ADVFN - Advanced Financial Network.
HOME» NYSE » M » MA Stock Price » MA Stock News

Mastercard Share News

 Mastercard Stock Price
MA Stock Price
 Mastercard Stock Chart
MA Stock Chart
 Mastercard Stock News
MA Stock News
 Mastercard Company Information
MA Company Information
 Mastercard Stock Trades
MA Stock Trades

Mastercard to Help Distribute South Africa Welfare Grants

By Patrick McGroarty JOHANNESBURG--Mastercard Inc. (MA) on Monday announced a new partnership to distribute South African welfare grants through its cards and linked bank accounts, a system designed to curtail fraud and pull poor people into the formal banking sector. Mastercard is providing branded cards to a small Johannesburg-based lender, Grindrod Bank, and backing payments by Net1 UEPS Technologies Inc. (UEPS), a South African company that designs electronic payment systems in the developing world. Net1 won a government contract in January to roll out the system for 10 billion rand ($1.2 billion) over five years. The government hopes the system will cut graft among beneficiaries of the South African Social Security Agency, which distributes more than 15 million grants to poor veterans, the elderly and parents--nearly a third of South Africa's 50 million people. Mastercard and Net1, which already operates electronic payment systems in Iraq and Ghana, said the partnership strengthens the possibility of expanding to other governments on the continent. "We do believe this is a breakthrough product which can be leveraged globally," said Sami Lahoud, a Mastercard spokesman for the Middle East and Africa. Net1 Chief Executive Serge Belamont said his company is already in discussions to potentially take the system to 11 more African governments. The partnership has distributed 2.5 million debit cards to grant recipients since April 1, and plans to distribute more than 10 million more by March. Recipients, enrolled at Social Security Agency offices and other community gathering points across the country, can use the debit cards at ATMs and stores wherever Mastercard is accepted, connecting many poor recipients to the formal banking system for the first time. Beneficiaries can also use their new Grindrod accounts to make savings deposits and transfers unrelated to their welfare grants. Government officials and Grindrod executives hope that capacity will help improve their financial literacy, though they acknowledge the process will likely be a slow one. "We really are taking people who have had absolutely no banking capacity and no inclusion in the banking system, so it will be a slow process we suspect to build that functionality into their thinking. But the point being it's all there for them," said David Polkinghorne, Grindrod Bank's managing director. Write to Patrick McGroarty at Subscribe to WSJ:

Stock News for Mastercard (MA)
07/30/201503:00:00MasterCard Extends Partnership with Samsung to Deliver Samsung...
07/29/201513:13:37MasterCard Reports Weaker-Than-Expected Revenue Growth -- 2nd...
07/29/201511:00:00Planes, Trains, and Cruises All Now Easier to Purchase Online...
07/29/201510:37:48Quarterly Report (10-q)
07/29/201509:01:56MasterCard Reports Weaker-Than-Expected Revenue Growth -- Update
07/29/201509:00:23MasterCard Reports Weaker-Than-Expected Revenue Growth
07/29/201508:49:34MasterCard Reports Weaker-Than-Expected Revenue Growth
07/29/201508:04:24Current Report Filing (8-k)
07/29/201508:00:00MasterCard Incorporated Reports Second-Quarter 2015 Financial...
07/28/201517:18:46Statement of Changes in Beneficial Ownership (4)
07/27/201510:03:00MasterCard Helps BURGER KING® and Firehouse Subs® Restaurants S...
07/23/201516:28:01Statement of Changes in Beneficial Ownership (4)
07/23/201512:01:00MasterCard Opens its Digital Security Lab to Customers
07/22/201513:25:49Statement of Changes in Beneficial Ownership (4)
07/21/201516:30:48Statement of Changes in Beneficial Ownership (4)
07/21/201514:37:22Backpage Files Suit Against Cook County Sheriff
07/21/201509:10:00Technical Notes Covering Credit Services Stocks -- LendingClub...
07/21/201509:00:00HomeSend and Azimo Launch New Mobile Money Services Throughout...
07/16/201517:13:36Statement of Changes in Beneficial Ownership (4)
07/16/201511:16:36Correction to Story on EU Filing Antitrust Charges Against Mastercard

Mastercard and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations