Boost Technology celebrates the opportunity presented by the Innovation Fund grant, enabling it to trial Project IKE in Nigeria before replicating it in Ghana and South Africa.

KoyeOyeyinka, Co-Founder and CCO of Boost Technology, in a stamen said, “Strive Community’s support will allow Boost to design and test a new digital service that empowers micro and small convenience retailers with business insights. The prize will allow us to extend our R&D capacity and accelerate the launch of retailer-facing features to power the growth of our small business users.”

Small businesses, like the ones being supported by Boost Technology’s innovations, are essential agents of inclusive growth, with estimates indicating that 70 per cent of total employment worldwide are provided by small economic units.

“This is even more prevalent in low-income countries, with around 90% of employment stemming from businesses with under 10 employees^[1]. Boost Technology, alongside the seven other awardees, is transforming how small businesses operate – and are supported – in a world that is rapidly digitizing,” the statement said.

The inaugural round of the Innovation Fund awarded seven other innovative, digital, data-first projects from around the globe, totalling $1 million in grants.

The other innovative ideas being supported by the Innovation Fund include creating virtual reality experiences to upskill small businesses in Brazil’s favelas, building positive money habits for individuals and small businesses, and streamlining access to credit for small businesses.

Strive Community is a global programme launched by the MastercardCenter for Inclusive Growth, in partnership with Caribou Digital.

The programme is focused on strengthening the resilience of small businesses and supporting their growth. The Innovation Fund was established to spark truly innovative, digital, and data-first solutions that will boost small businesses’ efforts to go digital.

“Digital technologies are rapidly transforming the way businesses interact with their customers, with their employees, and with a global marketplace,” Shamina Singh, President of the MastercardCenter for Inclusive Growth said.

“These Innovation Fund grantees are all introducing creative solutions that have the potential to not only ease the challenges of digitisation for small businesses but unlock its promise, enabling them to grow and thrive.”