During a time where digital transformation is reshaping industries, Amnah Ajmal stands at the forefront of innovation in the payments sector. As Executive Vice President, Market Development, Eastern Europe, Middle East and Africa, Ajmal has spearheaded efforts to integrate cutting-edge technology with financial services, driving inclusion and sustainability.
In this exclusive interview, Ajmal shares insights into her diverse career journey, the key role that technology plays in revolutionising payments, the importance of diversity and inclusion in the workplace, and how Mastercard is navigating the complexities of the modern financial landscape.
You’ve had an interesting career journey spanning pure finance into non-FI sectors like technology. What inspired you to broaden your career beyond finance? Which sectors do you see having the most opportunities today as payments become increasingly digitised?
As children, we are curious, but as we grow up, that curiosity takes a backseat. I’ve always liked the idea of stepping out of my comfort zone, stepping into the unknown to gain knowledge and perspective, and experimenting with new technologies that will shape the world. This has certainly expanded my own world and enabled me to add value in new ways. It has also made me a better leader.
Today, sectors of all different kinds are benefiting from the disruption and digitisation of payments, not only financial services and retail, but also telecoms, government, transport, and hospitality. It’s a really exciting time for payments, technology, diversification, and partnership. More importantly, it is a time to redefine leadership.
Many non-financial organisations now want to generate meaningful growth momentum or improve their profit margins by entering the financial services domain. This expansion gives them the ability to serve people at the bottom of the pyramid and to drive financial inclusion in line with our goals at Mastercard. While we help our partners diversify their businesses, we can leverage their reach to bring a much wider segment of society into the digital economy. It’s a win-win situation.
As Mastercard’s Executive Vice President, Market Development, EEMEA, what role is technology playing in transforming how consumers pay for goods and services? What are some key areas of focus for Mastercard? And what do you think is critical to drive innovation?
My favourite quote is by Wayne Dyer, “if you change the way you look at things, the things you look at change.” The landscape we operate in is a complex and constantly evolving one, but if we look at technology as a force to drive good, equity and inclusion, then it offers endless possibilities.
Imagine a farmer who sells oranges in Nairobi and collects cash. This farmer will never have an opportunity to expand the business. However, once we equip the farmer’s mobile device to accept digital payments, and consumers can pay through their mobile wallets, the world of this farmer changes. Business sales are recorded, and access to credit is a possibility.
Technology is giving consumers more choice, more personalised offers, and seamless interaction. By listening to pain points, applying our expertise and technology, and tapping into the scale and reach of our network, we’ve been developing strategic digital transformation plans that are adding value to multiple stakeholders.
As part of Mastercard’s Market Development team, my focus is to enable organisations across sectors – including fintech companies, telecommunications operators, e-tailers, digital service providers, mobility platforms, food delivery companies, and travel websites – to get closer to their customers, offer more diverse services, and digitise supply chains.
Our portfolio of integrated services and solutions is generating new business, deepening customer engagement, driving loyalty, protecting digital systems, enhancing decision-making, providing insights, and creating new opportunities beyond payments.
A small but great example is of food delivery riders who come to our doorsteps to deliver our favourite food. Most of them are sending money back home. Our virtual card solution gives them instant access to their salary and our remittance solutions offer an affordable convenient way for them to send money.
Innovation often begins with the simplest yet most challenging step: starting. It’s crucial to embrace the mindset shift that not all innovations will pay off. This uncertainty is a natural part of the process. Surrounding yourself with smart, creative individuals helps navigate these challenges, as they bring diverse perspectives and solutions. Embracing change with optimism, as Ajmal suggests, is key. This approach fosters resilience and a forward-thinking attitude, essential for turning ideas into reality.
Diversity and inclusion are increasingly important issues in the workplace. As one of the most senior women leaders in finance in the region, what more does the industry need to do to support and promote diversity?
Let me give you some statistics to provide context around this subject. According to last year’s poll, a whopping 91 percent of workers have experienced some form of discrimination in the workplace. Meanwhile, a study by Pew Research Centre has found that 42 percent of working women in the US have faced gender discrimination.
It doesn’t help that the MENA region has one of the world’s lowest participation of women in the workforce at 19 percent. The Women in Work Index by PwC estimates that $575 billion is lost every year in the region due to legal and social barriers to women’s access to jobs.
Women are less likely to seek promotion than men. Researchers have found that men are more likely to promote men – and men who are the same ethnicity – which helps perpetuate the lack of diversity at the top. But they have also found that women are less likely to ask for a raise or promotion. One internal survey of female employees at Hewlett Packard found that women applied for a promotion only when they met 100 percent of the qualifications. Men applied when they met just 60 percent.
Diversity means we can better serve customers and better innovate solutions because we tap into vast perspectives. That’s why we are committed to having a diverse workforce at Mastercard. Gender equity is a key part of this.
We ensure we have a balanced slate of candidates to choose from so that women are always well-represented when decisions are made. Since 2015, 46 percent of total new hires in the region have been women, and I am proud to say that 80 percent of my leadership team is women.
Our Mastercard Women’s Leadership Network creates a platform to connect, get mentorship and grow into tech industry leaders. It’s important for organisations to hold themselves accountable to progress. That’s why at Mastercard, we’ve already tied employee compensation to strategic ESG goals and priorities, including gender pay parity – as well as carbon neutrality and financial inclusion.
Organisations should also look at how they can add value to an industry. For us, as a technology company, we help fuel a future pipeline for women in tech, and lead efforts to attain gender balance in innovation industries through our Girls4Tech programme, which has already reached 7 million girls since 2014. This award-winning programme aims to give girls exposure to STEM subjects and therefore encourage young women to pursue studies in STEM fields.
