MasterCard CEO Ajay Banga Applauds Cashless Nigeria Policy

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. 

  MasterCard CEO Ajay Banga addresses high ranking Nigerian officials and bankers at a Cashless Conver ...  

MasterCard CEO Ajay Banga addresses high ranking Nigerian officials and bankers at a Cashless Conversation in the capital Abuja (Photo: Business Wire)

  

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.” 

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. 

  •   Guaranty   Trust Bank had taken the early technology adopter position by   aligning with MasterCard to promote electronic payments, ensuring that   every individual customer had been issued a MasterCard Debit card for   electronic card payments.
  •   MasterCard recently introduced Corporate Payment Solutions (CPS) to Zenith   Bank corporate customers allowing them to streamline their   processes for authorizing, monitoring and reconciling corporate   expenditure.
  •   United   Bank of Africa (UBA) recently started offering MasterCard Debit   cards to their customers offering them the convenience of one card   that they could use in Nigeria and overseas for their purchases and   payments.
  •   Stanbic   IBTC Bank has taken the Cashless Nigeria drive to new heights by   discontinuing the sale of Personal Travel Allowance and Business   Travel allowance in their branches. Customers are required to use   their MasterCard Debit cards for all their international purchase and   payment needs.
  •   MasterCard certified Unified   Payments Services Limited as a third-party processor in 2012,   making MasterCard the first payment brand in Nigeria to have up to   three third-party processors which aligns to the CBN’s drive towards   liberalization in the card processing space and interoperability.
  •   As part of its holistic strategy, MasterCard has created a platform   through which knowledge is shared and gained during bank and merchant training   workshops. These sessions focus on card acceptance best practices,   card security, fraud identification and management with an overview of   cardholder support. The platform has allowed for the further   development of meaningful relationships with influencers across a   variety of industries.
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“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,” said Banga.” 

About MasterCard 

MasterCard (NYSE: MA), www.mastercard.com,is a global payments and technology company. It operates the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews, join the discussion on the Cashless Conversations Blog and subscribe for the latest news