As Mastercard continues to shape the future of payments, Amnah Ajmal, Executive Vice President of Market Development, Eastern Europe, Middle East and Africa at Mastercard, a key figure in the FinTech industry, shares her insights on the company’s vision and the challenges it faces. From navigating career pivots to championing women in FinTech and driving financial inclusion, Ajmal discusses how Mastercard is leveraging innovation and collaboration to create a more inclusive and connected financial world.
East and Africa at Mastercard
What are some pivotal moments in your career that have shaped your vision for Mastercard and the FinTech space, and how did you navigate the challenges faced?
Throughout my career in banking, I have always been drawn to transformation roles, from launching digital innovations to pioneering contactless payments in Poland back in 2008. At the time, only 3% of transactions were contactless and people questioned its potential. But within three years, Poland emerged as a global leader in contactless adoption—a testament to the power of adapting early.
Working across eleven countries has taught me invaluable lessons, each shaped by local markets and business contexts. Yet, there are universal principles I have found to apply anywhere. One of the most important is the need to constantly unlearn and relearn. What drives success in one country or context won’t necessarily translate elsewhere, so it is crucial to remain adaptable. Empathy plays a major role here; understanding both your team and your customers allows you to create strategies that resonate and motivate. Building a shared vision is not just about leveraging past successes and assuming the same framework will work.
At MasterCard, building a team representing over 50 nationalities exposed me to an incredible diversity of perspectives and the opportunity to work across regions I would never have previously engaged with, including Africa. Every new challenge reaffirmed the importance of empathy, adaptability and the willingness to take calculated risks. These values have not only shaped my career but also helped me navigate rapid industry changes and complex international contexts.
Women’s participation in FinTech is growing, although with significant barriers. What are some of the most critical changes needed to ensure women are well represented?
As an optimist by nature, I strive to see progress, yet some statistics are difficult to overlook. A recent report from the World Economic Forum projects states that it could take 169 years to achieve global economic gender parity. That’s two generations—my daughter’s daughter may still face these barriers. This timeline is far too long, and we need to focus on accelerating meaningful change.
The challenges for women, as I see them, are rooted in two key areas: those faced by women entrepreneurs and those experienced by women in corporate roles. Women entrepreneurs are a tremendous force in the global economy, contributing over US$3 trillion and leading more than 111 million businesses worldwide. Yet, they face significant obstacles, particularly in accessing credit and funding. The contributions of these women are too often undervalued, which is a serious oversight.
Re-thinking how organisations approach women returning to the workforce after career breaks is crucial. Women who take time off to raise families often find that their adaptability, agility and problem-solving skills are overlooked in favour of a rigid focus on continuous years of experience. Instead, organisations should prioritise these women’s proven capacities for learning, innovation and curiosity.
We must also encourage women to apply for promotions and senior roles. Studies reveal that men tend to apply for roles even if they meet only half of the job requirements, whereas women often wait until they meet at least 75%. Not forgetting that genuine gender parity involves taking calculated risks on women in senior roles. Meeting the 50% threshold in workforce diversity is just the beginning; the true question is how many of these women hold leadership positions.
At MasterCard, we are making deliberate strides. We have an ‘equal slate’ policy to ensure gender-balanced candidate pools for open roles. We also provide equal parental leave and maintain a strict commitment to gender pay parity.
Empowering women—whether in entrepreneurship or corporate leadership—doesn’t require sweeping changes; rather, it’s often the sum of smaller, intentional actions. When we commit to these efforts, we move closer to a future where gender parity isn’t just an ideal but a lived reality.
Financial inclusion is a critical issue, particularly in regions where the population is underserved by traditional banking. How does Mastercard leverage FinTech innovation to bridge this gap and bring more people into the financial ecosystem?
A key aspect of my role is advancing financial inclusion, particularly for the 1.4 billion unbanked globally—a challenge that impacts women disproportionately. In today’s interconnected world, collaboration has become essential in achieving this goal.
At MasterCard, we’re committed to cross-industry collaboration, particularly with telecoms, which are ideally placed to address gaps in financial access. We partner with companies such as Vodafone in the UAE and Egypt, MTN in Africa, Orange and Airtel. These alliances are transforming access for underserved populations. Historically, traditional financial institutions have focused on certain segments of the population, while vast portions of society remain underbanked. Telecoms, however, have unique data, agility and insights into their customers, making them well-positioned to serve these needs.
