From left to right: Manu Kashyap, senior vice president, cyber and intelligence solutions, EEMEA, Mastercard; Selin Bahadirli, executive vice president, services, EEMEA, Mastercard; Mark Straub, CEO, Smile ID; Dennis Gamiello, executive vice president and global head of identity, Mastercard; Çağrı Aydogan, Regional vice president, Mastercard Advisors; Can Elbeyli, vice president, security solutions, EEMEA, Mastercard; and Dustin Strydom, VP, Commercial, Smile ID, during the launch. (Photo: AETOSWire)
Mastercard has extended its strategic commercial partnership with Smile ID, an identity verification provider in Africa to accelerate the rollout of secure digital identity solutions across the continent.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20251001535587/en/
This partnership will enable banks, fintechs, mobile money operators and other enterprises to onboard new customers faster, reducing identity fraud and expanding access to the financial system. It combines Mastercard’s global insights and Identity technology, which enables customers to verify digital identity elements with Smile ID’s data verification and fraud detection capabilities.
Addressing Africa’s Fraud & Inclusion Gap
As Africa’s digital economy is projected to reach $1.5 trillion by 2030, trusted identity solutions are a critical enabler of financial inclusion, fraud prevention, and cross-border commerce. Additionally, smartphone penetration is continuing to rise, necessitating an urgent need to unlock opportunities for millions through secure identity verification services that work across digital channels.
For over five decades, Mastercard has worked alongside African governments, businesses, and communities to advance financial inclusion and economic development. Mastercard, together with Smile ID, is well positioned to address these challenges by expanding access to financial services, while helping to support compliance with Know Your Customer (KYC) requirements and Anti-Money Laundering (AML) regulations across Africa.
As part of the agreement, Mastercard has also made a minority investment in Smile ID, reinforcing its long-term commitment to digital inclusion and innovation in Africa.
“This partnership with Smile ID is a pivotal step in advancing digital trust and inclusion across Africa. As fragmented identity systems slow down businesses and lock millions out of the digital economy, Smile ID’s innovative identity platform complements Mastercard’s commitment to fostering secure and inclusive digital ecosystems,” said Selin Bahadirli, Executive Vice President, Services, Mastercard EEMEA.
Through this partnership, Mastercard customers, including banks, telecom providers, mobile money operators, and fintechs can gain access to Smile ID’s advanced identity verification tools. These tools will be integrated into Mastercard’s digital platforms, assisting the enablement of:
- Instant, secure onboarding of users across all African markets.
- Enhanced fraud detection and prevention, including synthetic identity fraud.
- Compliance with local and international KYC/AML regulations.
- Scalable solutions for cross-border commerce and digital expansion.
Smile ID’s integrations with local governments and trusted data sources offer unique capabilities that differentiate this partnership in the region, for example, pan-African reach, near real-time onboarding, integration with Mastercard’s insights.
“The surge in synthetic identity fraud in Africa is costing banks and lenders hundreds of millions of dollars a year,” said Mark Straub, CEO of Smile ID. “By joining forces with Mastercard we can help turn the tide. As we combine insights and technologies, we can expand opportunities for consumers by giving banks and mobile wallets the confidence to onboard the next 300 million African users securely, in seconds.”
Source: AETOSWire
View source version on businesswire.com: https://www.businesswire.com/news/home/20251001535587/en/
