Investment Reinforces MasterCard's Commitment to Growing and Innovating the Payments Business
In a move spurred by continuous economic development, steady population growth, stable outlook and large pool of young consumers entering the workplace each year, MasterCard today announced a new structure for the Middle East and Africa business.
The MEA business will comprise three divisions, Middle East & North Africa (MENA), Sub Sahara Africa and South Africa, clustering a total of 69 markets stretching from Afghanistan to South Africa and from Morocco to Pakistan. This change will enable MasterCard to get closer to its customer banks, merchants and consumers in the markets. A new team has been established to support the MEA business reporting to Michael Miebach, president, Middle East and Africa, MasterCard Worldwide.
Mr. Miebach said: "Our new organizational structure and appointments are part of our strategic decision to invest expertise, resources and know-how in this part of the world, which continues to register strong economic growth. This new structure will help us streamline our investments in areas that drive accelerated growth while helping MasterCard get even closer to our customers."
The Middle East, Levant, and North Africa markets now form the MENA division led by Raghu Malhotra, division president. Mr. Malhotra will drive strategic development and forge closer business alliances with key stakeholders. He will also be responsible for developing and promoting MasterCard products and services.
Mr. Malhotra said: "This development is a testament to MasterCard's commitment in supporting our wide network of customers across the Middle East and North African markets. The move will also help us bring our international expertise and resources much closer to these emerging markets. Our local in-country structure will strengthen our collaboration and communications with all our stakeholders from customer banks, merchants and consumers, to better serve these markets and invest in their growth."
© Press Release 2012
