MTN SA partners with local fintech lender
MTN SA has selected fintech lender Payabill as one of the finance partners for its Xlerator programme.
This, as the telephony group – through its enterprise supplier development (ESD) programme – plans to up its procurement spend by R4 billion over two years, with 51% black-owned small, medium and micro enterprises (SMMEs).
In a statement, Payabill says it will feature alongside other selected lenders and banks in MTN’s programme.
Eli Michal, CEO of Payabill, comments: “We are excited to have been selected by MTN to partner on its Xlerator programme. Payabill has already paid many suppliers in most sectors chosen by its customers all over the country.”
Payabill is a 100% digital lending business that provides working capital and trade finance to small businesses.
The fintech lender targets SMMEs with annual revenue between R500 000 and R30 million, giving them working and other capital to grow their businesses. It also offers various forms of finance, including local and international trade finance, as well as asset finance.
As part of the arrangement, Payabill will actively introduce and enhance the opportunities of its qualifying clients to the MTN Xlerator programme.
The MTN ESD programme is open to SMMEs that have been in operation for at least six months, are at least 51% black-owned, with 30% ownership by black women and black youth, and commercially sustainable businesses with audited financial statements.
MTN SA CEO Charles Molapisi comments: “MTN Xlerator is a symbol of our unwavering commitment to progress, innovation and empowerment. We believe in the enormous, unearthed potential within South Africa.
“At MTN, we believe in the evolution of empowerment and our goal is to transition from a transaction-based supply chain to a values-based one, ensuring everyone enjoys the benefits of a connected world, while building a better tomorrow.”
Michal adds: “We take risk where it matters − at the coalface of SA’s businesses − by helping smaller businesses that have little security and struggle to get funding. We pay suppliers when sales aren’t yet guaranteed and take risks where no one else would consider it.
“We are intent on helping those businesses locked out of the market at a time when SA businesses need all the support they can get.”
To apply for the MTN Xlerator, click here.