The rapid evolution of the payments landscape in Nigeria was highlighted as a global success story by Ajay Banga, the President and CEO of MasterCard Worldwide, at an address to Central Bank of Nigeria(CBN) officials and other Nigerian officials and business leaders. Banga was on a visit to Nigeria as part of a week-long trip across Africa. The introduction of the CBN’s Cashless Policy was acknowledged as being the driving force behind this evolution. “MasterCard’s close collaboration with the CBN and other stakeholders in Nigeria has proved that collaboration between public and private sector organizations is the key to driving meaningful change in any economy,” said Banga.
Banga noted that Nigeria has witnessed a remarkable reform in its electronic payments sector over the past two years, with financial institutions, businesses, merchants and consumers showing a keen willingness to adopt electronic payments. “The CBN’s Cashless Policy, and the solutions created to achieve its goals, is viewed with global interest as a benchmark in driving financial inclusion in emerging markets,” he added. “The modernization of the payments industry, driven by local government, will positively impact economic growth in Nigeria by helping to eliminate inefficiency, corruption and fraud, which are issues faced by all cash-dependent economies.”
Along with the Central Bank of Nigeria, MasterCard plays a central role in the country’s cashless society policy. MasterCard’s multifaceted approach to supporting the move to electronic payments includes continuous engagement with the Nigerian government and a number of collaborations with financial institutions and merchants to educate consumers on the benefits of electronic payments.
Banga added that it is this approach and the strong relationships that MasterCard has built with all stakeholders, combined with the shared vision of creating a Cashless Nigeria, that has contributed to MasterCard’s success in the country, and what will continue to do so. “MasterCard is dedicated to Nigeria, a priority market for MasterCard’s global business strategy, and we remain committed to delivering a world beyond cash by introducing product innovation and working alongside all stakeholders.”
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