Financial services firm MobiCash launched a new mobile platform focused on promoting business in the South Africa’s townships.

Dubbed MobiSpaza, MobiCash said the service is “an inclusive business tool that builds bridges between spaza sector stakeholders, such as private corporations, state owned entities, co-operatives and not for profit organisations, and the township communities they serve”.

The term “spaza” refers to a small unofficial store in a township, often based in a private house.

MobiCash said in a statement MobiSpaza was designed to create opportunities for businesses to operate successfully in townships, providing “sector-focused solutions” for solutions and processes driven by mobile payments and spaza banking.

The system includes a remote and proximity payment authentication mechanism for physical goods, and value added services including remittances.

In stores, there will also be built in features to maximise productivity, collective stock procurement, as well as social networking capabilities.

MobiCash South Africa COO Donald Mudenge said the ultimate goal of the service “is to make good and services more affordable and accessible in the townships while giving businesses reason to stay and grow”.

The company said it will also use the initiative to introduce point-based rebates and loyalty systems to spaza shopping.