MasterCard announces MENA growth plans

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MasterCard logo. Photo - Shannon Stapleton/Reuters

MasterCard announced it is restructuring its Middle East and Africa business. The announcement comes at a time when the global credit firm is trying to cash in on steady population growth, continuous economic development and a huge chunk of young consumers entering workplace every year.

The Middle East and Africa (MEA) business will comprise of three divisions – Middle East & North Africa (MENA), Sub Sahara Africa and South Africa, clustering a total of 69 markets stretching from Afghanistan to South Africa and from Morocco to Pakistan.

This change will enable MasterCard to get closer to its customer banks, merchants and consumers in the markets, the New York-based corporation said in a statement.

“A new team has been established to support the MEA business reporting to Michael Miebach, president, Middle East and Africa, MasterCard Worldwide,” the global payments and technology company added.

According to Michael Miebac, the new organisational structure and appointments were part of its strategic decision to invest expertise, resources and know-how in part of the world that continued to register strong economic growth.

“This new structure will help us streamline our investments in areas that drive accelerated growth while helping MasterCard get even closer to our customers,” he said.

“The move will help us bring our international expertise and resources much closer to these emerging markets,” Jones noted.

A key feature of MasterCard Mobile is that it enables Maestro cardholders to make secure online purchases for the first time, which in the past has not been the case. In addition, the relevant MasterCard debit and credit cardholders will also be able to use the payment platform.

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