Mastercard has committed $2.04 million to a collaborative effort with Wowzi, a premier influencer marketing platform in Africa, and Masria Digital Payments (MDP), with the goal of bolstering African content creators.
Spanning over five years, this initiative is designed to transform the way content creators manage their finances by equipping them with advanced digital resources.
Shehryar Ali, a high-ranking official at Mastercard for East Africa and the Indian Ocean Islands, emphasized the company’s dedication to providing these digital innovators with the financial stability and tools necessary to thrive amidst the dynamic payments environment.
“Our investment is a reflection of our commitment to fostering financial inclusivity and stimulating innovation within the digital economy of Africa, which is progressing rapidly,” Ali stated.
By backing the gig economy, Mastercard’s investment introduces novel digital payment solutions such as wearable technology like watch cards and ring cards. These innovative and user-friendly methods will enable creators to directly receive payments from brands, followers, and patrons, bypassing conventional banking methods.
Wowzi plans to use its extensive network to enhance the visibility and income opportunities for creators, while MDP will offer its technical prowess to guarantee secure and efficient financial transactions.
The internet economy in Africa is poised for significant growth, with projections estimating its value to reach $180 billion by 2025, as reported by the IFC in the e-Conomy Africa 2020 study.
This underscores the strategic importance of Mastercard’s investment in digital tools tailored for African content creators.
The partnership represents a pivotal move towards shaping the future of digital finance on the continent, merging the realms of creativity and technology to support and advance Africa’s burgeoning content creation sector.
