GTP Services, a financial service provider and InTouch, a pan-African fintech company, has signed a strategic partnership to unlock financial inclusion for the unbanked in Africa.
The partnership will commence in Senegal and Côte d’Ivoire and expand into the rest of the continent, according to a statement.
“This collaboration aims to bridge the gap between digital payment platforms and card-based transactions, giving InTouch customers access to cross-border transactions through visa credentials,” it said.
It said access to card credentials plays a pivotal role in Africa’s financial ecosystem, opening doors to a wide range of economic opportunities and driving financial inclusion. “We aim to democratise access to card credentials for its African customers across its 13 markets.”
It added that the collaboration will enable users of InTouch’s innovative digital platform which aggregates over 400 services through its API` to seamlessly link their digital wallets to card credentials, enhancing their access to the global digital economy.
According to Omar Cissé, founder at InTouch, their goal is to offer the simplest and most accessible solutions for digital payments to millions of customers across the African continent.
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“With this partnership, we are democratizing access to card payments and enabling international and online payments as well as cash-in and cash-outs in our TouchPoint network in Senegal and Ivory Coast and very soon in 16 other African countries,” he said.
Christian Bwakira, CEO at GTP added that InTouch is an innovative pan-African payments aggregator that has demonstrated consistent innovation in the markets in which it operates.
“By working together, we will unlock the power of card credentials for millions of Africans across the continent and make borders matter less for them in the global digital economy.”
Studies currently estimate that 90 percent of transactions conducted in Africa still rely on cash, highlighting the significant gap in digital financial inclusion across the continent.
However, McKinsey argues that card-linked digital wallets are already a significant driver of growth in the issuance and usage of cards.