to fostering financial inclusion and innovation, especially in emerging markets like Africa.
