MasterCard and Grooming Centre have signed a Memorandum of Understanding (MoU) to extend electronic payment solutions to 500,000 Micro, Small and Medium enterprises (MSMEs) in Nigeria.
Under the MoU, the Grooming Centre will pre-load the funds onto MasterCard prepaid cards enabling business owners to have access to their money. As compared with the existing method of giving out loans in forms of cash or cheque, business owners can now withdraw at any ATM or pay for goods and services at merchants that accept MasterCard payments in Nigeria and in over 210 countries globally.
Grooming Centre is a microfinance organisation that offers financial services in terms of affordable loans to women-owned small and medium scale businesses.
“There are a huge number of MSMEs that do not have access to any form of formal financial tools or services. Through the provision of electronic payments, these business owners will enjoy more convenient access to capital, be able to better manage and track their spending, save for future needs and protect themselves against unforeseen risks,” says Godwin Nwabunke, Chief Executive Officer of Grooming Centre.
“Through this partnership, we will enable financial inclusion in communities where consumers have largely been unable to use formal payment products and have had to rely on cash,” says Omokehinde Ojomuyide Vice President and Area Business Head for West Africa, MasterCard. “These payment solutions will help these MSMEs reduce the amount of cash they currently handle, increase sales, and improve cash flow while making it easier and safer for their customers to pay.”
MasterCard and Grooming Centre will also collaborate with several other financial institutions to rollout payment devices including Mobile Point of Sale terminals, enabling these MSMEs to accept debit, prepaid and credit cards for the first time.
Visit the website www.grromingcentre.org.
