Mastercard, the international credit card issued by several Namibian banks, announced this week that Raghav Prasad is the company's new Division President for sub-Sahara Africa. Prasad is tasked to strengthen Mastercard's position in Africa by leveraging technology to build stronger and more inclusive payment ecosystems.
Prasad brings his extensive 30-year global financial services and payments industry experience to further Mastercard's goal of financially including 100 million people by 2020 - an objective that can only be achieved by working with partners across the public and private sectors and by introducing market-relevant digital payment solutions such as Masterpass QR, Mastercard Payment Gateway Services along with its core Debit, Credit, Prepaid and Commercial solutions.
"The influence and true potential of technology is seen on the continent like almost nowhere else in the world. Africa has an amazing advantage of not having invested in legacy infrastructure and can embrace the latest technologies, especially mobile, to transform the payments landscape. Technology innovation is influencing the way consumers engage with the world around them, shaping economies, creating smarter, more connected and financially inclusive cities," said Prasad.
Mobile continues to act as a critical conduit of growth in sub-Sahara Africa, currently accounting for nearly a tenth of the global mobile subscriber base and is predicted to grow faster than any other region globally over the next five years. Additionally, the World Bank estimates that over 64 million adults in the region already have a mobile money account - making it the most easily accessible technology for those currently excluded from the formal financial services sector.
Prasad predicts that the demographic dividend of a large young and tech-savvy population will lead to many of these youth starting up businesses of their own, and becoming job creators. "Our work in supporting the MSME sector is critical to our role in Africa, and solutions such as Masterpass QR are turning the tide on cash dependency as well as helping millions of merchants to go digital for the first time. This is more attractive for businesses and consumers alike - and we see the youth as a key driver of the adoption of new technologies now, and in the future"
