Mastercard commits to empowering over 150,000 Micro, Small and Medium Enterprises (MSME) in Kenya within 2017 by giving them access to Masterpass QR.
The mobile driven, Person-to-Merchant payment solution will be introduced through various financial institutions and other partners in the market from February onwards.
According to Kenya’s Micro and Small Enterprises Authority at least 80 percent of the country’s most critical jobs are created by MSMs and through this initiative Kenyan MSME’s will be provided with the support required to grow and develop their businesses.
The regional commitment to impact over 150,000 MSMEs in Kenya within 2017 is in support of the Mastercard global goal of connecting 40 million micro and small merchants to its electronic payments network by the end of 2020. This expands on the company’s Universal Financial Access 2020 commitment made in 2015.
Cash is no longer required, making transacting safer for merchants who will not need to worry about carrying large sums of cash around with them.
MSMEs have traditionally struggled with the cost of installing payment infrastructure such as point-of-sale devices, as well as with issues of security surrounding payment. Masterpass QR combats these challenges in a simple and user-friendly manner helping to stimulate the economy by digitizing a sector previously solely dependent on cash-based transactions.
“Kenyans are entrepreneurial by nature, and there are incredibly exciting business ideas coming from the region. We want to help these business owners to grow and prosper by delivering solutions that meet the needs of these business owners,” said Daniel Monehin, Division President for Sub-Saharan Africa and head of Financial Inclusion for International Markets at Mastercard.
The mobile solution is available via various mobile banking applications in Kenya. Consumers are guaranteed the security of being able to pay for in-store purchases by scanning the QR (Quick Response) code displayed at the checkout on their smartphones, or by entering a merchant identifier into their feature phones. Users are able to use the solution at any location where Masterpass QR is accepted, locally and across the continent.
Technology is playing an important role to ensuring all citizens have access to solutions that help move them beyond cash.
Author: Gesture Chidhanguro