Yoco has decreased a process that originally took SMEs weeks to complete down to 10 minutes.

Co-founder and CEO of Yoco, Katlego Maphai, sits down with CNBC Africa to share how they are making card payments easy and accessible, in addition to securing R230mn to innovate SME payment services. 

Maphai shares, it is as simple as going online, paying for the card reader and it is shipped to your door. Majority of the sales interactions are conducted through social media, making the entire process less expensive.

According to Maphai, only seven percent of South African SMEs accept credit card payments, despite a customer card penetration of 75 percent. Lack of prediction on return for SMEs are creating “barriers,” according to Maphai halting their access to card readers.