Telecom providers offer distinct advantages, especially for small and medium-sized enterprises (SMEs) that often lack the formal records banks require. While banks may rely on conventional credit histories, telecoms can analyse alternative data points, such as geolocation and mobile transactions, to assess the financial health of SMEs and individuals alike. This is particularly valuable for cash-based SMEs, which often lack digitised transaction records. By integrating mobile-based payment acceptance solutions, these businesses can begin accepting digital payments, laying the groundwork for a robust digital economy.
Through these partnerships, telecoms are also able to provide micro-loans. Previously, small loans from telecoms were limited to airtime top-ups. Now, they can extend flexible micro-loans that empower SMEs to grow.
Ultimately, we’re creating ecosystems that promote long-term economic development, providing financial tools to those previously overlooked by traditional systems. It’s an incredibly rewarding opportunity to drive meaningful change on a global scale.
How does Mastercard foster collaborations between FinTech companies and traditional financial institutions to create lasting and sustainable impact?
To establish successful partnerships, it is essential to understand and align with the values and mission of the organisations we work with. As I often say, people do business with people, not companies. Therefore, organisations need a shared purpose when pursuing initiatives like financial inclusion and aiming for sustainable impact.
Most FinTechs, though lacking in scale, dive deeply into specific issues and solve them exceptionally well, while larger financial institutions offer scale but may focus more broadly. When these entities come together, they address each other’s gaps effectively.
Customers today are demanding more seamless, integrated financial services. How is Mastercard evolving its product offerings to meet these changing expectations in digital and mobile payments?
There are two key aspects to consider here. Firstly, the back-end infrastructure which is primarily consumer-facing. As a B2B company, we have developed a robust portfolio of assets and platforms–some through acquisitions—to ensure a secure and resilient back-end. Cybersecurity is paramount and our cybersecurity and risk management assets are critical components. Additionally, we offer loyalty platforms that enable companies to manage customer loyalty, rewards and experiences, as well as payment gateways and remittance rails. This B2B infrastructure provides essential platforms and capabilities that empower our clients to serve their consumers effectively.
The second aspect is how we support our partners and clients in serving the end consumer. For instance, the recent launch by e& of a virtual card linked to a mobile money wallet, an initiative completed in a record five weeks from concept to launch. Our experts designed the entire experience, considering how the virtual card would appear in the wallet, what the consumer would understand from it and its value for different segments—such as youths or SMEs. Features like setting limits, blocking the card and enhancing customer experience were central to our approach. We also developed strategies for communicating the value proposition, encouraging usage and facilitating e-commerce transactions. Also, our new Passkey product, which leverages facial recognition linked to a device, streamlines and secures e-commerce transactions.
What do you envision as the next frontier for FinTech in terms of technological advancements and societal impact and how do you see Mastercard positioning itself to lead in this future?
The straightforward answer is that AI, data and digital wallets will continue to drive massive transformation. On a more intriguing note, I foresee the convergence of these technologies opening doors to seamless, secure payments through the fusion of digital wallets, biometrics and AI, particularly gaining momentum in Asia.
Today, the barriers between industries are remarkably low. An acquirer is no longer simply acquiring and a PSP is more than just a payment processor. Diversification is redefining every sector: PSP clients are delving into issuing, telecom companies are evolving into banks and retailers are becoming co-brand issuers. This evolution means that traditional roles including acquirers, issuers and processors, are all blending, leading to increasingly integrated and cross-functional services.
The next frontier for FinTech therefore lies in the creation of a frictionless consumer experience built on transparency, reliability, and accessibility. Where we once had limited banking options at a few physical locations, consumers today access myriad choices instantly via mobile devices. Now, digital wallets, biometrics and AI collectively create a personalised and invisible payment experience. Imagine a future where facial recognition, digital wallets and AI-backed insights mean that payments occur naturally in the background and elevate convenience without compromising security.
Central to this shift is data, a cornerstone of AI. Data now powers hyper-personalised and intuitive consumer experiences, while AI-driven insights will deepen loyalty and streamline decision-making. Collaboration across industries will fuel these technologies and pave the way for innovative products and services that anticipate consumer needs. This will forever reshape how the industry connects with and serves its customers.