Mastercard Teams Up With Unilever to Launch Digital Lending Platform For Kenyan Entrepreneurs

On Tuesday, Mastercard announced it was extended its strategic partnership with Unilever to launch a new digital lending platform specifically for Kenyan entrepreneurs. While sharing details about the platform, Ajay Banga, President and CEO of Mastercard, stated:

“Micro and small businesses are the economic backbone of communities around the world. There’s an opportunity to set these businesses up for long-term growth by bringing together the tools and data from different industries to change the model of small business financing. We invite other companies and private sector leaders to join us in this collaborative approach and create a true network effect that will bring down barriers and trigger change.”

Paul Polman, Chief Executive of Unilever, also commented:

“Financial inclusion is a key enabler of the 2030 Sustainable Development Goals – lifting individuals out of poverty and supporting overall economic growth. By broadening our collaboration with Mastercard, working across sectors and including additional private and public partners, we are further expanding the positive impact of financial and economic inclusion.”

Mastercard and Unilever will be working with Kenya Commercial Bank (KCB) to help companies receive the funding their need. A credit line from KCB is provided through a secure Mastercard digital payment solution. KCB Group CEO and MD, Joshua Oigara, added:

“We see this partnership as a big plus in boosting our role as catalysts of trade and doing business in East Africa. This is part of our commitment to simplify and transform the lives of our customers to enable their progress. The retailers can now access their credit using their mobile phones without the need to issue physical plastic cards. Following a successful deployment in Kenya, we will be rolling out the same to the regional markets we are in as we support the growth of value chains, small, medium and micro enterprises.”

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