Kiosk in Nairobi. [Photo/File]
Mastercard has unveiled a digital ordering system that will enable small-scale kiosk owners in Nairobi to order and pay for products from wholesalers via SMS.
The project called Kionect is currently being piloted in Kibera, Kawangware, and Kariobangi in partnership with Kaszkazi, a for-profit wholesaler, and distributor.
The services work in a way that orders submitted via the feature phone help create a digital record for kiosk owners to get access to micro-loans to stock inventory and grow the business.
Diamond Trust Bank is the financial institution in charge of issuing the digital payments between kiosk owners and wholesalers.
"Kiosk owners are the heartbeat of their communities they sought the supplies needed," said Micheal Elliot, Vice-president Mastercard Lab for Financial Inclusion in Nairobi.
"This Mastercard technology opens up a new avenue for micro-retailers to grow their businesses, increase consumer demand, and ultimately contribute to economic development in Africa," he added.