Mastercard joins Buna, the Arab regional payment system. Source: Shutterstock.comBusinesses and consumers paying into and out of the Middle East and North Africa (MENA) region will benefit from faster, cheaper and more transparent cross-border payments through a public-private collaboration between Mastercard and the Arab Regional Payment System, Buna. Buna participants will be able to leverage their existing Buna infrastructure to connect to Mastercard Move to make fast, secure and efficient payments to regions and corridors outside MENA, leveraging Mastercard’s extensive network. Alan Marquard, Head of Transfer Solutions, Mastercard, said: “Today’s announcement is a major milestone in unlocking fast, transparent and cost-efficient cross-border payments into and out of the MENA region. It also underscores Mastercard commitment to improving cross-border payments by connecting existing systems and boosting their reach and efficiency.”Mehdi Manaa, Chief Executive Officer, Buna, commented: “Buna was founded with the mission to make cross-border payments more accessible and easier for people and businesses in the Arab countries.

Source: The North Africa Journal November 06, 2024 12:30 UTC