MasterCard and SAVA, a fintech company based in Johannesburg, have partnered to provide small, medium, and micro enterprises SMMEs with infrastructure and contemporary payment technology.
MasterCard Collaborates with SAVA to Support African SMMEs
Through the agreement, SMMEs in Egypt, Kenya, Nigeria, and South Africa will have access to an online platform that is powered by SAVA’s Payment Transaction System and contains capabilities for accounting integration and digital bank accounts.
In Africa, SMMEs generate 60% of all jobs and, in some cases, up to half of the GDP. However, the World Bank estimates that they have a $330 billion financial deficit and function in a cash-based economy.
A press release from MasterCard stated that the partnership upholds and supports the company’s financial inclusion objective of integrating 50 million SMMEs into the digital economy by 2025.
Fintech Player Will Provide SMMEs with Virtual and Physical Cards
The claim is that SMMEs will benefit from technology in terms of easier financial administration and expanded commercial operations.
It continues, saying: “As part of the agreement, the fintech player will provide SMMEs with virtual and physical cards where budgets can be pre-configured and managed via the SAVA app. By integrating the offering with their accounting packages, SAVA’s customers will be able to control and manage spend on their employee cards and save time and money by automating reconciliations.”
“Our new collaboration with SAVA represents an important step in our efforts to support small businesses that are key drivers of economic growth,” says MasterCard’s president of EEMEA, Dimitrios Dosis. We can further increase financial inclusion in Africa and provide SMMEs with access to the full potential of the digital economy by implementing effective technologies.
SAVA Claims That its Technology Will Solve Issues with Physical cards
SAVA CEO Kola Olajide continues, saying, “SAVA is currently operating in South Africa and Kenya.” In South Africa, Access Bank serves as our sponsor bank, and Microsoft assists us in realizing our mission. We are appreciative of the South African Reserve Bank (SARB) for supporting our idea and giving us the necessary authorization to begin operations in South Africa.
SAVA claims that its technology not only solves the problems associated with managing and submitting expenses but it can also be used to issue physical cards to customers and manage their spending from a single dashboard, doing away with the necessity for cash transactions.
ALSO CHECK:
