Yoco recently unveiled its latest innovations aimed at helping entrepreneurs not just survive but grow. To unpack some of the technology, tools, and ideas to further empower South Africa’s independent businesses, Clement Manyathela is joined by two of Yoco’s co-founders Carl Wazen and Lungisa Matshoba on 702. Listen to the full conversation below:
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Small businesses, considered the backbone of our economy, have been met with constant turbulence in the current South African economic climate. Since independent businesses employ about 40% of South Africans, many people rely on these up-and-coming enterprises to make a living. Yoco’s insights on over 200 000 merchants give us a deeper look into the woes of these small business owners.
“Our own data shows that 77% of Yoco merchants say that global conflict is affecting their business,” explained Wazen. “More than half of them are feeling less confident than they were at the start of the year, and also half of them are seeing consumers spend less than they were since February.”
Matshoba outlines Yoco’s origins and how integral it is for them to give small businesses the tools to compete and succeed. What started as a way to give entrepreneurs a card payment option is now a smart hub for growing businesses, at a smaller price.
“When it comes down to it, we are the people who pay attention to small businesses,” said Matshoba. “ It’s really about saying, ‘how do we give them an unfair advantage?’”
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Enter Yoco AI
After acquiring Dyner.ai last month, Yoco has revealed its first AI Agent for independent businesses: Yoco AI, which will learn, simplify and provide solutions to everyday business challenges.
“Essentially, it acts as a team of experts that gives you insights that you previously would have had to spend hours or days looking through your data for,” said Wazen.
Yoco AI also unlocks the business’s potential by working alongside various other new features and products:
- Yoco Connect: Brings accounting, e-commerce, bookings, inventory, and loyalty into one place.
- Yoco Loyalty: South Africa’s first broad-based, card-linked loyalty programme for independent businesses, rewards customers automatically every time they tap.
- Yoco Savings: Using AI to set saving goals and create a savings pocket with a realistic plan to achieve them based on business insights.
This embodies Yoco’s belief that such powerful tools shouldn’t be reserved for major corporations because small businesses are the economy in motion.
Learn more about all of Yoco’s latest products and features for your business on Yoco’s official website.
