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Mastercard (MA) to Simplify Digital Payments in East Africa
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Mastercard Incorporated (MA - Free Report) recently inked a partnership deal with KCB Bank Kenya in a bid to provide an extensive array of benefits for cardholders in the East African region. The agreement will run for a period of five years and make use of the partners’ enhanced technological network to develop cutting-edge payment solutions and marketing strategies.
Customers across Kenya, Rwanda, Burundi, South Sudan, Tanzania and Uganda will have access to the Mastercard payment solutions suite comprising World and World Elite cards, youth pre-paid and corporate cards. The cardholders in the targeted regions will be able to undertake e-commerce payments, cross-border remittances, QR code payments and Tap on phone payments.
The ulterior motive of the recent tie-up remains to speed up innovation and bring about secure payments across the East African payments landscape, address diversified consumer needs and boost access to financial services across the targeted regions. A transparent payment system simplifies the scaling of simple and locally important digital solutions for enabling consumers and small, mid-sized, and micro businesses to stay abreast with the booming digitization trend.
Additionally, the partnership seems to be a win-win situation for both Mastercard and KCB Group. Along with expanding the reach of MA’s solutions, its customer base in the East African region is expected to receive a boost, which, in turn, may benefit the revenues of the tech giant. Value-added services and solutions net revenues of MA improved 18% year over year in 2023.
The collaboration is also likely to benefit KCB Group’s existing capabilities and provide an innovative core product offering, along with a hassle-free digital experience for its cardholders.
Meanwhile, Mastercard’s keen eye on infusing digitization across the East African region can be clearly reflected through the latest move. The region continues to witness a booming digital economy, spurred by the increased usage of mobile phones, steady increase in Internet penetration rates and favorable government policies. An innovative digital suite built through partnerships and substantial investments provides the perfect opportunity for MA to capitalize on the digital growth prospects of the region.
Shares of Mastercard have gained 33.5% in the past year compared with the industry’s 24.6% growth. MA currently carries a Zacks Rank #2 (Buy).
The bottom line of Envestnet outpaced estimates in three of the last four quarters and matched the mark once, the average surprise being 7.72%. The Zacks Consensus Estimate for ENV’s 2024 earnings suggests an improvement of 24.1% from the year-ago reported figure. The same for revenues suggests growth of 11.1% from the year-ago reported number. The consensus mark for ENV’s 2024 earnings has moved 9.5% north in the past 60 days.
SPX Technologies’ earnings outpaced estimates in three of the trailing four quarters and matched the mark once, the average surprise being 23.19%. The Zacks Consensus Estimate for SPXC’s 2024 earnings suggests an improvement of 14.6% from the year-ago reported figure. The consensus mark for SPXC’s 2024 earnings has moved 3.6% north in the past seven days.
The bottom line of AppLovin outpaced estimates in three of the last four quarters and missed the mark once, the average surprise being 26.53%. The Zacks Consensus Estimate for APP’s 2024 earnings is pegged at $2.48 per share, which has more than doubled from the year-ago actual. The consensus mark for APP’s 2024 earnings has moved 59% north in the past 30 days.
Shares of SPX Technologies and AppLovin have gained 55.8% and 336.9%, respectively, in the past year. However, the Envestnet stock has declined 18.1% in the same time frame.
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Mastercard (MA) to Simplify Digital Payments in East Africa
Mastercard Incorporated (MA - Free Report) recently inked a partnership deal with KCB Bank Kenya in a bid to provide an extensive array of benefits for cardholders in the East African region. The agreement will run for a period of five years and make use of the partners’ enhanced technological network to develop cutting-edge payment solutions and marketing strategies.
Customers across Kenya, Rwanda, Burundi, South Sudan, Tanzania and Uganda will have access to the Mastercard payment solutions suite comprising World and World Elite cards, youth pre-paid and corporate cards. The cardholders in the targeted regions will be able to undertake e-commerce payments, cross-border remittances, QR code payments and Tap on phone payments.
The ulterior motive of the recent tie-up remains to speed up innovation and bring about secure payments across the East African payments landscape, address diversified consumer needs and boost access to financial services across the targeted regions. A transparent payment system simplifies the scaling of simple and locally important digital solutions for enabling consumers and small, mid-sized, and micro businesses to stay abreast with the booming digitization trend.
Additionally, the partnership seems to be a win-win situation for both Mastercard and KCB Group. Along with expanding the reach of MA’s solutions, its customer base in the East African region is expected to receive a boost, which, in turn, may benefit the revenues of the tech giant. Value-added services and solutions net revenues of MA improved 18% year over year in 2023.
The collaboration is also likely to benefit KCB Group’s existing capabilities and provide an innovative core product offering, along with a hassle-free digital experience for its cardholders.
Meanwhile, Mastercard’s keen eye on infusing digitization across the East African region can be clearly reflected through the latest move. The region continues to witness a booming digital economy, spurred by the increased usage of mobile phones, steady increase in Internet penetration rates and favorable government policies. An innovative digital suite built through partnerships and substantial investments provides the perfect opportunity for MA to capitalize on the digital growth prospects of the region.
Shares of Mastercard have gained 33.5% in the past year compared with the industry’s 24.6% growth. MA currently carries a Zacks Rank #2 (Buy).
Image Source: Zacks Investment Research
Other Stocks to Consider
Some other top-ranked stocks in the Business Services space are Envestnet, Inc. (ENV - Free Report) , SPX Technologies, Inc. (SPXC - Free Report) and AppLovin Corporation (APP - Free Report) , each currently sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The bottom line of Envestnet outpaced estimates in three of the last four quarters and matched the mark once, the average surprise being 7.72%. The Zacks Consensus Estimate for ENV’s 2024 earnings suggests an improvement of 24.1% from the year-ago reported figure. The same for revenues suggests growth of 11.1% from the year-ago reported number. The consensus mark for ENV’s 2024 earnings has moved 9.5% north in the past 60 days.
SPX Technologies’ earnings outpaced estimates in three of the trailing four quarters and matched the mark once, the average surprise being 23.19%. The Zacks Consensus Estimate for SPXC’s 2024 earnings suggests an improvement of 14.6% from the year-ago reported figure. The consensus mark for SPXC’s 2024 earnings has moved 3.6% north in the past seven days.
The bottom line of AppLovin outpaced estimates in three of the last four quarters and missed the mark once, the average surprise being 26.53%. The Zacks Consensus Estimate for APP’s 2024 earnings is pegged at $2.48 per share, which has more than doubled from the year-ago actual. The consensus mark for APP’s 2024 earnings has moved 59% north in the past 30 days.
Shares of SPX Technologies and AppLovin have gained 55.8% and 336.9%, respectively, in the past year. However, the Envestnet stock has declined 18.1% in the same time frame.