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)
11/26/201510:06:03Nip Identity Theft in the Bud This Holiday Season by Following...
11/26/201507:15:03The 7 Most Popular Gift Cards This Holiday Season, and 3 Big...
11/25/201516:07:46Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
11/24/201509:00:00MasterCard Masters of Code Hackathon Series to Crown $100,000...
11/24/201507:40:00Apple Pay Aims to Launch in China by February
11/23/201516:08:24Free Writing Prospectus - Filing Under Securities Act Rules 163/433...
11/23/201506:09:55Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
11/23/201506:00:00Watch the latest episode of BizWireTV Accelerator Report from...
11/18/201512:10:03What's Apple's New Strategy for Mobile Payments?
11/16/201500:01:00MasterCard Connects Startups to Its Global Network of Big Brand...
11/12/201517:52:20Statement of Changes in Beneficial Ownership (4)
11/11/201516:05:00MasterCard Announces Executive Appointments
11/09/201507:00:08The Average American Has This Many Credit Cards. How Do You Compare?
11/06/201517:16:48Statement of Changes in Beneficial Ownership (4)
11/03/201516:36:22Statement of Changes in Beneficial Ownership (4)
11/03/201509:00:53Current Report Filing (8-k)
11/03/201508:00:00MasterCard Names Craig Vosburg, President, North America Markets...
11/01/201513:43:03The Week Ahead in Financials: Visa, HSBC and Berkshire Hathaway...
10/30/201515:14:00MasterCard to Participate in Upcoming Investor Conferences
10/29/201517:21:17Statement of Changes in Beneficial Ownership (4)

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