Mastercard Incorporated MA recently collaborated with the Zanzibar e-Government Agency for three years to bring about digital transformation under eGaz’s Digital Government Strategy. This should enable the digitization of payments across different sectors in Zanzibar islands, inclusive of tourism, helping with economic growth.
Mastercard signed the first memorandum of understanding at the Zanzibar Digital Government Strategy for 2023-2027. The main objective is to transform Zanzibar’s digital economy and drive secure digital systems and innovation. A strong digital economy will also drive technology and communication solutions and help develop training for digital governance, leading to the reshaping of public services. This move bodes well for MA’s goal of expanding its reach to new markets. Moreover, as transaction volume increases, MA’s top line is likely to increase in the future.
This collaboration will benefit from Mastercard’s technical expertise and assistance, supporting the Zanzibar government’s efforts. MA will launch 2 million government cards, set up a digital transformation team and help the payment portal ZanMalipo enable digital payments. This partnership is expected to fuel economic growth and promote digital inclusion.
Moreover, as MA provides Mastercard Payment Gateway Services, merchants will be able to accept payments from a wide range of sources like mobile payments, e-wallets, credit cards, etc. MA will also highlight numerous benefits for consumers on Priceless.com, fueling economic development. This collaboration is pivotal to Zanzibar’s plans of creating a pan-African digital economy, driving growth in investment and trade in the United Republic of Tanzania. As a result of these efforts, a secure and fast infrastructure will be created, rewarding consumers, businesses and tourists with a seamless and efficient digital environment.
Shares of Mastercard have gained 17.1% in a year compared with the industry’s 5.8% growth. MA currently carries a Zacks Rank #3 (Hold).
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Mastercard Incorporated (MA) : Free Stock Analysis Report
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Paysafe Limited (PSFE) : Free Stock Analysis Report