Mastercard, a leading global payments company, opened its first office in Accra, the capital of West Africa’s Ghana. This move signals its growing commitment and investment in the region where it already has a Lagos, Nigeria office.
Ghana has a higher GDP per capita of $2,238 than Nigeria’s $1,621 in the same period (2023). The country has experienced growth in agriculture, mining, and digital infrastructure sectors.
“Opening our office in Ghana marks an important milestone in our commitment to deepening relationships across the region,” said Mark Elliott, Mastercard’s Division President for Africa. “Our growth strategy for West Africa is ambitious, and establishing a formal presence here allows us to better serve the specific needs of our customers. We are eager to leverage our global expertise and innovative capabilities to introduce advanced payment technologies in this market [emphasis ours].”
Mastercard’s main customers are banks because, historically, only banks could issue its cards. Mastercard generates network revenue from transactions made using these bank-issued cards. However, the rise of neobanks who co-issue cards presents another customer segment for the card scheme. According to the Bank of Ghana, dedicated e-money issuers (DEMI) processed 5.63 billion transactions worth $124 billion (GHS1.84T) from January to September 2024 which is a 19.6% and 48.3% respective growth over a similar period in 2023. Fintechs licensed as DEMI in Ghana can issue wallets which can then be tied to a card.
See also: Mastercard and Allawee partnership to issue credit cards in Nigeria.
In addition to revenues from card-related fees, Mastercard has actively been diversifying into other forms of non-card-related revenue like account-to-account (A2A) transfers and open banking payments. In 2022, Mastercard selected Nigeria’s Mono to be part of the inaugural cohort of its Start Path Open Banking program. Thus, from a customer and ecosystem perspective, Ghana could benefit from the company’s institutionalised expansion to the region.
Mastercard Ghana: A masterclass in expansion
Mastercard’s Ghana office comes three years after the company has built partnerships and relationships in the region.
According to LinkedIn data, Mastercard hired Bossman Akuffo Kwapong, a former GM at Standard Chartered Bank, as its Country Manager in 2021.
Between then and now, the global payments giant has partnered with multiple organisations in the region and hosted industry events in the West African country.
In January 2024, Mastercard announced its partnership with Boost, a B2B company offering supply-chain financing to SMBs in the FMCG sector. By July, it announced its partnership with Wakanow’s Kalabash54 to offer travel cards to its customers. Early September, Smile ID announced its collaboration with Mastercard to speed-up merchant onboarding in Africa. Each of the aforementioned companies operate in Ghana, amongst other regions. Likewise, the payment company partnered with multi-territory African banks like Access and Fidelity to facilitate cross-border payments.
“These collaborations have empowered local fintechs, enhanced access to digital services for underserved communities, and strengthened Ghana’s position as a hub for technological innovation,” the company said in its statement announcing its Accra office.
In 2023, it invited members of The Ghana Fintech and Payment Association including telcos to a Mastercard Fintech Day. “The Mastercard Fintech Day event set the stage for ongoing collaboration and partnerships that would further advance financial inclusion and unlock new opportunities for innovation in Ghana,” reads a statement on Mastercard’s website.
The company hosted a similar event in 2024 tagged Mastercard Ghana Fintech Forum focused on cybersecurity and contactless payments. “…The Mastercard Ghana Fintech Forum has emerged as a vital platform for these discussions, promoting fintech growth and driving financial and digital inclusion,” said Bossman Kwapong, Country Director for Ghana, at Mastercard. “This year’s event was particularly significant, bringing together industry leaders to share insights and forge collaborations that will drive the next wave of fintech innovation in Ghana.”
Hence, the news of its Accra office opening comes as little surprise to ecosystem stakeholders who have been following.
“Ghana presents a tremendous opportunity for Mastercard to enhance its geographical presence in West Africa. We are committed to attracting and nurturing top talent and fostering an ecosystem that aims to contribute positively to the local economy and technological advancement,” said Folasade Femi-Lawal, Mastercard West Africa’s Area Business Head on the launch of the Ghana office.
The Accra office is a milestone in Mastercard’s West African expansion, joining existing offices in Cairo, Casablanca, Johannesburg, Lagos, Nairobi, and Mauritius. It also connects to the company’s ESG goal of connecting 1 billion people to the digital economy by 2025.
