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Mastercard and MTN Group Fintech join forces to digitize small businesses in Africa
The Mastercard Center for Inclusive Growth, in partnership with MTN Group Fintech and Arifu, is transforming the digital landscape for nearly one million small businesses in Côte d’Ivoire and Uganda. Through the innovative MoMo Coach chatbot, this initiative aims to digitize business operations. It will also expand the use of digital financial services, and unlock access to digital marketplaces.
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As part of Mastercard’s global Strive initiative, the program is designed to boost the resilience and growth of small businesses. It offers free digital skills training and is already available in Kenya and Nigeria. The Strive initiative disseminates chatbot-ready business-building content. All of these are tailored to meet the unique challenges of small businesses in sub-Saharan Africa.
Tackling Barriers to Digital Adoption
Small businesses in sub-Saharan Africa have faced significant hurdles in adopting digital tools, particularly following the pandemic.
- Digital Tool Adoption Rates: As of December 2022, only 27.65% of businesses in the region had adopted digital tools, a modest rise from 19.44% in August 2020.
- Key Challenges: Limited access to relevant skills, financial services, and digital tools continues to impede their growth.
The MoMo Coach chatbot, powered by Arifu’s Grasp Platform, addresses these barriers by delivering free, accessible micro-learning content across widely-used messaging platforms like WhatsApp, Telegram, Facebook Messenger, SMS, and MTN’s MoMo app.
Empowering Businesses with Practical Solutions
The program equips small business owners with essential skills and tools, helping them:
- Adopt digital tools for streamlined operations.
- Access capital for sustainable growth.
- Engage in digital marketplaces for increased visibility and sales opportunities.
According to Subhashini Chandran, Senior Vice President of Social Impact for Mastercard Center for Inclusive Growth:
“Small businesses are vital to Africa’s growth. By equipping nearly one million entrepreneurs with digital skills, we’re enabling them to thrive in an increasingly digital economy and fostering a resilient, inclusive regional economy.”
Scaling Success Across Africa
The program has already made a significant impact:
- Reached over 930,000 MTN customers, merchants, and agents in Côte d’Ivoire and Uganda.
- More than 75,000 small business owners have accessed free digital courses.
- Over 45,000 entrepreneurs actively engage with the MoMo Coach chatbot.
Courses like “How to Start Your Business,” “Money Management,” and “Grow and Secure Your Business” address critical challenges such as affordability and access to relevant business knowledge.
Real-Life Impact: Aminata’s Story
Aminata, a 31-year-old business owner from Gôh-Djiboua, Côte d’Ivoire, highlights the transformative power of MoMo Coach.
“There’s a lot of competition, but MoMo Coach helps me sell better. I’ve learned to split my profits for business growth, expenses, and savings. My income has increased, especially since I started using WhatsApp to sell more effectively.”
A Vision for Inclusive Growth
Serigne Dioum, CEO of MTN Group Fintech, underscores the program’s broader vision.
“Empowering small businesses with digital skills is key to driving inclusive growth in Africa. Through MoMo Coach, we are unlocking opportunities for entrepreneurs to thrive in the digital economy, strengthening communities, and shaping the future of business across the continent.”
As Mastercard, MTN Group Fintech, and Arifu continue to scale this initiative, they are driving forward Africa’s digital transformation, fostering inclusive growth, and positioning small businesses for long-term success.
