MasterCard forum: Stakeholders seek collaboration among players in fintech for economic growth


By Juliet Umeh


The stakeholders who attended MasterCard financial technology, Fintech, forum have called for inclusiveness and collaboration in order to drive economic growth in Nigeria.

The experts noted that innovative partnerships between financial institutions will enhance efficiency across all sectors thereby impacting Nigeria’s economic development.

According to the industry players, there is need to sustain investment in the industry, with the Nigerian fintech sector witnessing a remarkable surge, receiving over $1 billion in the last two years alone – more than triple the industry’s total figure and accounting for more than one-third of the $2.7 billion invested in African fintech since July 2021.

Deliberating on a topic: “Digitization and its role in Nigeria’s economic development”, during a panel session, the speakers emphasized on the importance of balancing innovation and inclusivity to maximize its impact on Nigeria’s economic development.

Senior Special Assistant to the President, Innovation, said: Nasir Yammama, “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.”

Earlier, the event featured a fireside chat with a title: “Mastercard’s Role in Fintech Ecosystem Collaboration”.

President of Eastern Europe, Middle East, and Africa, EEMEA at Mastercard, Dimitrios Dosis, during the discussion said: “Fintechs continue to stand as the trailblazers, pushing boundaries and reshaping industries. Their penchant for innovation is not just transformative; it is 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, recognizing 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 maximized 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.”

Also, Division President, Mastercard Sub-Saharan Africa, Mr. Mark Elliott, emphasised the importance of the fintech industry and highlighted the significance of inclusive innovation and collaboration in driving sustained economic development.

Elliott said: “Mastercard is providing fintechs with the tools, resources, and support they need to thrive in the ever-evolving digital economy. Whether it’s through innovative solutions or strategic partnerships with key players in the industry, Mastercard has demonstrated its commitment to shaping the future of fintech and contributing to the growth and success of the broader ecosystem.”

Meaning in her speech, 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.

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