Nigeria Seeks Mastercard’s Assistance in Developing a More Inclusive Economy

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Nigeria’s government is keen on advancing its agenda for a more inclusive economy following a meeting between the country’s Vice President and the Chief Executive Officer for Mastercard, a leading technology company in the global payments industry.

Nigeria’s Vice President Prof. Yemi Osinbajo, this week met with Mastercard President and CEO, Mr. Ajay Banga during a private get-together in which the two discussed the importance of developing a digital framework for Nigeria.

The framework is aimed at supporting the country’s ongoing transformation, thereby ensuring the development of a more inclusive economy.

At the meeting, Vice President Osinbajo said he recognized the critical role of technology in driving Nigeria’s development, to help enable the country to benefit from the expansion of consumer and business spend as cities become hubs for commerce.

On his part, Mr. Banga spoke of the company’s investment into the sector with the launch of Masterpass QR, a new electronic payment option that lets customers pay for goods and services from their mobile phones.

The service aims to help local businesses overcome growth barriers prevalent in the sector.

Mr. Banga further highlighted the role that technology and innovation is playing in driving new opportunities to enable diversified economic growth, a point that resonates with the government’s development goals. W

With half of the population residing in cities and generating more than 60%of the country’s GDP, it will be vital to find efficient ways to serve the growing demand on services and infrastructure.

Current estimates predict that by 2035, close to 30 million people are likely to live in Lagos, turning it into the largest megacity on the continent.

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