Johannesburg: AfricUpdate – News Desk
Mastercard has extended its strategic commercial partnership with Smile ID, an identity verification provider in Africa to accelerate the rollout of secure digital identity solutions across the continent. This partnership will enable banks, fintechs, mobile money operators and other enterprises to onboard new customers faster, reducing identity fraud and expanding access to the financial system.
It combines Mastercard’s global insights and Identity technology, which enables customers to verify digital identity elements with Smile ID’s data verification and fraud detection capabilities. As Africa’s digital economy is projected to reach $1.5 trillion by 2030, trusted identity solutions are a critical enabler of financial inclusion, fraud prevention, and cross-border commerce.
Additionally, smartphone penetration is continuing to rise, necessitating an urgent need to unlock opportunities for millions through secure identity verification services that work across digital channels. For over five decades, Mastercard has worked alongside African governments, businesses, and communities to advance financial inclusion and economic development.
Mastercard, together with Smile ID, is well positioned to address these challenges by expanding access to financial services, while helping to support compliance with Know Your Customer (KYC) requirements and Anti-Money Laundering (AML) regulations across Africa. As part of the agreement, Mastercard has also made a minority investment in Smile ID, reinforcing its long-term commitment to digital inclusion and innovation in Africa.
Through this partnership, Mastercard customers, including banks, telecom providers, mobile money operators, and fintechs can gain access to Smile ID’s advanced identity verification tools. Smile ID’s integrations with local governments and trusted data sources offer unique capabilities that differentiate this partnership in the region, for example, pan-African reach, near real-time onboarding, integration with Mastercard’s insights.
