Mastercard teams with Digital PayGo to support SME payments in Zambia

Mastercard has partnered with Digital PayGo to introduce a new mobile payments solution to help Zambian SMEs make and receive digital payments more safely.

The new merchant mobile payments solution – SME-in-a-Box – will help to support the enablement of digital payments for merchants and their customers through providing them with a simple to use way to perform cashless payments from their devices.

SME-in-a-Box – backed by Mastercard’s payment technology – will support digital transactions through the use of a mobile app, mobile point-of-sale, a scannable QR code, a USSD code and a virtual and physical card.

SMEs represent 97% of all companies in Zambia and face a number of challenges including a lack of access to capital due to insufficient credit history, which affects their ability to grow and scale-up – SME-in-a-Box has been developed to tackle this.

Mastercard country business development director for Zambia and Malawi Vincent Chipimo Malekani 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.”

Digital PayGo CEO Charity 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.”

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