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MasterCard and Banco Sol partner in Angola

MasterCard announced its debit commercial prepaid card and commercial management control solutions will now be available in Angola. (Image Source: Kārlis Dambrāns/Flickr)

MasterCard and Banco Sol have entered a partnership aimed to diversify the Angolan economy

The partnership aims to introduce a dynamic suite of payment solutions to the citizens of Angola. MasterCard’s debit commercial prepaid card solutions as well as commercial management control solutions will now be available in Angola. The partnership also aims to drive innovations in the local payment ecosystem.

MasterCard division president for sub-Saharan Africa Daniel Monehin said, “This partnership will help modernise the payment sector and 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.”

Currently only 39.2 per cent of Angolans have a bank account at a formal financial institution. However, Angola has the third largest banking sector in Africa, after Nigeria and South Africa. It is the fifth largest economy in Africa and has seen sustained economic growth.

Angola Banco Sol, as one of the biggest financial institutions in the country, is ideally placed to partner with MasterCard to meet the goals of economic diversification and increased financial inclusion, according to company sources.

“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,” said Banco Sol executive committee chairman Coutinho Nobre Miguel.

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