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Mastercard Boosts Small Businesses in Africa’s FMCG Sector

Mastercard has joined forces with Boost to revolutionize the landscape for small businesses in the Fast-Moving Consumer Goods (FMCG) sector across Africa. This strategic partnership aims to provide digital payment wallets and embedded supply chain finance, empowering distributors, wholesalers, and retailers within the FMCG domain.

Empowering Small Businesses in FMCG

The collaboration between Mastercard and Boost is designed to offer crucial support to players within the FMCG sector. Distributors, wholesalers, and retailers will gain access to Boost’s platform as a service, facilitating essential working capital and leveraging Mastercard’s cutting-edge acceptance solutions.

Co-founder and CEO of Boost, Mike Quinn, expressed excitement about the scaling partnership, stating, “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.”

Transformative Value for Small Businesses

Folasade Femi-Lawal, Country Manager and Area Business Head, West Africa, Mastercard, highlighted the significance of the collaboration in addressing the challenges faced by small businesses. Femi-Lawal stated, “By digitising payments and creating a track record for their transactions, we will enable more MSMEs to access credit facilities and scale their businesses. Through the delivery of integrated digital payment solutions and supply chain finance, we believe we are empowering MSMEs with essential tools to not only survive but thrive.”

Digital Solutions for MSME Growth

The collaboration between Mastercard and Boost signifies a commitment to advancing Micro, Small, and Medium Enterprises (MSME) growth in emerging markets. The initiative aims to foster economic growth and financial inclusion by delivering innovative digital solutions. The partnership will equip financial institutions with the capability to issue digital payment solutions, enabling expansion into the micro-retail space. Simultaneously, it empowers merchants to digitize payments and access critical working capital.

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In conclusion, the Mastercard-Boost collaboration stands as a pivotal step towards enhancing the resilience and growth of small businesses in the FMCG sector across Africa, reinforcing the commitment to digital empowerment and financial inclusion.

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