MoMo Virtual Card Opens Global Digital Payments for Zambians – Mastercard VP
Global payments company Mastercard has reaffirmed its commitment to expanding financial inclusion in Zambia through its partnership with MTN Mobile Money, following the launch of the MoMo Virtual Card.
Speaking at the launch event, Mastercard Vice President for Account Management, Jabu Basopo, said the initiative marks a new chapter in Zambia’s participation in the global digital economy, particularly for citizens without access to traditional banking services.
Mr Basopo noted that Africa’s payments landscape is changing rapidly, driven by mobile technology, fintech innovation, a young digital population and the growing shift from cash to digital transactions.
He added that cross-border payment flows across Africa are projected to grow significantly over the next decade, positioning Zambia to benefit from increased regional and global trade.
“This solution addresses real challenges faced by many people, including limited access, high costs and the lack of bank accounts, which often place international payments out of reach,” he said.
Through the MoMo Virtual Card, users can instantly access a Mastercard virtual card within the MoMo App, allowing them to make global online payments, top up balances, view live exchange rates and track spending in real time. The service enables Zambians to pay for international subscriptions and online shopping on platforms where Mastercard is accepted worldwide.
Mr Basopo said the initiative will also support regional trade integration and accelerate the adoption of digital payments in Zambia, helping small businesses and individuals connect to international markets more easily.
He described the product as a demonstration of the power of collaboration, combining MTN Mobile Money’s extensive customer reach with Mastercard’s global payments technology to remove barriers to cross-border trade.
The project has been implemented in partnership with UBA Zambia, the issuing bank, and Network International, the payment processor for the product.
Mr Basopo thanked the Zambian Government and regulators for creating an enabling environment for innovation, adding that the launch in Zambia forms part of a broader continental rollout aimed at empowering millions of Africans with access to globally accepted digital payment solutions.
“Most of all, this solution is for the people of Zambia, to give them the confidence and freedom to connect with the world on their own terms,” he said.
