Nigeria and Mastercard have entered into a strategic partnership to support one million African farmers, to improve agricultural productivity and yields.
This initiative was disclosed in a statement by Stanley Nkwocha, Senior Special Assistant on Media and Communications to Vice President Kashim Shettima, on Friday.
The agreement was finalised during a meeting between Vice President Shettima and Mastercard executives, held on the sidelines of the ongoing 79th Session of the United Nations General Assembly in New York.
According to Shettima, the project will focus on supporting agricultural workers across Nigeria, Kenya, and Tanzania. The plan emphasised enhancing financial inclusion and providing digital access to essential services, with additional backing from the African Development Bank.
Speaking at the meeting, the Vice President, representing President Bola Tinubu at the global summit, highlighted the initiative’s transformative potential in driving Africa’s food security efforts.
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, highlighted that the partnership aims to provide agricultural workers with digital access to essential financial services.
This initiative, he noted, is poised to significantly enhance productivity and drive economic growth within 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 revealed that the initiative also tackles the current challenges within Nigeria’s digital payment landscape.
“We recognize the trust issues that have slowed the full implementation of contactless payments by certain acquirers and banks. This partnership introduces targeted solutions to close these gaps and drive widespread adoption,” Tijani stated.
Additionally, Dr Folasade Femi-Lawal, Country Manager for West Africa at Mastercard, highlighted that a central focus of the partnership is the deployment 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.
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