Global payments technology company Mastercard has teamed up with B2B commerce platform Boost to provide digital payment wallets and embedded supply chain finance, aiming to empower and expand small businesses in the Fast-Moving Consumer Goods (FMCG) sector across Africa.
Through this collaboration, distributors, wholesalers, and retailers in the FMCG sector will access Boost’s innovative platform as a service, offering essential working capital and Mastercard’s acceptance solutions. Mastercard’s partnership with Boost will amplify its impact on micro, small, and medium enterprises (MSMEs), contributing to the mission of fostering an inclusive digital economy.
The strategic alliance aims to enable financial institutions to issue digital payment solutions, expand into the micro-retail space, and empower merchants to digitize payments and access working capital. This initiative aligns with Mastercard’s goal of bringing one billion people and 50 million micro and small businesses into the digital economy by 2025.
Mike Quinn, CEO of Boost, expressed enthusiasm about the scaling partnership with Mastercard, highlighting their shared mission to enable small businesses to thrive in the digital economy. Folasade Femi-Lawal, Country Manager and Area Business Head, West Africa, Mastercard, emphasized the commitment to including MSMEs in the digital ecosystem. The collaboration is set to advance MSME growth, foster economic development, and promote financial inclusion through innovative digital solutions.
