Mastercard Partners with SAVA Backed by Access Bank to Serve African SMEs
On March 6, 2024, Mastercard announced a partnership with fintech company SAVA to empower Africa's small businesses through financial management technology. SAVA's Payment Transaction System provides expense management tools, with Access Bank acting as the sponsor bank in South Africa to supply the necessary regulatory and deposit infrastructure. The partnership covers four African markets: South Africa, Nigeria, Kenya, and Egypt.
SAVA CEO Kola Olajide confirmed the sponsor bank arrangement with Access Bank and noted additional support from Microsoft as a technology partner. The initiative has received approvals from the South African Reserve Bank (SARB). The deal exemplifies the BaaS model in emerging markets, where a licensed bank enables a fintech to offer embedded financial services without holding its own banking license.
Financial terms of the partnership were not disclosed.
- Demonstrates the BaaS sponsor bank model gaining traction in African markets, where fintechs rely on licensed banks for regulatory infrastructure
- Signals Mastercard's deepening embedded finance strategy in emerging markets through multi-party fintech-bank partnerships