Mastercard and Fintech SAVA Join Forces to Empower SMMEs Across Africa with Digital Solutions

Mastercard, in collaboration with Johannesburg-based fintech firm SAVA, is set to revolutionize payments technology and infrastructure for small, medium, and micro enterprises (SMMEs) in South Africa, Nigeria, Kenya, and Egypt.

The partnership aims to provide SMMEs with an online platform fueled by SAVA’s Payment Transaction System, offering digital bank accounts and integration tools for accounting. In a region where SMMEs contribute significantly to employment and GDP, the initiative addresses challenges posed by operating in a predominantly cash-based economy, with a reported financial gap of $330 billion, according to the World Bank.

The collaboration aligns with Mastercard’s commitment to financial inclusion, with a goal to bring 50 million SMMEs into the digital economy by 2025. The technological solutions provided by SAVA’s platform are expected to streamline financial management for SMMEs, facilitating scalability and operational efficiency.

As outlined in the Mastercard news release, the partnership includes provisions for SMMEs to access virtual and physical cards, allowing budget pre-configuration and management through the SAVA app. The integration with accounting packages will empower SAVA’s customers to oversee and manage employee card expenses, automating reconciliations for enhanced time and cost savings.

Dimitrios Dosis, President, EEMEA, MasterCard, expressed the significance of the collaboration, stating, “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.”

SAVA’s CEO, Kola Olajide, expressed gratitude to stakeholders such as Access Bank and Microsoft, along with the South African Reserve Bank (SARB) for supporting and believing in their vision. SAVA, operating in Kenya and South Africa, envisions a transformative impact on expense management for SMMEs while also providing a centralized solution to control spending and eliminate the need for cash transactions.

The partnership between Mastercard and SAVA reflects a strategic initiative to empower and uplift SMMEs, leveraging digital solutions to drive economic growth and financial inclusion across Africa.