The firms stated that the partnership aimed to provide
support to distributors, wholesalers, and retailers in the FMCG sector.
They said the players would be provided with Boost’s
platform as a service to access essential working capital and Mastercard’s
acceptance solutions.
In a statement, co-founder and Chief Executive Officer,
Boost, Mike Quinn, commented, “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.
“We have already proven that Boost’s model can scale widely
across, and deeply within, emerging markets by building strong partnerships to
digitize end-to-end supply chains between manufacturers and point-of-sale
retailers. Mastercard will help us take our model to the next level to create
transformative value for our customers and partners while fueling our global
ambitions.”
Country Manager and Area Business Head, West Africa,
Mastercard, Folasade Femi-Lawal, noted, “We are excited to embark on this
transformative journey with Boost, as we understand the challenges that small
businesses face.
“By digitising payments and creating a track record for
their transactions, we will enable more MSMEs to access credit facilities and
scale their businesses. Through the delivery of integrated digital payment
solutions and supply chain finance, we believe we are empowering MSMEs with
essential tools to not only survive but thrive.
“This collaboration underscores our dedication to advance
MSME growth in emerging markets and foster economic growth and financial
inclusion through innovative digital solutions.”
The firms added that the collaboration aimed to provide
financial institutions with the capability to issue digital payment solutions
and expand into the micro-retail space, while empowering merchants to digitise
payments and access working capital.