Visa is partnering with Flocash to introduce Flostore to help small businesses across Africa accept digital payments. It will also allow the businesses to manage supplies and access financial services across Africa. The Flostore solution consists of an integration of the Visa digital wallet and Flocash’s pan-African payment platform.
In addition to Flostore, Flocash and Visa will bring the element of analytics, bookkeeping and reconciliation to small businesses. Through Visa’s dynamic underwriting capabilities that include buying now pay later structures.
“Visa is committed to expanding the digitization of payments across Africa. With partners like Flocash, our goal is to enable African businesses to access our payments ecosystem and technologies to enable them to innovatively and efficiently serve their customers. This partnership with Flocash, as well as the launch of Flostore, are important steps towards achieving this goal.”Corine Mbiaketcha, Vice President and General Manager for East Africa at Visa.
SMEs according to the International Finance Corporation (IFC) account for 90% of all businesses in Africa. But they have an annual financing gap of over US $136 billion. A digitized SME sector will unlock the huge market potential of the African continent underpinned by rapid population growth.
Through digitization, SMEs can use their digital footprint to tap into both traditional and alternative sources of funding. To expand commerce while banks lower operating costs as they increase their revenue base. Digitization of the lending process enables banks to streamline their inefficient processes for SME lending and deliver value to their customers. 82% of small and micro business respondents to Visa’s annual outlook survey in 2022 indicated a preference for digital payment options.
With a Flostore Tap2phone, small businesses will be able to turn their existing mobile devices into payment acceptance terminals. Tap2phone is an essential and cost-effective mechanism for developing digital payment infrastructure in developing markets.
“Flocash has grown significantly as a travel payments processor over the last few years. We are thrilled to partner with them to build innovative payment solutions that reduce friction in commerce for merchants in East Africa,” Mbiaketcha adds.
On the other hand, the CyberSource Payment Gateway technology incorporates all the safety protocols in place to give customers peace of mind as they transact online. With a design to provide increased fraud protection, minimize cardholder friction, and increase the completion of sales, leading to a better experience for all parties involved. This helps both merchants and issuers detect and avoid fraud more effectively.
“Visa is a great partner to scale Flocash’s pan-African payment platform and develop this critical area of African commerce that can offer enormous continent-wide economic development opportunities.”Sirak Mussie, Managing Director of Flocash.
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