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Mastercard, a global technology company in the payments industry, has forged a strategic partnership with Boost to enhance digital payment wallets and integrate supply chain finance, aiming to empower and expand small businesses operating in the Fast-Moving Consumer Goods (FMCG) sector across Africa.
The collaboration focuses on offering crucial support to distributors, wholesalers, and retailers in the FMCG sector. Boost’s innovative platform-as-a-service will be made available to these businesses, providing access to essential working capital, complemented by Mastercard’s acceptance solutions.
Through this partnership, Mastercard will enable Boost to deliver digital payment and credit solutions to their micro, small, and medium enterprise (MSME) customers across existing and upcoming markets. This collaboration not only amplifies Boost’s impact but also aligns with Mastercard’s mission of fostering an inclusive digital economy.
The strategic collaboration aims to equip financial institutions with the ability to issue digital payment solutions, enabling expansion into the micro-retail space. Simultaneously, it empowers merchants to digitize payments and gain access to working capital. Moreover, it ensures a wider array of FMCG products for consumers through the availability of digital payment solutions.
Mike Quinn, Co-founder, and CEO of Boost, expressed enthusiasm about the partnership, stating, “We are thrilled to enter into this scaling partnership with Mastercard in pursuit of Boost’s mission to enable small businesses to thrive in the digital economy, to create sustainable jobs and income.”
Quinn emphasized the success of Boost’s model in scaling across emerging markets by digitizing end-to-end supply chains between manufacturers and point-of-sale retailers. The collaboration with Mastercard is seen as an opportunity to elevate these efforts and create transformative value for customers and partners, contributing to Boost’s global ambitions.
This partnership underscores Mastercard’s commitment to integrating MSMEs into the digital ecosystem. Folasade Femi-Lawal, Country Manager and Area Business Head, West Africa, Mastercard, expressed excitement about the transformative journey with Boost. Femi-Lawal highlighted the challenges faced by small businesses and emphasized the role of digitizing payments in enabling MSMEs to access credit facilities and scale their operations.
The collaboration between Mastercard and Boost signifies a significant step forward in realizing Mastercard’s ambitious goal of bringing one billion people and 50 million micro and small businesses into the digital economy by 2025. This collaboration reflects a dedication to advancing MSME growth in emerging markets and fostering economic growth and financial inclusion through innovative digital solutions.
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