Mastercard, a global payments technology company, and Boost, a B2B commerce platform, have joined to deliver digital payment wallets and embedded supply chain finance to empower and expand small businesses in Africa’s Fast Moving Consumer Goods (FMCG) sector.
This agreement intends to help FMCG distributors, wholesalers, and retailers by providing them with Boost’s unique platform as a service for accessing vital operating cash as well as Mastercard’s acceptance solutions.
Mastercard will enable Boost to provide digital payment and credit solutions to MSME clients in current and future markets, enhancing the company’s impact and contributing to Mastercard’s aim of promoting an inclusive digital economy.
This strategic alliance intends to give financial institutions the opportunity to issue digital payment solutions and expand into the micro-retail area, while also enabling merchants to digitize payments and access working capital.
Additionally, digital payment solutions will enable consumers to access a wider range of FMCG products and make payments easier.
“We are thrilled to enter into this scaling partnership with Mastercard in pursuit of Boost’s mission to enable small businesses to thrive in the digital economy, to create sustainable jobs and income,” stated Mike Quinn, co-founder and chief executive officer of Boost “We have already demonstrated that Boost’s strategy can scale broadly and profoundly in emerging areas by forming strong partnerships to digitize end-to-end supply chains between manufacturers and point-of-sale shops. Mastercard will enable us to take our business to the next level, creating revolutionary value for our consumers and partners while powering our worldwide ambitions.”
This engagement reaffirms Mastercard’s commitment to integrating MSMEs into the digital economy.
“We are excited to embark on this transformative journey with Boost, because we understand the challenges that small businesses face.” By digitizing payments and maintaining a record of their transactions, we will enable more MSME’s to access credit facilities and develop their operations. We think that by providing comprehensive digital payment solutions and supply chain finance, we are giving MSMEs with the tools they need to not only survive but prosper.
Mastercard’s Country Manager and Area Business Head for West Africa, Folasade Femi-Lawal, stated that this collaboration demonstrates the company’s commitment to supporting MSME growth in emerging countries, as well as promoting economic and financial inclusion through innovative digital solutions.
Mastercard’s momentous collaboration with Boost brings it one step closer to achieving its aim of bringing one billion individuals and 50 million micro and small companies into the digital economy by 2025.