New commercial partnership to help diversify Angolan economy and create a more inclusive ecosystem
To tweet this news, copy and paste: #MasterCard and @BancoSol partnership drives innovation in #Angola’s payment sector #FinancialInclusion
Luanda, Angola – April 7, 2016: MasterCard and Banco Sol have partnered to introduce a dynamic suite of payment solutions to the citizens of Angola, which will help modernize and diversify one of Africa’s fastest growing economies.
The partnership will help develop a more robust payments industry and offer the country core solutions which will help drive financial inclusion and increased ease of business. These solutions includes MasterCard’s debit commercial prepaid card solutions, as well as commercial management control solutions. The partnership will also result in further innovations being made in the local payment ecosystem.
Daniel Monehin, MasterCard Division President for Sub-Saharan Africa, says the partnership with Banco Sol marks an important milestone for the banking sector in Angola.
“This partnership will help modernize the payment sector, and help diversify the economy which is in line with Government’s plan to drive economic growth in the country. It will also help to increase financial inclusion in Angola.”
Only 39.2 percent of Angolans have a bank account at a formal financial institution. This percentage is somewhat higher in urban areas, where 56.5 percent have an account, compared to 33.8 percent in rural areas.
“MasterCard shares Banco Sol’s vision of a more empowered, inclusive economy, and together we will continue bringing Angolans the enhanced security, increased financial inclusion, and broad economic growth that payments solutions offer,” says Monehin.
Angola has the third largest banking sector in Africa, after Nigeria and South Africa and the fifth largest economy in Africa and has enjoyed sustained economic growth. However, a need to diversify the economy, following a slowdown, and in order to minimise a dependence on oil has been identified.
As one of the biggest financial institutions in Angola Banco Sol is ideally placed to partner with MasterCard to meet these goals of economic diversification, increased financial inclusion and an increased ease of doing business.
“Thanks to this partnership Banco Sol will now be able to offer a payment suite which matches the global standard, meaning increased ease of doing business, more efficient systems for cross border payments, and eventually online payments, which will expose Angolan business to a global marketplace,” says Coutinho Nobre Miguel, Chairman of the Executive Committee of Banco Sol.
Angola is enjoying increased banking sophistication according to Empresa Interbancária de Serviços (EMIS). The operator of Angola’s only interbank network, EMIS, has tracked rapid growth in the use of ATMs. According to EMIS, between 2013 and 2014 the number of transactions in Angola increased almost 27 percent to over 170 million, attributed in part to growing numbers of foreign visitors.
MasterCard and Banco Sol’s partnership will help to drive this growth even further as new payment solutions are rolled out in the future.
About Banco Sol
Banco Sol, www.bancosol.ao, started activity on 4 October 2001 with the corporate purpose, in addition to contemplating the exercise of classic banking and retail, also provide for the exercise of microfinance activity. This was in fact the driving reason for the establishment of the Bank.
Encouraging the development of micro-finance is somehow a weapon to fight poverty, and fills a failure of our market through the establishment of small and medium enterprises, and thus decrease in a way, the patent social imbalance in Angola .
The activity of micro-finance, ie, micro-deposits and micro-credit involves high fixed costs. If we dedicate-we only the activity of micro-finance, including micro-credit, we would be forced to resort to donations, ie financial aid repayable. However, as also dedicated to the exercise of classic operations, microfinance operations (until they reach the “critical point”) will be financed not only by the resources freed from current operations, but also by external funding.
In this context, the relationship of Banco Sol with its customers is supported on a foundation of trust, that is, any business or banking is guided by ethical standards, effective and responsibility, bearing in mind the expectations and needs of customers.
On the other hand, transparency and communication with the customers so that they take their decisions in a clear and simple way, maintain the relationship between them and our Bank. These are indeed our Values.
MasterCard, www.mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter: @MasterCardMEA and @MasterCardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the MEA Engagement Bureau.
MasterCard Communications Contact
Geraldine Trennery, MasterCard, firstname.lastname@example.org, +27 76 301 0264
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