Mastercard, a global leader in payments technology, joins forces with Johannesburg-based fintech company SAVA to empower small, medium, and micro enterprises (SMMEs) across Africa through innovative payments solutions and infrastructure. This strategic partnership aims to revolutionize the financial landscape for SMMEs by providing them with cutting-edge technology and digital tools to streamline their operations and enhance financial management.

Addressing the SMME Financing Gap

SMMEs play a vital role in Africa's economy, accounting for 60% of all jobs and a significant portion of the Gross Domestic Product (GDP). However, many of these businesses operate in a cash-based economy, facing substantial financing challenges. With a staggering US$330 billion financing gap, as reported by the World Bank, the collaboration between Mastercard and SAVA aims to bridge this divide and support the growth and sustainability of SMMEs in South Africa, Nigeria, Kenya, and Egypt.

Driving Financial Inclusion through Technology

Through SAVA's Payment Transaction System (PTS), small businesses gain access to an online platform equipped with digital bank accounts and accounting integration tools. This comprehensive solution empowers SMMEs to efficiently manage their company expenses, streamline financial processes, and scale their operations. By leveraging advanced technology, SAVA simplifies financial management for SMMEs, enabling them to embrace the digital economy and unlock new opportunities for growth.

Innovative Payment Solutions for SMMEs

As part of the partnership, SAVA offers SMMEs virtual and physical cards with pre-configured budgets, managed through the SAVA app. This integration with accounting packages allows businesses to control and monitor spending on employee cards, automating reconciliations and saving valuable time and resources. By eliminating the need for cash transactions and providing centralized spending control, SAVA empowers SMMEs to optimize their financial operations and drive efficiency.

Collaborative Efforts for Economic Empowerment

Dimitrios Dosis, President, EEMEA, Mastercard, emphasizes the importance of partnerships and transformative technology in supporting small businesses and driving economic growth. The collaboration with SAVA reflects Mastercard's commitment to advancing financial inclusion in Africa and enabling SMMEs to thrive in the digital economy.

Pioneering Solutions Tailored to African Markets

Kola Olajide, CEO of SAVA, highlights the significance of collaboration in developing innovative solutions tailored to the unique needs of African markets. With operations in Kenya and South Africa, SAVA leverages partnerships with organizations like Access Bank and Microsoft to bring its vision to life. Olajide expresses gratitude to regulatory authorities and investors for their support in realizing SAVA's mission of empowering SMMEs.

Unlocking Opportunities for Financial Access

Through this groundbreaking collaboration, Mastercard and SAVA empower African SMMEs to take control of their financial operations, drive growth, and unlock new opportunities for financial access and inclusion. By leveraging technology and strategic partnerships, these companies are at the forefront of driving economic empowerment and transforming the financial landscape across the continent.