American payments giant Mastercard has partnered with Mozambican financial services firm Letshego to launch a debit card in Mozambique, as global payment companies intensify efforts to expand across Africa’s fast-growing digital finance market.
The new Letshego debit card will allow customers to make secure payments locally and internationally through Mastercard’s global payment network, giving more users access to digital commerce and formal financial services.
The launch comes as African economies increasingly push digital payment adoption to reduce dependence on cash and improve financial inclusion for millions of underserved consumers.
Across much of the continent, mobile money and fintech services have transformed how people save, transfer and receive money.
However, access to internationally accepted payment tools for online purchases, subscriptions and cross-border transactions remains limited for many consumers.
In Mozambique, cash still dominates a large share of everyday transactions despite growing internet penetration and rising smartphone usage.
The expansion of e-commerce platforms, digital subscriptions and online services has also increased demand for reliable electronic payment options.
Industry analysts say payment providers are increasingly targeting African markets as the region’s young population, urbanisation and rapid mobile adoption continue to drive demand for digital financial services.
According to the World Bank’s Global Findex database, financial account ownership has expanded significantly worldwide over the last decade, helped largely by digital banking and mobile money services.
Yet millions of adults, particularly in developing economies, remain outside the formal financial system.
Mastercard said the partnership is expected to support broader participation in the digital economy by enabling safer and more convenient transactions for consumers and businesses.
Gabriel Swanepoel, division president for Africa at Mastercard, said expanding access to digital payments remains important for economic inclusion across the continent.
“By equipping more individuals with the tools to participate in the digital economy, we are helping to build financial resilience and empower communities to thrive in an increasingly connected world,” he said.
The card was officially introduced on 6 May and coincides with Letshego’s 15 years of operations in Mozambique.
Carlos Nhamahango, chief executive officer of Letshego Mozambique, said the launch reflects the company’s continued investment in customer-focused financial products.
“As we mark 15 years in Mozambique, this launch reflects our continued commitment to innovation and meaningful local impact,” he said.
Experts say broader adoption of digital payments could help small businesses improve transaction security, expand online sales and strengthen participation in the formal economy.
However, they also warn that adoption could remain slow in some areas due to poor internet connectivity, low digital literacy, limited smartphone access and long-standing reliance on cash transactions.