Mastercard’s partnership with Smile ID is set to revolutionize the way merchants are onboarded across Africa, speeding up and securing the process for financial institutions. The collaboration integrates Mastercard’s Merchant Digital Onboarding Programme (MDOP) with Smile ID’s advanced solutions like ID verification, biometric authentication, and fraud prevention, helping to reduce the typical delays, costs, and security risks associated with onboarding merchants on the continent. This new system allows businesses to be onboarded in minutes, covering over 50 African countries, a significant improvement over traditional onboarding, which could take up to a week.
By embracing this digital-first approach, Mastercard and Smile ID aim to foster greater financial inclusion and improve access to payment systems, aligning with Mastercard’s global goal to include 50 million small businesses in the digital economy by 2025. Moreover, this collaboration will empower fintech companies and banks to optimize customer experiences, offering a seamless and secure onboarding process that enhances merchant growth and operational efficiency across Africa.