Spotlight on new technologies
“Access to new technologies is becoming more pervasive in Africa. The proliferation and adoption of AI, machine learning, blockchain and cloud computing are accelerating opportunities for small businesses in Africa,” says Ngozi.
Blockchain technology for example, underpins the development of cryptocurrency. Last year, Mastercard announced it will start supporting select cryptocurrencies directly on its network, with a focus on consumer protection and compliance. Ngozi explains it’s about offering choice, and the fact that Mastercard wants to enable customers, merchants and businesses to move digital value – traditional or crypto – however they want.
“Another application of blockchain technology is in our Mastercard Provenance Solution, which delivers real-time traceability in supply chains. It bridges the gap between data silos, and allows decisions to be made based on a shared record that drives trust, confidence and accountability between buyers and sellers. We’ve recently launched this in Zimbabwe to benefit local cattle farmers in partnership with E-Livestock Global.”
Artificial intelligence (AI) is powering advanced loyalty solutions like Session M. By fusing machinelearning and real-time decisionmaking, with an ability to deliver messages, offers, or loyalty tactics across any channel, marketers are able to create smarter interactions that drive incremental behaviors and profit.
“AI is also enhancing fraud detecting capabilities,” says Ngozi. Brighterion, a Mastercard company whose AI and machine learning secures more than 100bn transactions annually, helps organisations manage the credit risk lifecycle, predict delinquency, prevent payments and acquirer fraud, and detect abuse.
As fraud management rises in importance on the back of fraudsters trying to outsmart traditional cybersecurity measures, Ngozi says the answer is “Connected Intelligence”. “By linking insights across the entire customer journey, businesses can stop fraud in its tracks and provide a more frictionless experience.”