South Africa-based Standard Bank has signed a five year contract with MasterCard which will see the financial service rolled out across Africa.
Standard Bank operates in 18 African countries, and already offers customers several MasterCard services, including the Platinum MasterCard credit card, which provides credit services for transactions at hotels, airport lounges, malls and more.
A spokesperson said the partnership will "expand the remit of MasterCard across the African countries where Standard Bank is present and leverages the use of several MasterCard products and services, including MasterCard Advisors, to further optimise Standard Bank’s distribution platforms, introduce new product offerings and drive cost efficiencies."
MasterCard hopes to tap into Standard Bank’s massive customer base across both the developed and developing economies of Africa.
Ten million South Africans hold social grant MasterCards