RMB Solutionist Thinking
RMB Solutionist Thinking - Bruce Whitfield and Katlego Maphai

Yoco: Small business' saving grace

RMB Solutionist Thinking is a podcast series hosted by Bruce Whitfield which focusses on great South African minds thinking differently and going against the norm. In this episode in the second series, Whitfield interviews the co-founder and Chief Executive Officer of Yoco, Katlego Maphai.

If there's a business that knows all about the long, gruelling hours that goes into shaping and moulding a small business into a profitable, income-generator, it's Yoco – a South African fintech startup that has positioned itself as a driving force behind starting the difficult process of wealth development within communities.

As it appears, it was written in the stars that Katlego Maphai, an ICT consultant and four friends, would come out of the cell phone industry to solve, what was essentially, a financial services problem for South African small businesses.

We sped things up and we were able to get that on-boarding process down to minutes. You know, you sign up online, We do all the verification digitally in the background in a low-cost way and we ship you the reader within 48 hours.

Katlego Maphai, co-founder and Chief Executive Officer – Yoco

The lightbulb moment? An old childhood friend treated Katlego to lunch in a "hole in the wall" eatery in San Francisco, which appeared to have no cash register at all. It was the type of place that gave him the impression that it was a cash-only place struggling to get by, more than anything else.

But, when the server pulled out an old android device and stuck in a white little dongle that could swipe credit cards, the whole experience seeded an idea that gave birth to an idea that would crack a problem in payments for small businesses.

My perception of her as a merchant had completely changed because she had digitised. So, I had seen the technology but it was only at that moment that I fully understood her impact on small business.

Katlego Maphai, co-founder and Chief Executive Officer – Yoco

Determined to address the pain points that small businesses face when trying to get a card machine, Yoco realised that the problem they were attempting to solve, was more of an access problem than a technology problem or cost problem. Through this realisation, the startup set out to digitise small, fragmented small businesses and help them get access higher spending customers, higher quality customers.

In the four years following its launch, the resilient point-of-sale payment provider has employed over 100 people, signed up close to 40,000 merchants and, has raised over R248 million from local and foreign investors to help small business in South Africa.

Its belief that small business is fundamental to the country's employment is the driving force behind Yoco's role in ensuring that wealth starts to develop within communities.

The smallest investment into the small businesses has a multiplying effect.

Katlego Maphai, co-founder and Chief Executive Officer – Yoco

Recommended

by NEWSROOM AI
Read More
Ermos Nicolaou: Solving problems in babies, even before they are born

Ermos Nicolaou: Solving problems in babies, even before they are born

Quite the unusual Solutionist Thinker, Professor Ermos Nicolaou solves problems that occur before babies are even born.

SA's digital footprint traces back to pioneer, Jason Xenopoulos

SA's digital footprint traces back to pioneer, Jason Xenopoulos

As one of the founding fathers of internet businesses in South Africa, Jason Xenopoulos’ digital rap sheet is longer than most.

Like her wines, this winemaker has flourished in some tough conditions

Like her wines, this winemaker has flourished in some tough conditions

When the story of the winemaker can add as much to wine, as the origin of the grape.

To this solutionist thinker, all-access means success

To this solutionist thinker, all-access means success

William Mapham pioneered Vula Mobile, the app that links healthcare workers with on-call medical and surgical specialists.

Meet the technologist disrupting the freight industry

Meet the technologist disrupting the freight industry

Meet Benji Coetzee, a tech disruptor transforming the face of the male-dominated freight transport industry.

There's a medal haul coming in Tokyo, if this coach has anything to do with it

There's a medal haul coming in Tokyo, if this coach has anything to do with it

Rowing coach Roger Barrow shares his love for winning - especially against better-resourced teams.

Popular articles
Workplace toxicity: In a new exponential world, command and control doesn't work

Workplace toxicity: In a new exponential world, command and control doesn't work

Azania Mosaka speaks to Cycan CEO Bryan Hattingh about the difference between a tough leader and a toxic leader.

What Prince? 'He made it clear that he just wants to be called Harry'

What Prince? 'He made it clear that he just wants to be called Harry'

EWN UK correspondent Gavin Grey says the prince completed his final round of royal duties on Wednesday in Scotland.

Still no mayor for Tshwane after EFF and ANC walk out of council meeting

Still no mayor for Tshwane after EFF and ANC walk out of council meeting

The two parties are persistent with their calls for speaker Katlego Mathebe to resign.

Get moving Joburg – the Discovery 947 Rhythm Run is here!

Get moving Joburg – the Discovery 947 Rhythm Run is here!

Joburg’s hippest race – the Discovery 947 Rhythm Run promises to get people moving in more ways than one.

Budget appeased rating agencies but showdown looms with unions - Karima Brown

Budget appeased rating agencies but showdown looms with unions - Karima Brown

Eusebius McKaiser facilitates a conversation on Tito Mboweni's speech with different pundits.

'Maybe us as guys don't understand how bad gender-based violence is'

'Maybe us as guys don't understand how bad gender-based violence is'

Callers on the open line share stories of how women are living in fear in the country and how bad the situation is.

[WATCH] London underground train singer performing Shallow on Ellen goes viral

[WATCH] London underground train singer performing Shallow on Ellen goes viral

Khabazela shares some of the videos that went viral on Twitter and Facebook.

Unions not happy with Mboweni's announcement to cut public wage bill by 1%

Unions not happy with Mboweni's announcement to cut public wage bill by 1%

Public Servants Association's Reuben Maleka says the government is trying to pit unions against the public.

Wait - why did that debit order go off so early?

Wait - why did that debit order go off so early?

Wendy Knowler, consumer journalist, on Nedbank's early debit orders.

Primedia parts ways with group CEO Omar Essack

Primedia parts ways with group CEO Omar Essack

The company said over the past three years Essack was instrumental in repositioning the business first as CEO of Primedia Broadcasting and then as group CEO.