Mastercard has announced a partnership with Boost, a B2B commerce platform, to enable digital payment wallets and embedded supply chain finance for small businesses in the Fast-Moving Consumer Goods (FMCG) sector in Africa.
The collaboration is expected to have a significant impact on the FMCG sector in Africa, which is dominated by small businesses that often face challenges in accessing financial services. In addition, the partnership aims to grant African businesses access to Boost’s innovative platform as a service to manage their working capital, and Mastercard’s acceptance solutions to make payments easier to streamline and simplify the financial operations of these businesses, while also providing them with the tools they need to grow and succeed.
As part of the collaboration, Mastercard will work with Boost to expand the reach of its digital payment and credit solutions to even more micro, small, and medium-sized businesses in Africa. This is in line with the companies’ shared mission of advancing financial inclusion and supporting the growth of digital economies.
Mike Quinn, co-founder and CEO of Boost, expressed delight over partnering with Mastercard to help small businesses thrive in the digital economy. The partnership, he explained, will allow the company to continue its mission of creating sustainable jobs and income for customers, while empowering small businesses across Africa.
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In addition to the benefits of the partnership, Quinn noted that Boost has already proven its model can scale in emerging markets by partnering with local businesses and manufacturers to digitise their supply chains. He added that the company’s collaboration with Mastercard will take this model to the next level, creating even more value for its customers and partners, as well as supporting its continued global expansion.
Folasade Femi-Lawal, country manager and area business head at Mastercard, said: “We are excited to work with Boost to transform how small businesses operate. We understand the unique challenges they face, and by digitising their payments and creating a financial track record, we can help them access credit facilities and scale their businesses. With our integrated digital payment solutions and supply chain finance solutions, we are empowering MSMEs with the tools they need to not only survive, but thrive.”
Femi- Lawal further noted that the partnership is a testament of Mastercard’s dedication to advancing the growth of MSMEs in emerging markets and fostering economic growth and financial inclusion through innovative digital solutions.