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Mastercard Center for Inclusive Growth & Nedbank partner to enhance growth of informal micro-enterprises

By Pavithra R

December 14, 2020

  • Mastercard
  • USA
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Mastercard Center for Inclusive Growth & Nedbank partner to stregthen informal micro-enterprises

Mastercard Center for Inclusive Growth has announced partnering with Juntos Global and Nedbank to provide 9,000 micro-enterprises with free business and financial literacy training to assist them in building resilience, adopt digital financial services and grow their businesses.

According to a recent Ipsos South Africa survey, informal micro-enterprises are among those businesses which have been significantly impacted by COVID-19, with nearly two-thirds of these businesses stating that they are not performing well after lockdown.

“Micro and small businesses are the backbone of our economy. When they suffer, we all suffer. At Mastercard, we understand the challenges these enterprises face and are deeply committed to not only help these entrepreneurs survive but thrive during this challenging time. Partnering for good is what we do best, and this collaboration is one more way we enable sustainable, inclusive growth that will not only benefit these entrepreneurs but their families and communities too,” said Natasha Jamal, Regional Director, Middle East and Africa, at Mastercard Center for Inclusive Growth.

Mastercard is planning to deliver the programme to informal micro-enterprises across the country, using Juntos automated conversational platform. The tailored training is to be delivered in via SMS, covering a range of topics crutial to business growth and financial security, such as increasing earnings, recordkeeping, and the benefits of digital payments.

“Digital financial services are a critical tool to grow business, increase revenue and deliver a delightful client experience at lower costs, but lack of access to formal banking tools and understanding of financial products limits small businesses’ opportunity for growth. Our collaboration with Mastercard and Juntos is great news for South Africa’s informal traders who are often left on the side-lines of the formal economy. This is an extended offering to spaza shop owners and general dealers who participated in the grant scheme launched earlier this year in partnership with the Department of Small Business Development. With new business skills and opportunities to access financial services, the benefits of a digital economy are within reach and will unlock addition value for this market,” said Lizzy Mogale, Strategy Executive & Township Economy Lead, Nedbank Retail and Business Banking.

Mastercard is a global technology company in the payments industry. The firm is committed to building a more inclusive digital economy that works for everyone. It is also making Environmental, Social, and Governance (ESG) central to its business model. As part of its response to the COVID-19 pandemic, the firm has pledged $250 mn in financial, technology, product, and insights support over the next 5 years to SMBs across the globe, supporting the financial security and vitality of businesses and their workers.

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