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Mastercard moves to support Nigerian SMEs with new innovation

Mastercard has launched a new low-cost payments solution that helps small business owners to move their businesses online and accept a range of digital payments from their customers.

The “SME-in-a-Box” solution, powered by Mastercard, its StartPath fintech partners, its network of Tap on Phone partners, and leading Nigerian fintech, Innovectives, aims to help small and micro merchants across Nigeria to expand their customer-base via digital platforms and realize sustainable revenue growth for their businesses.

Image Source: Nairametrics

According to Mastercard's Senior Vice President, Product Management, Digital Payments & Labs, Middle East and Africa, Gaurang Shah,

“The SME market represents 90 per cent of businesses in Nigeria, and has been deeply impacted by the pandemic. We recognize 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.

Nigeria In Focus:

Population: 206.6 million (Compared to South Africa's 59.6 million)

GDP: $504.57 billion (Compared to South Africa's $369.85 billion)

GDP Per Capita: $2,465 (Compared to South Africa's $6,193)