InTouch, GTP to Unlock Financial Inclusion for African Consumers
By Modupe Gbadeyanka
A partnership targeted at unlocking financial inclusion for African consumers has been entered between GTP, a specialised provider of prepaid and virtual card processing solutions, and InTouch, a leading pan-African fintech.
This collaboration will commence in Senegal and Côte d’Ivoire and expand into the rest of the continent. The goal will be achieved by democratising access to card credentials for millions of African consumers, as it would bridge the gap between digital payment platforms and card-based transactions, giving InTouch customers access to cross-border transactions through Visa credentials.
“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.
“Our goal is to offer the simplest and most accessible solutions for digital payments to millions of customers across the African continent,” the founder of InTouch, Omar Cissé, said.
Also, the chief executive of GTP, Christian Bwakira, said, “InTouch is an innovative pan-African payments aggregator that has demonstrated consistent innovation in 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.”
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.
Studies currently estimate that 90 per cent of transactions conducted in Africa are still reliant on cash, highlighting the significant gap in digital financial inclusion across the continent.
But McKinsey argues that card-linked digital wallets are already a significant driver of growth in the issuance and usage of cards.
Prepaid cards are decoupled from the traditional banking infrastructure, allowing banks and fintech companies to give more people access to a globally accepted payments method without a need for a traditional bank account.
By partnering with GTP, an MFS Africa company, InTouch aims to democratise access to card credentials for its African customers across its 13 markets. This 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.
Through the integration of GTP’s robust prepaid and virtual card processing solutions, InTouch users will be able to tap into the advantages of card-based transactions, including wider acceptance, enhanced security, and seamless integration with global payment networks.