• MTN has selected fintech firm Payabill as a finance partner for the Xcelerator programme.
• This program looks to give assistance to MTN’s suppliers.
• The programme will see procurement spend increase by R4 billion over the next two years.

As one of the larger corporations in the country, MTN South Africa has announced that it will be injecting more cash into its business enterprise and supplier development initiative, Xlerator.

In this program, MTN South Africa looks to support the businesses it works with through fund injections, training and more. The network operator says that it plans to expand procurement spend in the programme by R4 billion over the next two years.

“MTN Xlerator is a symbol of our unwavering commitment to progress, innovation, and empowerment. We believe in the enormous, unearthed potential within South Africa. At MTN, we believe in the evolution of empowerment and our goal is to transition from a transaction-based supply chain to a values-based one, ensuring everyone enjoys the benefits of a connected world while building a better tomorrow,” MTN South Africa’s chief executive officer, Charles Molapisi said in a statement.

To assist with this increased investment, MTN has chosen Payabill as one of its finance partners for Xcelerator. Payabill is a fintech firm that gives SMEs access to credit where traditional banks and other lenders may not be as willing. The fintech firm aims to assist businesses with revenues of between R500 000 and R30 million with capital, asset finance and more.

“We are excited to have been selected by MTN to partner on its Xlerator programme. Payabill has already paid many suppliers in most sectors chosen by its customers all over the country,” CEO at Payabill, Eli Michal said in a press release.

The CEO says that through Xcelerator, Payabill will be able to reach more SMEs while also improving the service it offers to its existing clients.

“Small businesses are neglected by banks and other lenders due to high perceived credit risk, and associated costs of assessment and collection. SMEs see these lenders as having onerous credit requirements to keep them out. Payabill is different. Payabill is welcoming, quick and easy to deal with and can provide funding in hours due to its bespoke credit methodology,” adds Michal.

SMEs looking to join Xcelerator should head here to submit an application while taking note of the eligibility requirements. Interested businesses should be an existing MTN supplier with a vendor number, be 51 percent black-owned and at least 30 percent of the owners should be black women or youth.