[ad_1]
Visa has partnered with littlefish, an omnichannel platform that helps financial institutions serve small and medium-sized businesses.
The partnership will support micro, small and medium-sized enterprises (MSMEs) across Africa by streamlining their in-store and online digital experiences, the companies said in a news release provided to PYMNTS on Thursday (October 17).
“Despite the global rise of digital payments, research shows that the majority of everyday transactions in Africa are still carried out in cash, creating a critical need for accessible and efficient digital systems, especially for MSMEs. are highlighted,” the release said.
“Through this partnership, Visa and littlefish offer an unprecedented solution that enables banks and financial institutions to accelerate the digitalization of MSMEs in Africa.”
The solution is a platform that provides merchants with payment solutions across traditional point-of-sale (POS) systems, mobile POS, Tap2Phone, and e-commerce channels, while enabling merchants to streamline their business and expand their market reach. We provide products and services designed to:
Through this partnership, Visa will implement CyberSource solutions for both POS and e-commerce transactions.
“This not only increases the prospects for value-added services such as secure payment processing, but also future opportunities such as further issuance, remittance flows, lending products and loyalty programs,” the release states. . “These services ensure that MSMEs have access to a comprehensive suite of financial tools to help grow their businesses.”
Earlier this week, PYMNTS explored the pressures facing small and medium-sized businesses in a conversation with Elliott Buchanan, president of Priority Tech Ventures.
“Small businesses basically just want to be in control of their business,” Buchanan told PYMNTS. “Control over your business is key to survival, and a lack of visibility into your cash flow can often erode that control.”
These entrepreneurs often struggle with processes that their larger rivals have optimized, from expense forecasting to management to invoicing.
This has resulted in many small and medium-sized businesses (SMBs) operating without a clear picture of their current financial health. You may have no idea how much cash you have on hand, or little visibility as to when your funds will run out. . This lack of clarity creates significant operational risk, especially when combined with the common problem of late customer payments.
“Business owners often receive their paychecks late or at the last minute,” Buchanan explained, highlighting challenges that further impede cash flow predictability.
