Mastercard partners with fintech SAVA to empower Africa's small business through financial management technology

Mastercard and Johannesburg-based fintech company SAVA have announced a partnership that will support small, medium, and micro enterprises (SMMEs) through innovative payments technology and infrastructure.

Through the partnership, the two entities will provide small businesses in South Africa, Nigeria, Kenya, and Egypt with an online platform, powered by SAVA's payment Transaction System (PTS), that includes digital bank accounts and accounting integration tools, helping them manage their company expenses more efficiently.

SMEs are responsible for 60% of all jobs in Africa and as much as half of Gross Domestic Product (GDP) in some countries. Yet they operate in a cash-based economy, and face a US$330 billion financing gap, according to the World Bank. The collaboration supports and reiterates Mastercard's financial inclusion pledge to bring 50 million SMMEs worldwide into the digital economy by 2025.

"At Mastercard, we are dedicated to harnessing the power of partnerships and deploying transformative technology to build a sustainable future where everyone can thrive. Our new collaboration with SAVA represents an important step in our efforts to support small businesses that are key drivers of economic growth. By deploying the right, efficient technology we continue to boost financial inclusion in Africa and enable SMMEs to reap the full benefits of the digital economy," says Dimitrios Dosis, President, EEMEA, Mastercard.

About Mastercard (NYSE: MA)

Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential.