Visa, Mastercard Want a Slice of Africa’s Mobile Money

JOHANNESBURG—African fintech companies have found creative ways to help the continent’s consumers spend their money. Traditional payments companies want in.

Global payment giants, including Mastercard and Visa, are pouring billions of dollars into African companies that have powered a sharp expansion in e-commerce on the continent. Recent deals have focused on mobile-money operators, which allow users to send funds using simple cellphones, and platforms that facilitate such payments for merchants such as Uber Technologies, Netflix or Estée Lauder without relying on credit cards or bank accounts.