Mastercard and South Coast Tourism and Investment Enterprise (SCTIE) have signed a Memorandum of Understanding (MoU) to offer business-related benefits to informal traders and Small Medium Enterprises (SMEs) within the KZN South Coast.

The partnership was solidified by an SME engagement with the local business community, which was held at Margate Hotel.

“This MoU signing enables us to provide both informal traders and small businesses with the much-needed access to financial tools that will help them navigate and participate in the digital economy,” said Cuthbert Tembedza, Vice President of Business Development and Government Engagement: EEMEA for Mastercard.

He explained that in 2015 - in the context of the World Bank's Universal Financial Access 2020 initiative - Mastercard committed to providing 500 million so-called “unbanked” individuals with access to the digital economy within the next five years - a target Mastercard achieved in early 2020.

“Following this success, we then decided to double down with new targets and now aim to include a total of 1 billion unbanked and underserved individuals by 2025, while giving 50 million micro- and small merchants the ability to accept electronic payments. We reached 25 million women-owned or led businesses with our programs. Our commitment to financial inclusion has never been stronger and our collaboration with SCTIE is a testament to this,” Tembedza said.

SCTIE CEO, Phelisa Mangcu, added: “This partnership is a game-changer for the KZN South Coast because of the untold yet unrealised opportunities it will bring for both tourism and investment by providing local businesses easier, cost-effective transactional platforms.”

He said: “Our user-friendly platforms, including the Explore KZN South Coast app and Visit KZN South Coast website, are performing well. We are excited to extend its range to include a new booking platform which is set to further connect businesses directly with tourists. This will increase occupancy rates, brand exposure, and interconnectivity.”

Benefits of the Mastercard and SCTIE partnership:

• The joint effort between SCTIE and Mastercard will provide short- and long-term business solutions, including the provision of low-cost acceptance solutions to the SCTIE membership and the local KZN South Coast business community in general.
• Solutions such as Mobile Point of Sales (MPoS), Tap on Phone, and QR Code will ensure that no sales are lost as more domestic and international travelers move away from cash.
• As part of the MoU, SCTIE will also have access to the Mastercard Academy, which is a resource center that provides training solutions to assist SMEs, keeping them up to date on significant changes, industry information, and the latest developments in the world of payments.
• Plans are also underway for SCTIE to utilize the Mastercard Tourism Insights platform which will go a long way in aiding the application of SCTIE resources.