Pan-African B2B commerce platform Boost has with partnered global payments technology company Mastercard to provide digital payment wallets and embedded supply chain finance to empower and expand small businesses in the fast-moving consumer goods (FMCG) sector in Africa.
Founded in 2020, Boost has developed a B2B commerce platform that aims to power growth for millions of retail entrepreneurs in the convenience economy.
The collaboration with Mastercard aims to provide support to distributors, wholesalers, and retailers in the FMCG sector, all of whom will be provided with Boost’s innovative platform as a service to access essential working capital and Mastercard’s acceptance solutions.
Mastercard will enable Boost to offer digital payment and credit solutions to their micro, small and medium enterprise (MSME) customers across their current and future markets, amplifying the company’s impact whilst contributing to Mastercard’s mission of fostering an inclusive digital economy.
This strategic collaboration aims to provide financial institutions with the capability to issue digital payment solutions and expand into the micro-retail space, whilst empowering merchants to digitise payments and access working capital. Furthermore, it will ensure a broader array of FMCG products for consumers with easier product payments through the availability of digital payment solutions.
“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,” said Mike Quinn, co-founder and CEO of Boost.
“We have already proven that Boost’s model can scale widely across, and deeply within, emerging markets by building strong partnerships to digitise 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.”
