Visa has entered into a strategic partnership with littlefish, an innovative omni-channel platform based in South Africa that provides financial institutions with a suite of business solutions aimed at empowering small business customers. This collaboration is set to enhance the digital experiences of micro, small, and medium-sized enterprises – MSMEs in South Africa by streamlining both in-store and online operations through advanced business solutions and value-added services.
Addressing the Cash-Dominated Economy
Despite the global surge in digital payments, many transactions in Africa still rely heavily on cash. This reality highlights a pressing need for accessible and efficient digital payment systems, particularly for MSMEs that often face challenges in adapting to new financial technologies.
Empowering Financial Institutions
Through this partnership, Visa and littlefish will introduce a groundbreaking solution designed to empower banks and financial institutions in driving digital enablement for MSMEs across Africa. The platform offers a comprehensive range of payment solutions, including traditional point-of-sale (POS) systems, mobile POS, Tap2Phone, and e-commerce channels. Additionally, it incorporates various products and services to help businesses optimize their operations and expand their market reach.
Meagan Rabe, Head of Fintech for Visa in Sub-Saharan Africa, commented, “This unique partnership enables us to offer MSMEs a seamless way to enhance their operations with a full-stack offering. We are excited about creating opportunities for businesses to leverage technology and innovative solutions.”
Strengthening Value for Acquirers
The collaboration enhances the value proposition for acquirers by providing powerful, value-added services that drive growth for small businesses while delivering a complete solution to streamline their operations.
Brandon Roberts, Co-Founder and CEO of littlefish, expressed enthusiasm about the partnership: “We are thrilled to collaborate with Visa to transform how small businesses operate. Our joint efforts will deliver a seamless, cost-effective digital platform that empowers financial institutions to support sustainable growth in the MSME sector.”
Expanding Reach Across Africa
With a robust client base in South Africa that includes major financial institutions, littlefish is well-positioned to scale its operations into Central and Eastern Europe, Middle East, and Africa (CEMEA).
By integrating with Visa’s CyberSource system, this partnership aims to facilitate digital transformation for millions of MSMEs, ultimately driving growth in the sector while enhancing commerce efficiency.
Comprehensive Financial Tools for MSMEs
As part of this collaboration, Visa will implement its CyberSource solution for both POS and e-commerce transactions. This integration will enhance prospects for value-added services such as secure payment processing while also opening doors for future offerings like remittance flows, lending products, and loyalty programs.
These initiatives ensure that MSMEs in South Africa have access to a full suite of financial tools necessary for business growth.
EIB Global and KCB Bank Sign a €230 Million Deal for SMEs, Youth, and Women