Mastercard is joining forces with South Africa's Nedbank to deliver free business and financial literacy training to 9000 micro-enterprises via text messages.
Nearly two thirds of informal micro-enterprises say they are not performing well thanks to the Covd-19 lockdown, according to an Ipsos survey.
Mastercard's Center for Inclusive Growth and Nedbank have moved to address the problem by tapping into an automated conversational platform developed by Juntos Global.
The tailored training will be delivered to thousands of people throughout South Africa in weekly modules via SMS, covering a range of topics, including recordkeeping, increasing earnings, and the benefits of digital payments.
Lizzy Mogale, strategy executive and township economy lead, Nedbank retail and business, says: "Digital financial services are a critical tool to grow business, increase revenue and deliver a delightful client experience at lower costs, but lack of access to formal banking tools and understanding of financial products limits small businesses’ opportunity for growth.
"Our collaboration with Mastercard and Juntos is great news for South Africa’s informal traders who are often left on the side-lines of the formal economy."
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