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L-R: Vice President Kashim Shettima and the Country Manager for West Africa at Mastercard, Dr. Folasade Femi-Lawal, during a meeting with Mastercard Inc. executives on the sidelines of the ongoing 79th Session of the United Nations General Assembly in New York, United States on Thursday. Credit: State House
Nigeria and Mastercard have announced a partnership aimed at supporting one million African farmers to improve yields and agricultural productivity.
The project plan includes assistance for one million agricultural workers across Nigeria, Kenya, and Tanzania. It also involves enhancing financial inclusion and digital access to critical services, with support from the African Development Bank.
The partnership deal was finalised 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.
Stanley Nkwocha, Senior Special Assistant to the Vice President on Media and Communications, revealed the details of the agreement in a statement he signed on Friday, titled: ‘UNGA79: Nigeria, Mastercard Partner to Support 1 Million African Farmers.’
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 and Digital Economy, Dr Bosun Tijani, explained that the partnership would provide digital access to critical financial services for agricultural workers, which 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 said.
The Vice President also disclosed that the initiative addresses 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.
Additionally, Dr Folasade Femi-Lawal, the Country Manager for West Africa at Mastercard, 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,” she stated.
