Mastercard has extended its strategic commercial partnership with Smile ID, an identity verification provider in Africa, to accelerate the rollout of secure digital identity solutions across the continent.
This partnership will enable banks, fintechs, mobile money operators and other enterprises to onboard new customers faster, reducing identity fraud and expanding access to the financial system. It combines Mastercard’s global insights and Identity technology, which enables customers to verify digital identity elements with Smile ID’s data verification and fraud detection capabilities.
As Africa’s digital economy is projected to reach $1.5 trillion by 2030, trusted identity solutions are a critical enabler of financial inclusion, fraud prevention, and cross-border commerce. Additionally, smartphone penetration is continuing to rise, necessitating an urgent need to unlock opportunities for millions through secure identity verification services that work across digital channels.
For more than five decades, Mastercard has worked alongside African governments, businesses, and communities to advance financial inclusion and economic development. Mastercard said that, together with Smile ID, it is well-positioned to address these challenges by expanding access to financial services, while helping to support compliance with KYC and AML regulations across Africa.
As part of the agreement, Mastercard has also made a minority investment in Smile ID.
“This partnership with Smile ID is a pivotal step in advancing digital trust and inclusion across Africa. As fragmented identity systems slow down businesses and lock millions out of the digital economy, Smile ID’s innovative identity platform complements Mastercard’s commitment to fostering secure and inclusive digital ecosystems,” said Selin Bahadirli, EVP of services for Mastercard EEMEA.