Good morning, When Raghav Prasad, MasterCard’s Division President, in charge of sub-Saharan Africa was recently asked how it’s platform and offering differs from that of its competitors he replied saying: Let me put it very simply: in Africa, our biggest competitor is cash. Around 95% of all transactions in Africa are in cash. I could spend all my time thinking about Visa or American Express or I could try to reduce that 95% – come with new ways to expand and digitalize cash. By the way, cash is very expensive. You have to print, store, transport, secure it. We estimate that the cost of cash is around 1.5% of the GDP of an economy. That is where we can make a difference.
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