TechInAfrica – South African Point of Sale payments provider, Yoco, has announced that it already hits 50,000 milestones of its customer base. Alongside the announcement of the milestone, the company also announces the launch of the Yoco Go, a card machine aims at previously underserved small businesses with no access to card payment and Point of Sale technologies.
The launch takes place in Johannesburg, South Africa done by Yoco’s founders. Since its inception in 2015, Yoco has experienced rapid growth as noted by its founders. Currently, it has partnered with around 500 merchants who utilize the platform.
Katlego Maphai, Co-Founder and CEO of Yoco stated, “Yoco’s focus as a technology company is on opening commerce by enabling entrepreneurs to get paid, run their businesses, and grow. We ultimately want people to thrive by being able to concentrate on what they do best.”
He continued, “A year ago, Yoco had a customer base of 27,000 merchants. After announcing our Series B funding, our mission intensified to improve access to underserved small businesses by growing our customer base nationwide and investing heavily in product development and scalability. In a market estimated to be more than one million small businesses, we are delighted to announce that Yoco’s customer base reached 50,000 merchants last week. Alongside this, we are processing R6bn in card transaction volume annualized.
“We are also excited to launch the Yoco Go card machine, which will radically lower barriers to entry for small businesses,” he continued. “The device will bring tap payments to all, allowing merchants to accept card payments with a fully-featured, safe, fast, and tap-enabled card machine for less than half the price of alternatives.”
In South Africa, there are currently upwards of 350,000 Point of Sale systems, yet the recent trend sees that only 7% of businesses accept card payments in which mostly at a small business level.
The launch of the Yoco Go is part of the company’s strategy to increase its merchant base over the next 12 months. The company hopes that the solution will encourage entrepreneurship and people to start the movement that can drive the economic growth in South Africa.
“We are now in a position to provide an even broader base of small business owners with access to payment technologies never before affordable to them,” Maphai concluded.