Thursday
December 7
2017

Mastercard unveils mobile order and pay system for Nairobi kiosk owners

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.

Orders submitted via a feature phone helps create a digital record for kiosk owners to get access to micro-loans to stock inventory and grow their business.

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.

Photo courtesy of Neil Palmer.

Source: Finextra (link opens in a new window)

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Inclusive Fintech, Technology
Tags
digital revolution, financial services, fintech, Kenya, Mastercard, microcredit, microloans, mobile banking, mobile finance, mobile money, technology