Mastercard in partnership with Zambian-based fintech company, Digital PayGo, has launched “SME-in-a-Box,” a new merchant mobile payments solution, which will enable Small and Medium Enterprises (SMEs) to safely make and receive digital payments through various online channels.
SME-in-a-Box will make digital payments convenient, easy-to-adopt, and safe for the execution of cashless transactions from mobile devices.
The solution is backed by Mastercard’s payment technology and enables digital transactions through the use of a USSD code, Mobile Application, Mobile Point of Sale (MPOS), a Virtual and Physical (plastic) card, and scannable QR code.
Mastercard is committed to leveraging its technology and partnerships to help entrepreneurs digitize their businesses and build a platform for sustained development. An end-to-end digital proposition, SME-in-a-Box will also enhance payment acceptance options for SMEs and unlock their business growth by enabling them to tap into the diverse opportunities brought about by the digital payment ecosystem.
There has been a huge boost for digital payments in Zambia lately. In June, Zamtel, owned by the Zambian government sealed a partnership with Mastercard that will enable Zamtel Mobile Money customers including those without bank accounts to make secured and flawless digital payments on the Mastercard network. Also, in July, Cellulant launched the digital payment platform Tingg for the retail sector in Southern African country.
Vincent Chipimo Malekani, Country Business Development Director at Mastercard, Zambia, and Malawi said “SMEs have an outsized impact on the economy, providing a livelihood for many while advancing inclusive growth to reduce poverty and boost prosperity. Due to the outbreak of the COVID-19 pandemic, there is a heightened consumer preference for cashless payment platforms and many small businesses do not have the resources and infrastructure to facilitate these kinds of transactions. Through this innovative and secure solution, SMEs will be able to pivot their businesses while aligning them to the growing consumer need to use digital payments and do so safely and conveniently.
“This partnership further reiterates Mastercard’s commitment to bringing 1 billion people globally into the digital economy by 2025 and supporting small businesses through our technology,” said Commenting on the partnership.”
Digital PayGo Chief Executive Officer Charity C. Mwanza said: “We are excited about this partnership as it will help SMEs grow their businesses and contribute to the growth of the digital economy. The Zambian SME sector has been excluded in terms of access to financial services and this proposition will enhance the inclusion process through which SMEs make and receive payments through various channels.”
The Mastercard-Digital PayGo partnership will go a long way in helping the Zambian government speed up financial inclusion for all citizens.
