Ghana's Boost partners Mastercard to provide digital payment wallets

February 7, 2024
5 min read
Photo by Pixabay

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Victoria from Techpoint here,

Here's what I've got for you today:

  • Boost partners Mastercard
  • Mastercard acquires a minority stake in MTN fintech business
  • World Innovation League gets $1.2m
  • MoMo and Jumo partner to launch Qwikloan

Boost takes a boost from Mastercard

Photo by Pixabay

Boost, a Ghanaian B2B commerce platform, has partnered with Mastercard to provide digital payment wallets and supply chain financing.

Boost, born in 2020, is about helping retail entrepreneurs in the convenience game. Now that Mastercard is on its side, it wants to provide distributors, wholesalers, and retailers with the funding they require to stay in business.

How will it do that? By tapping into Mastercard's payment solutions right on Boost's platform.

This partnership isn't just about making money; it's giving a leg up to small businesses via digital payments and credit options. Plus, it means more goodies on the shelves for customers and convenient payment options.

 Mastercard acquires a minority stake in MTN fintech business 


Remember when Mastercard announced plans to scoop up a piece of MTN MoMo?

What’s new? The payments giant has invested $200 million, securing a sweet 3.8% stake in the telco's fintech division.

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MTN released a statement yesterday, February 6, stating that this deal was officially closed on February 5..

But why are MTN and Mastercard doing this? A little bird told me they are all about boosting financial inclusion on the continent by beefing up their tech and infrastructure.

MTN's got big plans for its fintech arm. It’s talking about spinning it off and going full throttle on financial services and telecoms. And this is not the end of the road for MTN.

It is already planning additional collaborations and investments to keep the fintech momentum going. I mean, it revealed in August 2023 that it planned to sell 30% of its fintech business.

With Mastercard on board, MTN's fintech division looks like a $5.2 billion beast. What do you say?

 World Innovation League gets $1.2m 

A picture of a group of people that attended NaijaHacks in 2019
NaijaHacks 2019. Image source: Instagram

World Innovation League, formerly NaijaHacks, just got $1.2 million to help Africans and black immigrants in Canada learn tech skills.

The funding, led by Canada's Digital Technology Supercluster, aims to boost the representation of black Canadians and new immigrants in tech by 50% in the next five years.

The plan is to have a programme that hooks up 500 African and black immigrants in Canada with tech skills, mentorship, hackathons, and work experience in just four months.

Uchi Uchibeke, the brain behind Nigerian fintech Chimoney, started NaijaHacks a non-profit in 2018. It blew up, becoming Africa's largest hackathon with 1,300 participants and major sponsors such as Microsoft and AWS Activate.

The company, led by Uchibeke, is taking the lead, but it’s joined by Co.Lab and Canada's Sectoral Workforce Solutions Programme.

The transition from hackathon to global talent accelerator was critical in securing that sweet $1.2 million funding. Uchibeke revealed that they expect another $10 million soon to train 4,000 people over four years.

MoMo and Jumo partner to launch Qwikloan

image showing someone counting money
Image source: Iwaria

MoMo, MTN's mobile money platform, and Jumo, a banking tech company, have partnered to launch a new product, Qwikloan, in South Africa.

Here's how it works: With Qwikloan, MoMo users can get quick cash from their phones, ranging from R 250 to R 10,000, depending on eligibility. It’s all done through the MTN MoMo app or by dialling *151#.

Qwikloan has been available on the MTN MoMo app since December 2023, but it’s now using USSD to reach people with basic phones. That means that anyone can participate, with no need for fancy smartphones or expensive data plans.

What sets Qwikloan apart from the old-school banks is the interest rate — we're talking as low as 10%, way lower than the usual 24% you'd get slapped with elsewhere.

MTN says it can pull this off thanks to MoMo's slick payment system and Jumo's fancy AI-powered banking setup.

This move is just one of many by telecom companies to cash in on the fintech boom. In 2023, MTN's rival Vodacom partnered with Old Mutual to launch VodaLend Personal Loans, which offered up to R250,000 to anyone interested.

With business loans available up to R5 million, even Telkom is joining the fray.

According to Jumo's president, Joe Mucheru, this partnership will assist entrepreneurs in obtaining the funds they require to expand their businesses.

It’s not stopping there; it wants to work with banks to expand this even further. 

In case you missed it

What I'm reading and watching


  • Application for the Innovest Afrika accelerator programme is open. Apply by  February 14, 2024, here.
  • Kenyan startups focused on embedded finance, future fintech, SME productivity tools, and content like local gaming and mobile advertising can apply for Safaricom’s Spark Accelerator programme. For more information, check this out.
  • The International Center for Journalists (ICFJ) is looking for an editor to support the Arthur F. Burns Fellowship. Apply here.
  • Application for the Meltwater Entrepreneurial School of Technology (MEST) Class of 2025 is now open. Check out the one-year, fully sponsored, graduate-level programme in tech entrepreneurship here before March 18, 2023.
  • Do you live in Nigeria and work with a local or foreign company? Whether it's remotely, on-site, hybrid, full-time, part-time or as a freelancer, @TheIntelpoint is trying to understand the Nigerian workspace: how you work, and toxicity in the workspace among others. Please, fill out the questionnaire here.
  • Explore this website to find multiple job opportunities in Data that align with your preferences.
  • If you are a software engineer, creative designer, product manager, design researcher, or a techie looking for an internship role, please, check out this website.

Have a wonderful Wednesday!

Victoria Fakiya for Techpoint Africa.

She's autistic and interested in mental health and how technology can help Africans with mental disorders. Find her on Twitter @latoria_ria.
She's autistic and interested in mental health and how technology can help Africans with mental disorders. Find her on Twitter @latoria_ria.
She's autistic and interested in mental health and how technology can help Africans with mental disorders. Find her on Twitter @latoria_ria.

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