The federal government has partnered with Mastercard to provide digital access to critical financial services for one million farmers in Nigeria, Kenya and Tanzania.
In a statement by Stanley Nkwocha, special assistant to the president on media and communications, on Friday, the partnership aims to improve agricultural productivity in the countries.
The African Development Bank (AfDB) will also provide support.
The partnership deal was signed during a meeting between Vice-President Kashim Shettima and executives of Mastercard on the sidelines of the ongoing 79th session of the United Nations General Assembly (UNGA) in New York.
Shettima, representing President Bola Tinubu at the event, said the initiative could greatly change Africa’s approach to food security.
“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,” Shettima said.
Bosun Tijani, minister of communications, innovation and digital economy, said the partnership will 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,” Tijani said.
“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.”
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.
Femi-Lawal said Mastercard is planning 160 contactless payment seminars from February 2025.
The country manager said the seminars are crucial in educating stakeholders and preparing the market for the technological leap.
