Kazang Pay, a card acceptance solution serving micro merchants in the informal market, has won the award for ‘most disruptive fintech in the informal economy’ at the Absa Commercial Payments Summit 2024. Kazang is part of JSE-listed Lesaka Technologies, Inc.
This award recognises the fintech that has produced the most disruptive payments technology during the past 12 months, one that has the potential to displace an earlier technology. The aim is to champion technology firms and startups with strong solutions or services that identify a gap in the market or look to improve current ways of working; companies that could well become game-changers.
Kazang Pay impressed the judges with its growth, its success in helping small merchants to digitalise payments, its national footprint and its track record of technology innovation.
Kazang offers merchants an all-in-one device for accepting card payments, providing prepaid value-added services (VAS) and paying suppliers. The company operates a network of over 90,000 devices processing around 3 million transactions daily. Some 50,000 of these terminals are enabled to take card payments, and also enable cardholders to withdraw physical cash.
Kazang Pay makes it affordable for micro merchants to accept card payments, with low acceptance fees as well as free terminal hardware with no monthly rental for those that meet a modest transaction threshold each month. This makes card payments accessible to even the smallest merchants.
The platform also includes a merchant wallet linked to the card terminal. Card transactions are instantly settled into the wallet and merchants can pay suppliers and sell VAS using these funds. This reduces the security risks associated with cash on delivery and gives merchants immediate access to working capital for purposes such as stock purchases.
Kazang Pay conducts face to face onboarding, guiding merchants every step of the process with training to build strong, trusted relationships with vendors. It also employs field marketers and sales team members from the areas they operate in – creating employment and empowering communities.
Martin Wright, CEO of Kazang, says: “We are dedicated to empowering entrepreneurs, particularly in informal, rural, and peri-urban areas, by providing them with the tools and resources they need to thrive in their businesses. A simple and affordable card acceptance solution is a game-changer in the informal economy. It bridges the gap for previously excluded businesses and has the potential to redefine how payments operate in the years ahead.”
Ashley Naidoo, Director of Kazang Pay, adds: “We are driving financial inclusion and digitalisation in the informal market with a POS device that allows merchants to sell prepaid products, accept card payment transactions and make supplier payments on one fintech platform. The goal is to support local businesses and communities, in turn, driving inclusion and economic growth.”
