Co-Founder Of Yoco Carl Wazen Details The Problem That His Start-Up Is Determined To Solve
Co-Founder Of Yoco Carl Wazen Details The Problem That His Start-Up Is Determined To Solve. South African businessman and co-founder of Yoco, Carl Wazen shared the problem that his start-up is determined to solve. In a discussion between the founders, Wazen stated that the problem is that 80% of people have bank cards but only 10% of businesses accept card payments.
He said, “What we noticed when we started to look at the numbers was just the size of the problem, what we noticed was that small businesses and micro businesses which are 99% of businesses in South Africa and actually in most countries, were completely left out of the payments market. So they were over 80% of people in South a Africa had cards and bank accounts but fewer than 10% of businesses in South Africa had card machines, which was a critical part of their business and with more people having cards and not having a card machine meant actually loosing sales. So that problem was huge and required a certain combination of things to fix and that just felt like the right challenge for us.”
The problem that was identified by the founders of Yoco was a very big one as it created a lot of inconveniences for both the businesses and their customers. When a customer didn’t have cash that meant that they could not support the business and this was limiting the growth of the business in terms of sales. Now Yoco is managing to help small businesses maximise each and very sale it gets so that the business can keep growing.
Yoco is an African technology company. The company creates opportunities for entrepreneurs to get paid and be more successful. Every day, the company breaks down barriers and create access so that more businesses can participate in the economy and thrive. It is establishing new markets; building business tools and financial services that work for entrepreneurs. It is making payments accessible for small businesses, often for the first time.
