The Vice President, Product Management, Digital Payments and Labs, of Mastercard, revealed in a statement that the Small and medium enterprises (SMEs) segment of the economy has been terribly hit by Covid-19 pandemic.
He said the SME market represents 90 per cent of businesses in Nigeria, and has been deeply impacted by the pandemic.
The solution to this he said, was a new low-cost payments offer that enables small business owners to move their businesses online and accept a range of digital payments from their customers.
The vice President said thus;
“We recognise the overwhelming pressure that small business owners are currently facing and are committed to supporting them through COVID-19 and beyond by bringing our tools at a low cost and rapid time to market.
He explained that the “SME-in-a-Box” would offer a low-cost acceptance service that can run on smart phones and is powered by Mastercard Payment Gateway Services. It also delivers speed and simplicity with remote digital onboarding services from Mastercard’s StartPath partners. In addition, through its Simplify Commerce offering, Mastercard will enable SMEs with a plug-&-play e-commerce store builder with an instant online checkout. SMEs can access a virtual card and get access to business tools through Mastercard’s partner ZOHO as well as get access to educational tools”.
The SME in a box solution, will aid small help micro merchants across the country in expanding their customer base via digital platforms and enable sustainable revenue growth.
Mastercard Unveils “SME-in-a-Box” Solution for Small and Medium Enterprises terribly hit by the coronavirus pandemic
