Yanick November and his wife have been able to grow their business into a well-groomed empire in Kraaifontein thanks to adopting new fintech innovations.
Kraaifontein, South Africa (07 August 2023) – Yanick November has grown his business into an empire but before he reached his success, he started out by cutting his brother’s hair. Today he owns a thriving barber shop and the beauty salon next door, in his hometown of Kraaifontein; proving that you don’t need to head to the big city to make it big!
Yanick had asked his mother for a loan when he left high school. His dream was to open a business cutting hair and before long, his community were there to support him. Over the years, as his dream has grown, he has become a role model for the young men in the town, showing that dreams come true when you work hard.
Alongside his wife’s nail salon next door, they’ve created a haven for relaxation and laughter. Their businesses are thriving and in order to keep up with the shifting South African financial technology (fintech) innovations, they adapted and brought on the iKhokha’s ‘Tap on Phone’ payment solution. This meant less cash on their premises, making business operations even safer.
Yanick loves his work, and his passion is evident in his successful businesses. Working with iKhokha’s easy payment solutions, he has been able to grow his business and inspire his community to adopt new payment methods too.
Yanick’s business is one of thousands that are adopting new technology and innovation to conduct business. Fintechs in South Africa play a pivotal role in expanding acceptance infrastructure and making financial services available to merchants. It gives them more ways to receive payment and promotes a more accessible way to earn an income.
As Gabriel Swanepoel, Country Manager of Mastercard Southern Africa, says, “Mastercard is effectively a technology company that provides services not just within the payments space, but also focused around payment enablement”.
Co-founder and CEO of iKhokha, Matt Putman shared that around 50-60% of all jobs and 40% of GDP in South Africa come from the small and medium enterprises (SMEs) sector. He notes, however, due to their reliance on cash-based transactions, many SMEs lack a credit track record, which prevents them from accessing working capital to grow.
This is where iKhokha steps in, providing a platform to help formalize these businesses and thereby facilitate their growth. The company’s partnership with Mastercard has multiple facets, including deploying new technology, like ‘tap on phone’, which simplifies card payments by transforming a merchant’s smartphone into a card reader. The partnership also aims to educate grassroots-level entrepreneurs about new technologies and promote acceptance among SMEs.
Fintech tools like this are what is enabling business growth, promoting economic development and financial inclusivity in South Africa. Much like Yanick’s business is now experiencing in Kraaifontein.
Take a look at his inspiring story below.
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