MasterCard and Unilever have reached a strategic partnership to launch joint initiatives targeted at empowering small and micro businesses in emerging markets.
As per the agreement, technology resources will be utilised to drive inclusive growth at greater scale.
To achieve this objective, Unilever’s network of distributors in developing countries will be fine tuned with digital payment and acceptance solutions from MasterCard.
MasterCard and Unilever will look at ways to enable better access to formal financial tools for smaller retail outlets while also developing entrepreneurship capacity, particularly for women and girls.
Both companies will also concentrate to strengthen the use of electronic payments across both wholesale and retail locations.
MasterCard president and CEO Ajay Banga said: “Too many small merchants and micro entrepreneurs are stuck, like their customers, in a cash economy that doesn’t work for them.
“With Unilever, we can bring a unique combination of technology and know-how to help these shop owners build a better future and serve their customers who are themselves on a path towards financial inclusion.”
Initially, MasterCard and Unilever have started their first pilot project in Kenya to enable sustainable growth of small retail entrepreneurs.