Nigeria Partners with Mastercard to Empower 1 Million African Farmers

By Newsroom

Administrator

Newsroom

Posted: September 27, 2024 at 5:15 pm, Updated: September 27, 2024 at 5:15 pm

Vice President Kashim Shettima

Key Points

Nigeria has partnered with Mastercard to support one million African farmers across Nigeria, Kenya, and Tanzania, focussing on financial inclusion and digital access to essential services, with backing from the African Development Bank (AfDB).
Vice President Kashim Shettima emphasised that this initiative aims to enhance food security and create opportunities for farmers, leveraging Mastercard’s expertise to drive financial inclusion.
The partnership will also address challenges in Nigeria’s digital payment ecosystem, including the introduction of contactless payments, supported by 160 educational seminars starting in February.

Nigeria Partners with Mastercard to Empower 1 Million African Farmers

Nigeria has entered into a strategic partnership with Mastercard to support one million farmers across Africa, with a primary focus on improving agricultural yields and productivity.

The initiative, spanning Nigeria, Kenya, and Tanzania, aims to enhance financial inclusion, digital access to essential services, and support from the African Development Bank (AfDB).

The partnership was formalised during a meeting between Nigeria’s Vice President Kashim Shettima and MasterCard executives at the 79th Session of the UN General Assembly in New York.

Representing President Bola Ahmed Tinubu, Shettima highlighted the initiative’s potential to transform Africa’s food security landscape.

“This partnership is a significant step in our mission for comprehensive financial inclusion and agricultural empowerment,” Shettima said in a statement released by Senior Special Assistant on Media and Communications, Stanley Nkwocha.

“With Mastercard’s global expertise, we are set to create new opportunities for farmers across Nigeria, Kenya, and Tanzania.”

Dr. ‘Bosun Tijani, Nigeria’s Minister of Communications, Innovation & Digital Economy, emphasised the partnership’s goal of providing digital financial access to farmers, which is expected to boost productivity and economic growth in the agricultural sector.

“We are reimagining the agricultural value chain,” Tijani explained. “Every farmer, no matter where they are located, will have access to modern financial tools that can increase their productivity.”

The initiative also addresses issues in Nigeria’s digital payment system, including trust deficits that have hindered widespread adoption of contactless payments. Dr. Tijani announced specific measures to bridge these gaps.

Dr. Folasade Femi-Lawal, Mastercard’s Country Manager for West Africa, revealed that 160 contactless payment seminars are planned for next February, aimed at educating stakeholders and preparing the market for this technological advancement.

This partnership represents a major leap forward in Africa’s agricultural and financial sectors, combining technology with agricultural empowerment to improve food security and livelihoods across the continent.