Mastercard and Boost Join Forces to Power Small Enterprises in Africa
Boost exists to help 10 million informal small businesses thrive in Africa’s digital economy.
Boost, a B2B commerce platform, and Mastercard have joined forces to introduce digital payment wallets and integrated supply chain finance solutions aimed at boosting small businesses in high-growth African markets. This collaboration focuses on the Fast-Moving Consumer Goods (FMCG) sector in countries such as Nigeria, Ghana, South Africa, Kenya, Egypt, and Senegal. The partnership provides distributors, wholesalers, and retailers in the FMCG sector with Boost's innovative platform for accessing crucial working capital and Mastercard's acceptance solutions. Through this venture, Mastercard aims to empower micro, small, and medium enterprises (MSMEs) by offering digital payment and credit solutions, contributing to its mission of fostering an inclusive digital economy. The strategic collaboration seeks to enable financial institutions to issue digital payment solutions, expand into the micro-retail space, and facilitate merchants' access to working capital, ultimately providing consumers with a broader range of FMCG products through digital payment solutions.
Mike Quinn, co-founder and CEO of Boost, expressed excitement about the partnership, emphasizing Boost's mission to empower small businesses in the digital economy. The collaboration reflects Mastercard's commitment to including MSMEs in the digital ecosystem, aiming to digitize payments, create transaction records, and provide MSMEs with the tools needed to not only survive but thrive. Folasade Femi-Lawal, Country Manager and Area Business Head, West Africa, Mastercard, highlighted the transformative impact of the collaboration, underscoring the company's dedication to advancing MSME growth in emerging markets and promoting economic growth and financial inclusion through innovative digital solutions. This monumental collaboration brings Mastercard a step closer to achieving its goal of bringing one billion people and 50 million micro and small businesses into the digital economy by 2025.
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Check out Mike Quinn’s feature in Founders Everywhere.