What advice would you give to other women who want to take on leadership roles traditionally held by men? How can companies better support women’s career progressions?
To women aspiring to leadership roles traditionally dominated by men, my foremost advice is to believe in your potential and embrace the unique perspectives you bring to the table. Cultivate resilience and remain steadfast in your goals, even in the face of challenges.
If you are having a bad day even outside work, you are likely to call a friend who will be an optimist and will cheer you up. The same concept applies to your workplace. Surround yourself with positive individuals who will inspire you and fill your energy tank. Additionally, continually invest in your professional development and be open to unlearning what you know, and then learning new ways.
For companies, fostering an inclusive culture is critical. Organisations can benefit from implementing policies that promote diversity and inclusion, ensuring equal opportunities for all employees. This includes providing flexible working arrangements and developing mentorship and sponsorship programmes that specifically support women. Creating more examples of women leaders and demystifying the myth that “women can’t have it all”.
Moreover, it’s vital for companies to recognise and address unconscious biases that may hinder women’s career advancement. Providing equal access to opportunities, recognising the unique strengths women bring to the table, and creating safe spaces for women to voice their ideas and concerns are all essential steps. By creating a supportive environment where women feel valued and empowered, companies can harness the full potential of their diverse talent pool, driving innovation and success.
With your background spanning both finance and tech, what insights can you share about areas of collaboration between the payments industry and other sectors? What opportunities are emerging at their intersection?
In the private sector, there is great collaboration in terms of co-creating solutions. In an evolving digital financial services ecosystem with an influx of players, Mastercard stands as the single technology provider of choice. We offer access to our network of partners, expertise, technologies, and markets so that partners can tap into new opportunities.
For instance, our strategic partnership with e& showcases how Mastercard’s technology can elevate consumer engagement. e& is a global technology and investment group, and we support their digital transformation by integrating user-friendly digital payment services across 16 markets.
We are also helping governments connect more people and businesses to the digital economy. This contributes to boosting economic activity and enhancing citizen welfare, leading to the development of sustainable communities and happier, smarter cities.
Opportunities around new smart technologies now offer unparalleled levels of customer service and elevate the user experience to new heights – in both physical, virtual, and phygital worlds. AI and 5G are advancing our problem-solving skills daily, and we innovate continually to integrate these advances into our industry-proven solutions. By fostering such collaborations, we drive growth and create value across sectors, ensuring a brighter future for all.
In your view, what are some of the biggest challenges and priorities for financial institutions in the Middle East region as digital payments continue to grow?
As more companies outside of traditional finance turn their attention to payments to drive engagement and loyalty, the principal challenge is building new experiences that feature a range of personalised and contextualised services within the platforms to consumers.
It’s also essential that we build trust in digital payments through advanced cybersecurity solutions and innovation. At Mastercard, we continue to tap into new technologies like AI to develop new value propositions that are personalised and contextual, shaping the future of commerce, solving real problems for businesses, and making people’s lives easier.
How is Mastercard working with banks and merchants in the Gulf to help advance digital payment capabilities and options for consumers?
Mastercard works across the landscape to provide innovative payment technology solutions and digital payment capabilities. Bank apps offering mobile wallets make it easier for consumers to safely pay with their phones. Options like ‘Tap on Phone’ make it easier and more convenient for merchants to engage with consumers and serve their customers. ‘Click to Pay’ reduces the friction of ecommerce further.
Partnering with Buy Now Pay Later (BNPL) players redefines the in-store experience for installments, providing consumers with convenience and affordability. We also look at how to expand payment options that drive inclusion. For example, we introduced the world’s first-ever Touch Card in the UAE.
The innovative solution facilitates payments for blind and partially sighted people by allowing them to easily distinguish between their payment cards with just a touch. Since then, we have brought the Touch Card to Saudi Arabia as well.
Sustainability is a priority for many companies and consumers. What innovations is Mastercard exploring to help enable a greener digital economy?
At Mastercard, we actively contribute to building a sustainable and inclusive world that works for everyone in line with our ethos of doing well by doing good. Our sustainable approach to growth calls first and foremost for reducing the environmental and climate impact of our own operations.
Our impact can be even more substantial when we engage our customers and partners worldwide to adopt sustainable principles and drive collective climate action. To realise this vision, we are developing products and solutions that harness the power of our global network to encourage environmentally conscious consumer behaviour.
In a first move for a payment network, we announced that all our newly produced plastic payment cards will be made from 100 percent recycled or bio-sourced materials from January 1, 2028.
We also founded the Priceless Planet Coalition that unifies corporate efforts to restore 100 million trees worldwide with the aim of helping combat climate change. Additionally, we initiated a collaboration with CarbonSifr, a UAE-based climate tech company, to equip SMEs in the MENA region with innovative tools to measure, reduce, and offset their carbon footprint.
What trends do you see emerging in how both consumers and businesses in the Middle East will manage payments in the future?
As commerce evolves, so too will payments. Changing consumer expectations, emerging technologies, and collaborative regulatory engagement are accelerating new payment innovations. Generative AI, tokenisation, digitisation, super-apps, ubiquitous wallets, connected finance, and omnichannel retail are at the forefront of this evolution.
These transformative changes will lead us into “the next economy” which will include a reimagining of money, new ways to exchange value, intelligent experiences that cut across physical and digital environments, and elevated principles of inclusivity and sustainability changing how we design, build, and deliver products.
If you could offer one piece of advice to your younger self just starting her career, what would it be?
Have confidence in yourself, no dream is silly as long as it is yours, and perseverance is the key to any door.