back Back

Mastercard bolsters partnership with Unilever and KCB Bank to support Kenyan SMEs

By Pavithra R

January 21, 2021

  • Kenya
  • Mastercard
Share

Mastercard has announced strengthening its partnership with Unilever and KCB Bank, built to support micro-merchants in Kenya, by expanding their Jaza Duka program to provide an extensive COVID-19 relief package to retailers.

Micro, small and medium enterprises (MSMEs) are the backbone of the Kenyan economy, and yet are amongst the hardest hit by the pandemic. A survey conducted by the Central Bank of Kenya reveals that almost 75% of Kenya’s SMBs faced collapse without urgent intervention by key stakeholders.

As countries forge towards economic recovery, enabling SMBs to recover quickly has been earmarked as a key driver for economic restoration and growth. Ensuring MSMEs continue to access capital is a critical component for recovery, and this has been recognized by the Jaza Duka partners.

‘Jaza Duka’, Swahili for ‘fill up your store’, is part of Mastercard’s Track Micro Credit Program and is a global, inclusive credit ecosystem for small retailers to help them overcome cash constraints and enables them to access short-term credit.

Jaza Duka partners, to extend their support towards COVID-19 economic recovery, have pooled resources to provide retailers in the program with a business recovery package worth over $150,000. The package will be divided and delivered in the form of direct financial assistance; free health products to meet the rising demand; and customized business education and training to help retailers navigate the current business environment and build the foundation for mid-to-long-term resilience.

“At Mastercard, we have seen the Jaza Duka initiative transform the lives and businesses of thousands of micro-merchants in Kenya over the last two years. By continuing to enable access to much-needed capital throughout the pandemic and by overlaying that with additional financial and non-financial assistance for retailers in the program, we strongly believe that we can help merchants start to rebuild and position themselves for a more resilient future,” said Natasha Jamal, MEA Regional Director at the Mastercard Center for Inclusive Growth.

The program combines data distribution from Unilever and analysis by Mastercard to provide micro-credit eligibility recommendations to KCB Bank. The bank will use this information to assess a retailer’s creditworthiness and extend formal credit for stock purchases, which is interest-free for up to 17 days.

“Unilever’s purpose is to make sustainable living commonplace, where we use our scale to do good in the societies we live in and therefore create an equitable and socially inclusive world. With Jaza Duka, we are able to live true to that purpose. Together with our partners, we are giving back to our customers by enabling them to access what they need to grow their businesses, generate more value and be able to uplift their lives,” said Luck Ochieng, Unilever Kenya General Manager.

Mastercard is a global technology company in the payments industry. It’s Cyber & Intelligence team has been working with SMBs, and the Trust Center is the culmination of such work and partnerships. The firm is committed to building a more inclusive digital economy that works for everyone. The firm has plans to expand the Track Micro Credit Program to other markets across Asia, Africa, and the Middle East in the coming months.

Previous Article

January 21, 2021

Nordic API Gateway teams up with Svea to boost e-commerce checkout process in Finland

Read More
Next Article

January 21, 2021

Nium and Cebuana Lhuillier launch Quikz in Singapore for Filipinos

Read More








IBSi Daily News Analysis

Fraud

February 23, 2024

Kenya

Regulated firms battle surge in financial crime attempts, research reveals

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

February 23, 2024

Ebury and Nium team to offer cross-border payments in Brazil

Read More

February 23, 2024

MultiPay teams up with Acquired.com to launch Pay By Bank

Read More

February 23, 2024

UNIPaaS unveils AI payment assistant solution for SaaS platforms

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023