NAIROBI, (CAJ News) – MASTERCARD, the technology company in global payments, has committed to empowering over 150 000 micro, small and medium Enterprises (MSME) in Kenya within 2017 through a mobile driven, Person-to-Merchant payment solution.
Called Masterpass QR, it will be introduced through various financial institutions and other partners in the market with immediate effect.
Delivering efficient, secure and cost effective acceptance solutions to Kenyan MSMEs, it is hailed as an essential step to providing the level of support required to grow and develop their businesses.
At least 80 percent of the country’s most critical jobs are created by MSMs, according to Kenya’s Micro and Small Enterprises Authority.
“Kenyans are entrepreneurial by nature, and there are incredibly exciting business ideas coming from the region,” said Daniel Monehin, Division President for Sub-Saharan Africa and head of Financial Inclusion for International Markets at Mastercard.
“We want to help these business owners to grow and prosper by delivering solutions that meet the needs of these business owners.”
Monehin said Kenya was leading the charge in financial inclusion, with then World Bank reporting that 75 percent of its citizens over the age of 15n having a bank account.
“Masterpass QR has the potential to drive that number up further and more rapidly due to the penetration of mobile devices in the market. Technology2n is playing an important role to ensuring all citizens have access to solutions that help move them beyond cash.”
Masterpass QR is currently being rolled out in Nigeria, Ghana, Rwanda, Uganda, and Tanzania and will soon be in a number of countries across the continent.
– CAJ News