MASTERCARD has partnered with Zambian-based fintech company, Digital PayGo, to launch a new merchant mobile payments solution for SMEs in the 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.
He said 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.
Mr Malekani said 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,” he said.
And 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”.
He said 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.
This partnership supports efforts by the Zambian government to accelerate financial inclusion for all citizens.
According to the National Financial Inclusion Strategy of 2017, the Zambian government has outlined targets for the digitisation of government-to-persons payments such as government salaries and refunds, and persons to government payments such as school fees, health service cost-sharing from the public, and tax payments.