MasterCard restructures Middle East and Africa business
19 April 2012 | 1788 views | 0
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, (NYSE:MA) 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 Sub-Sahara Africa division led by Mr. Daniel Monehin, division president, now incorporates East, West and Southern Africa (excluding South Africa). Mr. Monehin will drive strategic development and forge closer business alliances with key stakeholders within these regions. He will also be responsible for developing and promoting MasterCard products and services.
Mr. Monehin said: "This development is a testament to MasterCard's commitment in supporting our wide network of customers across the Sub-Sahara Africa 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."