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Mastercard unveils SME-in-a-Box for SMEs to tap into the booming Digital Economy

By Pavithra R

October 28, 2020

  • Africa
  • Mastercard
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Gaurang Shah, Senior VP, Product Management, Digital Payments & Labs, MEA, Mastercard

Mastercard has announced the launch of “SME-in-a-Box” solution, a new low-cost payments solution that enables small business (SMB) owners to move their businesses online and accept a range of digital payments from their customers.

The solution is powered by Mastercard’s payment technologies and its StartPath fintech partners, including onboarding technology provider Signzy and Mastercard’s network of Tap on Phone partners. The solution is powered in Nigeria by leading FinTech, Innovectives

SME-in-a-Box intends to help small and micro merchants across the country in expanding their customer base via digital platforms and enable sustainable revenue growth.

“The SME market represents 90% of businesses in Nigeria, and has been deeply impacted by the pandemic. We recognize the overwhelming pressure that small business owners are currently facing and are committed to supporting them through COVID-19 and beyond by bringing our tools at a low cost and rapid time to market. 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,” said Gaurang Shah, Senior Vice President, Product Management, Digital Payments & Labs, Middle East and Africa, Mastercard.

The new offering enables business owners to access a wide range of financial services through a single intuitive app compatible with Android mobile devices. The app’s functionality supports contactless payments, Quick Response (QR) code payments, and can generate e-payment links for remote payments. It also delivers speed and simplicity with remote digital onboarding services from Mastercard’s StartPath partners. Through its Simplify Commerce offering, Mastercard will enable SMEs with a plug-&-play e-commerce store builder with instant online checkout. SMEs can access a virtual card and get access to business tools through Mastercard’s partner ZOHO as well as get access to educational tools.

“Merchants across emerging markets are the backbone of these economies and are eager to do more. However, many of them are limited in accessing supportive financing and business support. In combination with the impact created due to the pandemic, 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,” said Olubusola Osilaja, Group Executive Director, Platforms and Partnership, Innovectives.

SME-in-a-Box can be leveraged by partners including banks, payment service providers and Mobile Network Operators through application programming interfaces (APIs) or a white-label app.

Recently, Mastercard expanded partnership with CNote for an inclusive economy.

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