Mastercard and SAVA have announced a partnership that will support MSMEs in Africa through innovative payments technology and infrastructure. Through the partnership, the two entities are set to provide small businesses in South Africa, Nigeria, Kenya, and Egypt with an online platform, powered by SAVA’s Payment Transaction System (PTS).

This would include digital bank accounts and accounting integration tools, helping the MSMEs manage their company expenses more efficiently. As stated in the official announcement, SMEs are responsible for 60% of all jobs in Africa and as much as half of Gross Domestic Product (GDP) in some countries. Yet they operate in a cash-based economy and face a USD 330 billion financing gap.

The collaboration supports Mastercard’s financial inclusion pledge to bring 50 million SMMEs worldwide into the digital economy by 2025. SAVA seeks to simplify financial management for MSMEs and helps them scale their business operations. As part of the agreement, the fintech player will provide the MSMEs with virtual and physical cards where budgets can be pre-configured and managed via the SAVA app.

By integrating the offering with their accounting packages, SAVA’s customers will be able to control and manage spend on their employee cards and save time and money by automating reconciliations. In addition to addressing pain points around expense filing and management experienced, SAVA can be used to issue physical cards for shoppers and control spending from a central dashboard, eliminating the need for cash transactions.  Moreover, SAVA customers will be able to manage spending across different platforms accessing an array of financial services. About SAVA Based in South Africa, Sava is a spend management platform that aims to simplify and streamline spending by integrating all financial operations into one platform.

Its system offers transparent tracking, embedded expense policies, and digital solutions that eliminate manual processes, providing a clear overview of company spending and helping to reduce inefficiencies. With Sava's embedded expense policies and approval mechanisms, users can set clear spending limits for thier team. Additionally, its transparent tracking system will notify of any discrepancies, ensuring that budgetary controls are upheld and unauthorised spending is minimised.

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