MasterCard Worldwide, a global payments and technology company, Thursday launched its official East African regional headquarters in Nairobi, Kenya, bringing the number of MasterCard offices across Africa to five, the global firm announced in a press statement here.

MasterCard already has offices in Cairo, Casablanca, Lagos and Johannesburg.

Welcoming the MasterCard announcement, Kenyan Prime Minister Raila Odinga, said: “We are pleased to welcome MasterCard to East Africa and in particular to Kenya, as we see the region’s growth path continue.

'MasterCard’s products will see the benefits of inclusion into the financial system extend to many more East Africans, giving them the opportunity to transact electronically with people and companies and so keep their precious money safe and secure, helping to build prosperity for their future.”

“Nairobi’s reputation as an African commerce, trade and development hub made it a strategically sound location for MasterCard to establish its regional headquarters. We believe it is a natural recognition of Kenya’s role as the financial heart of the East Africa region,” says Daniel Monehin, Area Head, East and West Africa and Indian Ocean Islands, at MasterCard Worldwide.

“We are establishing the new Nairobi office as a gateway through which MasterCard will liaise with its existing customers across the East African region. It will also be a launch pad for further expansion across the region, by providing advice to support MasterCard’s ongoing quest to shift consumers from traditional cash payments to non-cash payment systems, so that they can avoid the costs, risks and inefficiencies associated with cash,” Monehin commented.

Bringing the benefits of electronic payments to people across the African continent is a primary focus for MasterCard.

Charlton Goredema, Vice President and Market Manager for East Africa and Indian Ocean Islands for MasterCard Worldwide, said: “East Africa, and indeed Africa as a whole, has always been heavily reliant on cash – both in the consumer and corporate sectors. This dependence is costly – the costs of printing notes and keeping them secure are significant – and cash payments restrict an individual or company’s economic activity to their immediate geographic area.”

The Nairobi office will act as MasterCard’s liaison office for customer banks, business associates and consumers in its main markets of Kenya, Tanzania, Mauritius, Ethiopia and Uganda, as well as across the rest of the East African region, bringing the organisation’s knowledge of electronic payments best practice to these markets.

This will include a significant emphasis in the areas of card knowledge and skills development, advising on development of card acceptance infrastructure, new products, and developing partnerships with 'technology enablers,' as well as retailer education and best acceptance practice.

MasterCard has already been active in the Kenyan market working with banks and other business organisations to advise on developing payment solutions that are best suited for Kenyans. Most recently, in collaboration with Airtel and Standard Chartered Bank, the world's first virtual card that operates off a mobile wallet was launched in Kenya.

MasterCard said its products make it simple and safe to process electronic payments anywhere in the world as consumers using electronic payment systems do not have to worry whether the cash they are carrying is sufficient for their intended purchases, and they do not have to fear for their security, as is common when carrying a large amount of cash on their person.

In addition, the electronic payments solutions brought to market by MasterCard facilitate transparency in banking, through innovation and security that provide clear transaction records at every step, allowing protection from fraudulent activities.

Its products include debit, prepaid, mobile and credit card payment solutions, which can be used to avoid the pitfalls of cash.

Pana 02/02/2012