MasterCard and Grooming Centre to Extend Electronic Payments to Micro, Small and Medium Enterprises in Nigeria

MasterCard and Grooming Centre have today signed a Memorandum of Understanding (MoU) that will see electronic payment solutions extended to 500,000 Micro, Small and Medium Enterprises (MSMEs) in peri-urban and rural parts of Nigeria.

Grooming Centre is a Nigerian micro-finance organization that seeks to address the gaps in financial services by providing affordable loans to women-owned MSMEs. Up until now, Grooming Centre disbursed these payments by cash or cheques, which are less efficient than electronic means.

Under the MoU, the Grooming Centre will pre-load the funds onto MasterCard prepaid cards. Business owners can use their cards to withdraw funds at millions of ATMs or pay for goods and services at merchants that accept MasterCard payments in Nigeria and in over 210 countries globally.

Grooming Centre is a Nigerian micro-finance organization that seeks to address the gaps in financial services by providing affordable loans to women-owned MSMEs. Up until now, Grooming Centre disbursed these payments by cash or cheques, which are less efficient than electronic means.

Under the MoU, the Grooming Centre will pre-load the funds onto MasterCard prepaid cards. Business owners can use their cards to withdraw funds at millions of ATMs or pay for goods and services at merchants that accept MasterCard payments in Nigeria and in over 210 countries globally.