Mastercard has appointed Raghav Prasad as the President of its sub-Saharan Africa division.
According to a statement from Mastercard yesterday, Prasad is expected to strengthen the companyâ€™s ongoing commitment to delivering value to customers and consumers in Africa by leveraging technology to build stronger and more inclusive payment eco-systems.
It stated that the new appointment was spurred by the companyâ€™s steady growth in Africa and in line with its focus on investing in the continent.
â€œPrasad brings his extensive 30-year global financial services and payments industry experience to further Mastercardâ€™s goal of financially including 100 million people by 2020 â€“Â an objective that can only be achieved by working with partners across the public and private sectors and by introducing market-relevantÂ digital payment solutions such as Masterpass QR, Mastercard Payment Gateway Services along with its core Debit, Credit, Prepaid and Commercial solutions.
It stated that with proven track record as a leader, Prasad has a deep understanding of the payments sector, and brings unique insights into the region honed while running his own consulting practice focusing on the Middle East and Africa as well as working for global players like Citibank and RBS.
â€œThe influence and true potential of technology is seen on the continent like almost nowhere else in the world. Africa has an amazing advantage of not having invested in legacy infrastructure and can embrace the latest technologies, especially mobile, to transform the payments landscape. Technology innovation is influencing the way consumers engage with the world around them, shaping economies, creating smarter, more connected and financially inclusive cities,â€ to statement quoted Prasad to have said.
Mobile continues to act as a critical conduit of growth in Sub-Saharan Africa, currently accounting for nearly a tenth of the global mobile subscriber base and is predicted to grow faster than any other region globally over the next five years. Additionally, the World Bank estimates that over 64 million adults in the region already have a mobile money account â€“ making it the most easily accessible technology for those currently excluded from the formal financial services sector.