Under the agreement, SPENN will launch a Mastercard virtual card, giving its Mobile Wallet App customers new ways to access and pay for products and services at the millions of e-commerce merchants that accept Mastercard.

With a Mastercard virtual (non-plastic) payment solution linked to SPENN Mobile Money wallets, consumers and small businesses can make payments to local and global online brands and can pay at over 15,000 Kazang devices in Zambia. This means e-commerce transactions can be done instantly through mobile wallets for a wide variety of payments including travel, entertainment subscription services, and bill payments while ensuring that the customer’s financial data is always secure and private.

“We are extremely proud to partner with Mastercard. To have a world-leading payments technology company give such recognition to SPENN, is both exciting and humbling,” says Jens Glaso, CEO of SPENN Technology. “The partnership also supports SPENN’s strategy to enable more efficient and seamless payments online, boosting financial inclusion.”

This partnership will help Mastercard advance its worldwide commitment to financial inclusion and 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.

Vincent Malekani, Country Manager for Zambia and Malawi at Mastercard, says: “We are pleased to collaborate with SPENN to bring more safe and seamless payment experiences to their customers. Fintech’s play a critical role in enabling the digital economy and hence are a critical partner for us to drive the financial inclusion agenda forward.”

The SPENN-Mastercard virtual card will be rolled out in 2023, initially in Zambia and then across other African markets including Rwanda, Tanzania, and Nigeria.

SPENN’s relationship with Mastercard started in 2021 when SPENN Technology entered and won the Mastercard Lighthouse MASSIV program. A year later, SPENN was selected to participate in Start Path Crypto, Mastercard’s blockchain-focused startup engagement program providing access to partnership opportunities, insights, and tools to grow.