Mamo Pay, the MENA region’s much anticipated peer-to-peer mobile payments app, has announced it has joined Visa’s Fintech Fast Track program.
The move allows Mamo Pay to reach a wider audience and enhance the capabilities, and security of VisaNet, Visa’s global payment network.
Through Fast Track, Mamo Pay and Visa will partner on a number of initiatives including launching prepaid cards to accelerate financial inclusion and cashless adoption in Mamo Pay’s key markets.
Mamo Pay Co-founder Mohammad El Saadi commented: “Less than half of adults in the MENA region have access to a formal bank account, while even those that do, are often forced to rely on cash.
“Mamo Pay not only increases speed but removes all of the hassle associated with banking in the MENA region while also providing financial access to those that have been excluded from the traditional financial system. We are excited about partnering with Visa to deliver an intuitive, fast and effortless payments service to users and businesses across the region.”
The Mamo Pay platform empowers users and businesses to manage their money through an app that demonstrates simplicity, and utility – adopting a customer-first approach.
Otto Williams, Vice President, Strategic Partnerships, Fintech and Ventures, CEMEA at Visa added: “By joining Visa’s Fast Track program, exciting fintechs like Mamo Pay gain unprecedented access to Visa experts, technology, and resources.
“Fast Track lets us provide new resources that rapidly growing companies need to scale with efficiency. We’re delighted to welcome Mamo Pay into our program and look forward to working with them on their payment solutions that will help promote financial inclusion in the MENA region.”