Mastercard Incorporated (NYSE: MA) and Visa Inc.(NYSE: V) are reportedly investing billions into African companies that have powered a sharp proliferation in e-commerce on the continent.
Africa presents prime grounds for mobile money proliferation, attributed to the scarcity of conventional banking infrastructures, their remoteness from rural locales, and the fact that many people still earn low incomes, according to a news report by The Wall Street Journal.
As the year draws to a close, the U.S. Commerce Department anticipates that a whopping 435 million Africans will splash cash online, almost twice the level pre-pandemic, per the report.
Recent transactions have centered around mobile money services, which enable individuals to transfer money via basic ...