Payment company, Mastercard has announced over 150,000 Micro, Small and Medium Enterprises (MSME) in Kenya will be given access to Masterpass QR this year.
Masterpass QR is a fast, convenient and secure payment solution for consumers and a reliable and instant acceptance offering for merchants. It doesn’t require cash, as such transactions are much safer for merchants as they won’t carry large sums of cash around with them.
Accessing Masterpass QR will allow the MSME to grow and develop their businesses – Kenya’s Micro and Small Enterprises Authority stated innovative solutions will drive operational efficiency in these businesses.
“Kenyans are entrepreneurial by nature, and there are incredibly exciting business ideas coming from the region. We want to help these business owners to grow and prosper by delivering solutions that meet the needs of these business owners,” said Daniel Monehin, Division President for Sub-Saharan Africa.
The MSME will start accessing Masterpass QR through various financial institutions and other partners in the Kenyan market from February onwards.
This move is part of Mastercard’s global goal of connecting 40 million micro and small merchants to its electronic payments network by the end of 2020. This expands on the company’s Universal Financial Access 2020 commitment made in 2015.
Masterpass QR is currently being rolled out in Nigeria, Ghana, Rwanda, Uganda, and Tanzania and will soon be in a number of countries across the continent.