Zambian fintech Union54 will now be able to offer its customers a Mastercard debit card thanks to its collaboration with global issuer Paymentology.
The virtual USD Mastercard debit card will enable users on the Union54 ChitChat messaging app to convert USD to local currencies, being able to send in-app funds to other users.
Paymentology will enhance this process by integrating its cloud-first, API technology to conduct in-person and online transactions using the virtual debit card. This will also help further Union54’s expansion efforts across Zambia and other African countries.
Perseus Mlambo, CEO of Union54, commented: “The internet has transformative potential for both individuals and governments. Our goal is to create secure and efficient spaces for communication and transactions.
“Partnering with Paymentology provides us with the reliability, security, and scalability needed to elevate our offerings. This collaboration will empower our customers with the advanced tools necessary for seamless communication and financial transactions.”
Founded in 2021 by Mlambo and Alessandra Martini, Union55’s ChitChat enables users to communicate, network, transfer money between wallets, convert USD to local currencies, and send in-app funds to other ChitChat users.
This partnership comes at a time of rapid growth in Zambia’s digital payments sector. With 16.4 million mobile connections representing 78.7% of the population, and a projected market growth for digital payments of 16.12% from 2023 to 2027, reaching a size of US$8bn, Zambia is set for further innovation in the fintech sector.
By integrating communication and secure financial transactions on one platform, Union54’s ChitChat intends to drive significant economic growth, foster entrepreneurship, and enhance financial inclusion in Africa.
Kirsten Wortmann, Africa Regional Director at Paymentology, commented: “We are thrilled to expand our collaboration with Union54, an organisation that is at the forefront of innovation in Africa and committed to making a tangible difference in people’s lives.
“Supporting the ChitChat app at this critical juncture in its growth is a testament to our shared vision of empowering users with safe and efficient payment solutions. We look forward to continuing our support and delivering next-generation solutions to serve the African market.”
