Though the financial sector is already digitally transforming, there are still some barriers to progress, which include a preference for cash — often in areas where there is limited infrastructure. It is important to note that access to the internet and data is a critical enabler for adoption of digital financial services. Digital inclusion is a prerequisite for financial inclusion.
easily set up an online store with billing facilities and accept a range of payments. It's the first service of its kind to be offered to SMEs by a financial institution in SA. Access to credit is also a major paint point in Sub-Saharan Africa, with SMEs facing a huge finance gap of $330bn, according to the World Bank.
Kasha has a long legacy of collaboration with Mastercard, having joined its Start Path engagement programme in 2019. Yet farmers face significant challenges, including limited access to markets, access to working capital to secure quality seeds and pesticides, and access to relevant financial tools to pay and get paid efficiently.
Across Africa, Farm Pass has helped nearly 1-million smallholder farmers access better prices to date. It is transforming agricultural ecosystems and connecting farmers to the formal financial system, also providing them with a digital record that could support future loan applications. During the pandemic, farmers were able to sell produce at 25%-50% higher prices by connecting directly with buyers in Farm Pass, even though local markets were closed.
MastercardMEA They are now scared of Chinese Union Pay and Indian Rupay.