Mastercard empowers 15,000 Micro, small and medium Enterprises (MSME) in Kenya as it gives them access to its Masterpass Quick Response (QR).
The mobile driven, Person-to-Merchant payment solution will be introduced through various financial institutions and other partners in the market from February onward.
This will ensure the delivery of efficient, secure and cost effective acceptance solutions to Kenyan MSMEs is an essential step to providing the level of support required to grow and develop their businesses.
According to Kenya’s Micro and Small Enterprises Authority, it is vital to introduce solutions that drive operational efficiency in these businesses because most critical jobs are created MSMs.
This is a regional commitment to impact support through the Mastercard global goal of connecting 40 million micro and small merchants to its electronic payments network by the end of 2020 which expands on the company’s Universal Financial Access 2020 commitment made in 2015.
According to Division President for Sub-Saharan Africa and head of Financial Inclusion for International Markets at Mastercard, Daniel Monehin, his company intends to help business owners in Kenya to grow.
He said “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”.
The mobile solution is available via various mobile banking applications in Kenya consumers are however 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.
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.
Monehin said, “Kenya is leading the charge in financial inclusion, with the World Bank reporting that 75 percent of its citizens over the age of 15 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. Technology is playing an important role to ensuring all citizens have access to solutions that help move them beyond cash”.
About Masterpass QR
Masterpass QR provides fast, convenient and secure payment solution for consumers and a reliable and instant acceptance offering for merchants. 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.