Mastercard: Collaboration, Innovation Will Shape Nigeria’s Fintech Ecosystem

Emma Okonji

Mastercard, a global technology company in the payments industry, has said industry collaboration and innovation will boost Nigeria’s Fintech ecosystem development and create future opportunities.

The company said this at its 2024 Fintech Forum held in Lagos, where the future opportunities for the Nigerian Fintech ecosystem were discussed by key industry players.

The forum brought together key representatives from the fintech community, commercial banks, microfinance banks, processors, investors, regulators, and the government, to discuss critical developments and trends in the Nigerian Fintech landscape.

The Country Manager and Area Business Head for West Africa at Mastercard, Folasade Femi-Lawal, said: “Mastercard’s Fintech forum has become an avenue to advance discussions on the development of the industry in Nigeria, and we are proud to be the vehicles of this change. The discussions this year underscored the pivotal role of collaboration and innovation in shaping the future of Nigeria’s Fintech landscape. Mastercard remains unwavering in our commitment to power this positive change, offer support, and lead the evolution of the industry.”

The forum also featured a fireside chat titled: “Mastercard’s Role in Fintech Ecosystem Collaboration.”

During the chat, President of Eastern Europe, Middle East, and Africa (EEMEA) at Mastercard, Dimitrios Dosis, said: “Fintechs continue to stand as the trailblazers, pushing boundaries and reshaping industries. Their penchant for innovation is not just transformative, it is also integral to the very fabric of our industry and the broader economy. Mastercard, as a driving force, is proud to champion the pivotal role of Fintechs, recognising their significance in fostering economic progress. As a leading technology provider, we will continue to innovate, and support and collaborate with them to drive locally relevant solutions and initiatives for maximised impact. We’re committed to being the catalyst that propels the ecosystem forward, facilitating a future where technology empowers individuals, businesses, and economies to participate in the global economy.”

During the session, Senior Special Assistant to the President on Innovation, Nasir Yammama, said: “Nigeria’s digital transformation and ever-evolving Fintech and banking landscape presents exciting possibilities. The ongoing innovation boom acts as the cornerstone for advancing digital public infrastructure, fostering financial inclusion, and propelling economic growth. As always, the government remains committed to creating an enabling environment and collaborating with key industry players to drive more impactful innovations and pave the way for a future where every individual and business can thrive in a digital-first global environment through well-informed, inclusive policies and initiatives.”