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 has entered into a partnership with Mastercard to assist one million farmers across Africa in enhancing their agricultural productivity and yields. This initiative will provide support to agricultural workers in Nigeria, Kenya, and Tanzania, while also focusing on improving financial inclusion and access to essential digital services, with backing from the African Development Bank.

The agreement was finalized during a meeting between Vice President Kashim Shettima and Mastercard executives at the 79th Session of the UN General Assembly in New York. Stanley Nkwocha, the Senior Special Assistant to the Vice President on Media and Communications, shared the details of this collaboration in a statement he issued on Friday, titled: ‘UNGA79: Nigeria, Mastercard Partner to Support 1 Million African Farmers.’

During the meeting, the Vice President, representing President Bola Tinubu at the annual global event, emphasized the transformative potential of the initiative for 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.”

Previously, the Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, elucidated that the partnership aims to facilitate digital access to essential financial services for agricultural workers. This initiative is anticipated to substantially enhance productivity and economic growth within the agricultural 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 further revealed that the initiative aims to tackle obstacles within Nigeria’s digital payment infrastructure.

“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.

In addition, Dr. Folasade Femi-Lawal, the Country Manager for West Africa at Mastercard, emphasized that a crucial aspect of the partnership involves the implementation 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.