MasterCard And Uber Partner To Increase Financial Inclusion In Africa And The Middle East

What happens when two major global brands come together? Globally renowned ride-hailing and delivery service; Uber has announced that it will be extending its already established partnership with MasterCard with the aim of boosting payment digitalization and advancing financial inclusion across the Middle East and Africa (MEA).

Uber’s partnership with payments platform; MasterCard continues to thrive on existing works and partnerships between the two companies.  For example, MasterCard committed over a hundred thousand free trips and meals to supporting communities across the Middle East and Africa. Uber facilitated the deliveries and all these were done in a joint initiative between the two companies. This was a strategic partnership that spanned across regions in the Middle East and Africa, and supported hospitals, front-line workers, cities and marginalized communities with free rides and meals. This partnership with Uber plays a major role in advancing MasterCard’s worldwide commitment to financial inclusion and the company’s pledge to bring a total of 1 billion people, 50 million micro and small businesses, and 25 million women entrepreneurs into the digital economy by 2025.

This new partnership between Uber and Mastercard will enable the ride-hailing service to integrate digitization across all its operations like Uber Rides, Uber Eats, Uber Pass and Uber for Business, using MasterCard’s platform. The partnership aims at boosting cashless payments, driving digital payment acceptance and reward customer loyalty while also supporting Uber’s efforts at impacting the society.

In MasterCard’s Economy 2021 report, the economic impact of COVID-19 was emphatically highlighted. The report says that the Coronavirus pandemic has brought about permanent changes in digital consumer behavior like spending habits, the growth of online banking, fintech disruption, and even more opportunities that if leveraged upon can boost financial inclusion. The partnership between Uber and MasterCard will therefore leverage these endless opportunities to bridge the financial inclusion gap.

“MasterCard continues to partner with digital players across the value chain to build a more connected world. Enabling secure, immediate movement of money for individuals in the gig economy. Workers and customers are especially vital as we support economic recovery efforts. Through our growing partnership, we are enabling the company’s long-term business growth as a result of improved operational efficiencies, driving greater financial inclusion and innovation across the region, and ultimately boosting the growth of the digital economy in MEA”, Amnah Ajmal, the Executive Vice President of Market Development for MEA stated.

According to Tino Wako, the Regional General Manager Middle East and Africa, “this is the largest partnership for us across MEA, and we are proud to be working together to bring key financial solutions to driver-partners across MEA. Drivers’ wellbeing is a top priority and putting opportunities they want within reach is important to us”.