According to bank wesbite, Yoco Technologies Pty. Ltd. is a mobile-point-of-sale (mPOS) company targeting South African (M)SMEs established in 2013. The company works with acquiring banks to enable small businesses to accept digital payments via cards and electronic payment platforms. Yoco sells the mPOS devices to merchants and then earns revenue in the form of transaction fees thereafter. Yoco also offers clients an electronic portal to manage inventory & transactions and a lending product for its clients thus enabling access to working capital loans.
Yoco is seeking to fill the “acceptance gap” in South Africa, pushing the country towards a more digital and thereby inclusive economy in the process. The acceptance gap is unique in sub Saharan Africa and relates to the fact that a large number of consumers have a credit/debit card or mobile wallets, but not many merchants accept them yet. Yoco is a catalyst for the new digital economy which brings in efficiency, safety and transparency in daily commerce.
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