MasterCard President lauds Nigeria cashlite policy

Visit: Ajay Banga, MasterCard Worldwide President and CEO, right, with 

Nigeria's Minister of Finance Dr. Ngozi Okonjo-Iweala, center, Michael Miebach,

 President, Middle East and Africa for MasterCard Worldwide, left, and 

Omokehinde Ojomuyide, country manager, West Africa, MasterCard Worldwide,

 at a meeting in Abuja during Mr. Banga’s official tour of Africa.

President and chief executive officer, MasterCard Worldwide, Mr Ajay Banga, has lauded the cashlite policy recently introduced by the Central Bank of Nigeria (CBN).

Speaking during his weeklong official visit to Africa at a session with top notchers of the financial institutions and payment industry in Abuja, the nation’s capital recently, Mr. Banga noted that the rapid evolution of the payments landscape in Nigeria has become a global success story.

According to him, the introduction of the CBN’s Cashlite Policy has been acknowledged as the driving force behind this evolution, hence MasterCard is closely collaborating with the CBN and other stakeholders in Nigeria to further strengthen the public and private partnership, which he said is a key to driving meaningful change in any economy.

He also said that Nigeria has witnessed a remarkable reform in its electronic payments sector over the past two years, with financial institutions, businesses, merchants and consumers showing keen interest in adoption of electronic payments.

Banga stressed that CBN’s cashless policy and solutions created to achieve its goals are being viewed with global interest as a benchmark in driving financial inclusion in emerging markets.

“The modernization of the payments industry, driven by local government, will positively impact economic growth in Nigeria by helping to eliminate inefficiency, corruption and fraud which are issues faced by all cash-dependent economies,” MasterCard boss asserted.

He pointed out that MasterCard’s multifaceted approach to supporting the move to electronic payments includes continuous engagement with the Nigerian government and a number of collaborations with financial institutions and merchants to educate consumers on the benefits of electronic payments.

Emphasising that strong relationships built with all stakeholders, combined with the shared vision of creating a Cashless Nigeria, has contributed to MasterCard’s success in the country, and what will continue to do so.

He affirmed that till date some Nigerian banks have up their game in the financial inclusion by offering customers MasterCard Debit card to enable electronic transactions.

These, he listed to include Guaranty Trust Bank, Zenith Bank, United Bank of Africa, Stanbic IBTC Bank.

Remmy Nweke/DSBNews

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