Mastercard has announced two major developments this week, strengthening its role in advancing financial inclusion and digital infrastructure across emerging markets.
In Africa, the payments giant extended its strategic commercial partnership with Smile ID, a leading identity verification provider, to accelerate the rollout of secure digital identity solutions across the continent. The partnership will support banks, fintechs, mobile money operators, and enterprises in onboarding customers faster, reducing fraud, and expanding access to the financial system.
By combining Mastercard’s global insights and digital identity technology with Smile ID’s advanced verification tools and local integrations, the initiative aims to deliver near real-time onboarding, fraud prevention, and compliance with KYC/AML regulations. With Africa’s digital economy projected to reach $1.5 trillion by 2030, Mastercard argues that trusted digital identity solutions will be essential to unlocking growth, fostering cross-border commerce, and strengthening financial inclusion. Mastercard has also made a minority investment in Smile ID as part of the partnership.
Meanwhile, in Syria, Mastercard signed a memorandum of understanding with the Central Bank of Syria to collaborate on the creation of a national payments ecosystem. This strategic initiative will work to expand access to essential financial services, strengthen integration across banks and financial institutions, and align with global best practices in digital payments.
The MoU also includes knowledge transfer and capacity-building efforts, such as training programs, technical workshops, and joint initiatives to build local expertise and support the development of modern financial infrastructure.
