It is widely known that supporting small businesses is one of the key sources for economic growth and community development, but a lot of small businesses usually lack the access to resources and knowledge that they need to grow their business beyond the survivalist stage or even to improve trade with their existing customers.
This lack of access restricts thousands of small businesses to informal markets, therefore resulting in high failure rate. According to the South African Department of Trade and Industry, only two out of seven small businesses survive beyond their third year. This is a very worrying figure especially in a country that has a high unemployment rate and ever-growing socio-economic challenges.
Now, South African small business owners will be able to access new markets as well as process card payments on the go. Kuba & Yoco, two tech start-ups based in Cape Town with a focus on small business owners, have joined forces to connect South Africa’s most marginalised small business owners with smart technologies that will help them improve their day-to-day operations.
Kuba is a digital platform that connects small business owners to opportunities around them. Yoco provides hardware and software that allows small business owners to process card payments anywhere in South Africa. Small business owners can register as Vendors on Kuba here as well as apply for the card processing machine here
“We will be able to reduce South Africa’s unemployment rate much faster if small business owners in our communities have the necessary tools to help them access new markets, but as well improve how they trade” say Jacques Sibomana, Kuba founder.
With over three million small business owners across South Africa, with a potential to each employing one individual, partnerships such as this between Kuba and Yoco are needed, for their potential impact towards socio-economic development.