Mastercard has launched a new solution for small businesses. Called SME-in-a-Box, the low-cost payments solution enables small business owners to move their businesses online and accept a range of digital payments from their customers.
The solution provides three distinct services to SMEs. The first is to enable SMEs to accept touchless payments from their Smartphones at no additional hardware costs. This will be achieved using Mastercard QR and Tap on Phone.
The second service is to enable small and micro merchants to gain access to virtual cards as well as other business management tools. Finally, SME-in-a-Box allows these merchants to join the online commerce space through a remote invoicing capability.
In essence, the solution is intended to help small businesses as well as merchants across Nigeria to expand their customer base through digital platforms and enable sustainable revenue growth.
While noting that the SME market which represents 90% of businesses in Nigeria has been deeply impacted by the Covid-19 pandemic, Mastercard Senior Vice President, Product Management, Digital Payments & Labs, for Middle East and Africa, Gaurang Shah expressed Mastercard’s readiness to support small businesses by making its tool available at low cost and in quick time.
The SME-in-a-Box offering provides SME owners with a quick and simple way to digitize their business and build a platform for sustained future growth.”Gaurang Shah, Mastercard Senior Vice President, Product Management, Digital Payments & Labs, for Middle East and Africa,
Mastercard will be collaborating with several of its StartPath fintech partners, including onboarding technology provider, Signzy, and Mastercard’s network of Tap on Phone partners. It is also powered in Nigeria by leading fintech, Innovectives.
Noting that merchants across emerging markets which are the backbone of the economies of their respective countries and are eager to do more, Group Executive Director, Platforms and Partnership at Innovectives, Olubusola Osilaja said the need to support SMEs is more stringent than ever before.
“We are leveraging our strength in banking, payment and lending technologies, along with a deep understanding of retail merchant networks to deliver SME-in-Box. We are excited to work with the amazing team at Mastercard and partner fintechs to unlock rapid growth through digitization for small businesses in emerging markets.”
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