Inefficient payment systems slowing growth of SMEs

Cross-border payment systems provide poor foreign exchange rates. [iStock]

Poor service provision by payment platforms remains a serious threat to small business success in Kenya and across the globe, a new Mastercard survey has established.

The Borderless Payments Report says the trend is bigger in digital cross-border payments, where about 45 per cent of the small and medium-sized enterprises (SMEs) and 42 per cent of consumers fear they might become victims of fraud.