In a notable celebration of Nigeria’s vibrant financial technology ecosystem, Mastercard convened key stakeholders at its Fintech Forum on March 20, 2024. The event underscored the leading payments technology company’s ongoing commitment to nurturing the growth and development of the fintech landscape in Nigeria.
Bringing Together Industry Stakeholders
The forum, increasingly regarded as one of the industry’s premier tech gatherings, brought together representatives from various sectors including fintech, commercial banks, microfinance banks, processors, investors, regulators, and the government. This diverse assembly aimed to discuss critical developments and trends in the Nigerian fintech landscape, highlight Mastercard’s contributions to the ecosystem, and identify potential opportunities for further growth and collaboration within the industry.
Fintech’s Transformative Role
Fintech companies have been instrumental in revolutionizing various industries, offering locally relevant solutions, enhancing financial inclusion, and fostering innovative partnerships. The transformative impact of fintech is evident in the significant investment it has garnered, with the Nigerian sector alone receiving over $1 billion in the past two years, marking a substantial surge.
Mastercard’s Leadership and Vision
Folasade Femi-Lawal, Country Manager and Area Business Head for West Africa at Mastercard, expressed pride in the role Mastercard plays in advancing the Nigerian fintech industry. She emphasized the pivotal role of collaboration and innovation in shaping its future, reaffirming Mastercard’s unwavering commitment to driving positive change and leading the industry’s evolution.
Championing Fintech Collaboration
A fireside chat titled “Mastercard’s Role in Fintech Ecosystem Collaboration” featured Dimitrios Dosis, President of Eastern Europe, Middle East, and Africa (EEMEA) at Mastercard. Dosis highlighted fintechs as trailblazers in reshaping industries and emphasized Mastercard’s dedication to championing their role through collaboration and support, driving locally relevant solutions for maximum impact.
Panel Discussion on Digitization and Economic Development
The event also featured a panel session titled “Digitization and Its Role in Nigeria’s Economic Development,” where speakers explored the significance of digitization in enhancing efficiency across sectors and fostering economic growth. Nasir Yammama, Senior Special Assistant to the President, Innovation, reiterated the government’s commitment to creating an enabling environment for digital transformation and collaboration with industry players.
Closing Remarks and Future Outlook
Mark Elliott, Division President, Mastercard Sub-Saharan Africa, concluded the event by emphasizing Mastercard’s commitment to empowering fintechs and driving inclusive innovation in the digital economy. He highlighted the importance of collaboration and inclusive policies in sustaining economic development.
A Shared Vision for the Future
The Fintech Forum not only celebrated achievements in Nigeria’s fintech sector but also revealed a shared vision among industry leaders for a future characterized by strategic collaboration, innovation, and widespread financial inclusion, both domestically and globally.
Source: Mastercard