Nigeria and the American multinational payment card services corporation have signed a partnership deal to support one million African farmers.
The deal was sealed during a meeting between Vice President Kashim Shettima and executives of Mastercard Corporation on the sidelines of the ongoing 79th Session of the UN General Assembly in New York.
The project was designed to support one million agricultural workers across Nigeria, Kenya and Tanzania, with a focus on enhancing financial inclusion and digital access to critical services, as well as support from the African Development Bank (AfDB).
A statement by the Senior Special Assistant to the Vice President on Media and Communications, Stanley Nkwocha, said while speaking during the meeting, the Vice President who is representing President Bola Tinubu at the annual global event noted that the initiative has transformative potential for Africa’s food security drive.
He said, “This partnership is an important milestone in our quest for comprehensive financial inclusion and agricultural empowerment.
“By leveraging Mastercard’s global expertise, we’re set to create unprecedented opportunities for farmers across Nigeria, Kenya, and Tanzania.”
Earlier, the Minister of Communications, Innovation & Digital Economy, Dr. ‘Bosun Tijani, explained that the partnership will provide digital access to critical financial services for agricultural workers, which he said is expected to significantly boost productivity and economic growth in the sector.
“We’re not just introducing new technologies; we’re reimagining the entire agricultural value chain. Our goal is to ensure that every farmer, regardless of their location, has access to modern financial tools”.
He disclosed that the initiative also addresses existing challenges in Nigeria’s digital payment ecosystem.
“We’re aware of the trust deficits that have hindered the full activation of contactless payments by some acquirers and banks. This partnership includes specific measures to bridge these gaps and ensure widespread adoption,” Tijani added.
Also, the Country Manager for West Africa at Mastercard, Dr. Folasade Femi-Lawal, said a key component of the partnership is the rollout of contactless payment systems.
“We’re planning 160 contactless payment seminars starting next February. These seminars are crucial in educating stakeholders and preparing the market for this technological leap,” he stated.
