South African eCommerce platform BoxCommerce has partnered with Mastercard to roll out a prepaid Mastercard solution that allows small and medium-sized enterprises (SMEs) on its platform to access their earnings instantly.
The initiative, announced on Mastercard’s website on January 19, marks a strategic shift for BoxCommerce, which has traditionally focused on operating as an eCommerce enabler.
Craig McLeod, chief executive officer of BoxCommerce, said the company is focused on equipping entrepreneurs with practical tools to grow their businesses.
He explained that the partnership with Mastercard allows merchants to reinvest their earnings more efficiently.
Mastercard said SMEs play a central role in South Africa’s economy, accounting for 91 percent of formal businesses, 60 percent of employment and 34 percent of gross domestic product.
Despite their importance, many SMEs continue to face obstacles such as delayed payouts and limited access to financial services.
The prepaid card, available in both virtual and physical formats, gives entrepreneurs immediate access to their earnings, improves cash flow management and enables direct reinvestment into inventory and operations without relying on traditional banking systems.
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The collaboration comes as Africa’s fintech sector continues to expand rapidly.
Makreo Research estimates the sector grew at a compound annual rate of nearly 38 percent between 2021 and 2025, driven by increased adoption of mobile money and digital payments.
Even amid a global funding slowdown, African fintech startups raised $857 million in 2024, with investment activity accelerating in the second half of the year, according to the Africa FinTech Landscape 2024 Year in Review by the Global Finance and Technology Network.
BoxCommerce’s partnership reflects a broader trend across Africa’s fintech ecosystem, where telecom operators, banks and startups are increasingly working with global payment providers to improve access and resilience.
In Kenya, Safaricom’s M-Pesa partnered with PayPal to enable seamless account linking and cross-platform transfers, opening international e-commerce and remittance opportunities for millions of users.
MTN MoMo has also partnered with Mastercard to launch virtual prepaid cards and expand cross-border payment services.
The deal underscores the growing importance of SMEs in Africa’s fintech landscape.
Mete Guney, Executive Vice President for Market Development in Eastern Europe, the Middle East and Africa at Mastercard, said SMEs are vital to their communities and that embedding Mastercard solutions into platforms such as BoxCommerce helps entrepreneurs digitize with confidence and support inclusive economic growth across Africa.
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Image Credit: Africa Fintech Network
