US-based payment solutions company MasterCard reportedly has introduced a new internet payment service called “SME Online” for small and medium-sized enterprises (SMEs) in Nigeria. The service will provide features including invoice payments, batch payments, recurring scheduled payments and support for virtual terminals and web stores. The service is intended to be compatible with MasterCard’s Internet Gateway Service, a payment system that allows banks to accept transactions without requiring cardholders to be physically present at the time that the payment is initiated. The service will include tools to assist businesses owners in implementing their own web shops with functionality that includes virtual shopping carts, online product catalogues and custom website branding solutions. SME Online users will be able to accept payments from approximately 145 countries.
Headquartered in New York, MasterCard reported total assets of USD 11.2 billion as of June 2012.
By Makai McClintock, Research Associate
About MasterCard
MasterCard is a global payments and technology company that is headquartered in New York, USA. It connects consumers, financial institutions, merchants, governments and businesses in approximately 210 countries and territories. MasterCard’s products facilitate commerce activities such as shopping, traveling, running a business and managing finances. As of June 2012, MasterCard reports total assets of USD 11.2 billion.
Sources and Additional Resources
Ventures Africa Article, “MasterCard Launches Online Payment Solution for Nigerian SMEs,” http://www.ventures-africa.com/2013/05/mastercard-nigeria-smes-business-in-nigeria/
MicroCapital, April 23, 2013, “MICROCAPITAL BRIEF: Nigeria’s Mutual Benefit Assurance Plc. Establishes Microfinance Bank in Effort to Drive Microinsurance,” https://www.microcapital.org/microcapital-brief-nigerias-mutual-benefit-assurance-plc-establishes-microfinance-bank-in-effort-to-drive-microinsurance/
MicroCapital, April 15, 2013, “MICROCAPITAL BRIEF: Nigeria Deposit Insurance Corporation to Bailout Microfinance Institutions, Primary Mortgage Banks,” https://www.microcapital.org/microcapital-brief-nigeria-deposit-insurance-corporation-to-bailout-microfinance-institutions-primary-mortgage-banks/
MicroCapital, December 4, 2012, “MICROCAPITAL BRIEF: Estimate: 90% of Nigerian Microfinance Clients Commit Fraud to Obtain Loans,” https://www.microcapital.org/microcapital-brief-estimate-90-of-nigerian-microfinance-clients-commit-fraud-to-obtain-loans/
MicroCapital, April 7, 2012, “MICROCAPITAL BRIEF: Nigerian Deposit Insurance Corporation (NDIC) Launches Investigation into Managers, Directors of Distressed Microfinance Banks,” https://www.microcapital.org/microcapital-brief-nigerian-deposit-insurance-corporation-ndic-launches-investigation-into-managers-directors-of-distressed-microfinance-banks/
MicroCapital, April 3, 2012, “MICROCAPITAL BRIEF: Nigerian Deposit Insurance Corporation (NDIC) Disburses $12.6m to Depositors of Closed Nigerian Microfinance Banks,”
https://www.microcapital.org/microcapital-brief-nigerian-deposit-insurance-corporation-ndic-disburses-12-6m-to-depositors-of-closed-nigerian-microfinance-banks/
MicroCapital, December 4, 2009, “MICROCAPITAL BRIEF: Microfinance Banks Want In On Central Bank Of Nigeria’s Proposed Bailout Of Commercial Banks,” https://www.microcapital.org/microcapital-brief-microfinance-banks-want-in-on-central-bank-of-nigerias-proposed-bailout-of-commercial-banks/
MicroCapital Universe Profile: MasterCard
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=MasterCard
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