Mastercard opens Ghana office, deepening West Africa push

By Joseph Olaoluwa

Mastercard, the world’s second-largest payments network, opened its first office in Accra, Ghana, signaling its ambition to expand its footprint across the West African region.

“Opening our office in Ghana marks an important milestone in our commitment to deepening relationships across the region,” said Mark Elliott, Division President for Africa at Mastercard in a statement on their website. “Our growth strategy for West Africa is ambitious, and establishing a formal presence here allows us to better serve the specific needs of our customers. We are eager to leverage our global expertise and innovative capabilities to introduce advanced payment technologies in this market.”

Ghana, with a 2023 GDP per capita of $2,238, offers a compelling market with growth in sectors like agriculture, mining, and digital infrastructure. While facing challenges like inflation, the country boasts a diversified economy supported by cocoa, gold, and oil exports, providing a stable foundation.

“We are committed to attracting and nurturing top talent and fostering an ecosystem that aims to contribute positively to the local economy and technological advancement,” said Folasade Femi-Lawal, Country Manager and Area Business Head, West Africa, Mastercard.

Mastercard has been actively driving financial inclusion in Ghana through partnerships with fintechs like Kalabash and KaiOS, and banks such as Access Bank and Fidelity Bank. Initiatives like the Mastercard Fintech Forum and Fraud and Cyber Resilience Forum have fostered dialogue and knowledge sharing within the financial sector.

The Accra office marks a significant milestone in Mastercard’s West African expansion, joining existing offices in Cairo, Casablanca, Johannesburg, Lagos, Nairobi, Mauritius, and now, Ghana. This strategic move underscores the company’s commitment to fostering a sustainable digital economy across the continent.