GTP, a specialised provider of prepaid and virtual card processing solutions, has formed a strategic partnership with InTouch, a prominent pan-African fintech, with the aim of democratising access to card credentials for millions of consumers across Africa. This collaboration seeks to bridge the gap between digital payment platforms and card-based transactions, granting InTouch customers the ability to engage in cross-border transactions through Visa credentials.
The significance of accessing card credentials cannot be overstated within Africa’s financial ecosystem, as it opens doors to a wide array of economic opportunities and propels financial inclusion. Presently, it is estimated that 90% of transactions in Africa are still reliant on cash, underscoring the substantial disparity in digital financial inclusion throughout the continent. However, according to McKinsey, card-linked digital wallets have already proven to be a substantial driver of growth in the issuance and usage of cards. Prepaid cards, which are detached from the conventional banking infrastructure, enable banks and fintech firms to extend the reach of globally accepted payment methods to more individuals, even in the absence of a traditional bank account.
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Africa’s domestic e-payments market is expected to see revenues grow by approximately 20 percent per year, reaching around $40 billion by 2025 – McKinsey
Through its partnership with GTP, an MFS Africa subsidiary, InTouch aims to democratise access to card credentials for its African customers across the 13 markets it operates in. This collaboration will empower users of InTouch’s innovative digital platform, which integrates over 400 services via its API, to seamlessly connect their digital wallets with card credentials, thereby enhancing their access to the global digital economy. By incorporating GTP’s robust prepaid and virtual card processing solutions, InTouch users will gain access to the advantages associated with card-based transactions, such as wider acceptance, heightened security, and seamless integration with global payment networks.
Omar Cissé, Founder of InTouch, expressed his enthusiasm for the partnership, stating, “With this partnership, we are democratising access to card payments and enabling international and online payments as well as cash in and cash-outs in our TouchPoint network in Senegal and Ivory Coast and very soon in 16 other African countries. Our goal is to offer the simplest and most accessible solutions for digital payments to millions of customers across the African continent.”
Christian Bwakira, CEO of GTP, echoed Cissé’s sentiment, affirming, “InTouch is an innovative pan-African payments aggregator that has demonstrated consistent innovation in markets in which it operates. By working together, we will unlock the power of card credentials for millions of Africans across the continent, making borders matter less for them in the global digital economy.”
The partnership will initially launch in Senegal and Côte d’Ivoire, with plans to expand its services across the rest of the continent.