Mastercard unveils mobile order and pay system for Nairobi kiosk owners
Thursday, December 7, 2017
Mastercard today unveiled Kionect, a digital ordering system that empowers small kiosk owners in Nairobi to order and pay for products from wholesalers via SMS.
Kionect is currently being piloted with over 1,000 micro-businesses in three of Nairobi’s informal settlements – Kibera, Kawangware and Kariobangi – in partnership with Kaskazi, a for-profit wholesaler and distributor. Diamond Trust Bank (DTB), a financial institution with operations in Kenya, Uganda, Tanzania and Burundi, is facilitating digital payments between the kiosk owners and the wholesaler, and is also acting as a re-seller of the platform to its wholesale business clients.
Kionect, technology from Mastercard, provides a digital log of transaction data that qualifies these micro-retailers for loans to stock inventory from Musoni, a regional micro-finance provider. With every loan that is paid on time, the kiosk owner has the opportunity to take out a larger loan for a longer term and further contribute to the growth of their business.
Source: Finextra (link opens in a new window)
- Finance, Technology
- fintech, mobile finance