SPONSORED | Mastercard's digital platform, Farm Pass, has helped nearly 1-million smallholder farmers across Africa access better prices for their produce. MastercardMEA
The global tech company is making great strides towards its goal of building a connected digital economy that's secure, sustainable and works for everyoneMastercard’s innovative technologies such as Tap on Phone, which turns an Android phone into a contactless card payment acceptance device, enable small businesses to embrace digital commerce.As the digital economy continues to grow, increasingly relevant financial solutions emerge.
Though the financial sector is already digitally transforming, there are still some barriers to progress, which include a preference for cash — often in areas where there is limited infrastructure. It is important to note that access to the internet and data is a critical enabler for adoption of digital financial services. Digital inclusion is a prerequisite for financial inclusion.
A stable, growing, connected small business can be the key to financial inclusion for the whole community, which turns an Android phone into a contactless card payment acceptance device, is further helping small businesses to adapt. Called Jaza Duka, Swahili for “fill up your store”, the resulting programme connects the dots between the small retailer, which has been procuring and selling little shampoo sachets for years, and the bank. The distributor who sells to the store owner becomes the data intermediary, making it possible for the store owner to get credit from the formal rather than the informal system at one-tenth the cost.
Yet farmers face significant challenges, including limited access to markets, access to working capital to secure quality seeds and pesticides, and access to relevant financial tools to pay and get paid efficiently.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Digital Retail Africa - IT News Africa | EventsThe 5th DigitalRetailAfrica, where key retail industry players will meet to uncover the blueprints for success from the industry’s top movers and shakers. Register before 01 January 2023 and save R1000.00! Click here to register: RetailTech savethedate
Read more »
Africa: Nigeria Losing Influence in Africa - ObasanjoMr Obasanjo says almost all the letters he wrote have stood the test of time.
Read more »
BANKING SECTOR: Western Cape gains a R25m Europay, Mastercard and Visa bank card personalisation facilityThe cost of bank cards could possibly fall dramatically in the next few years as banks leverage off a new wholly South African-owned R25-million EMV card personalisation facility outside Cape Town.
Read more »
African real estate investments that go beyond buildingsSPONSORED | A recent FM webinar discussed the largest sustainability-linked real estate debt refinancing and syndication in Sub Saharan Africa, between Grit Real Estate Income Group and Standard Bank
Read more »