Nigeria has partnered with Mastercard in an initiative aimed at supporting one million farmers across Africa, including Nigeria, Kenya, and Tanzania. The project focuses on improving agricultural productivity and providing farmers with access to modern financial services.
This partnership was announced during a meeting between Nigeria’s Vice President, Kashim Shettima, and top Mastercard executives at the 79th United Nations General Assembly (UNGA) in New York. It is designed to tackle challenges in agriculture, especially regarding financial inclusion, by helping farmers access digital tools that can increase their productivity.
The key aim of this collaboration is to enhance farming practices in Nigeria and other African countries. By providing farmers with digital financial services and resources, the initiative hopes to transform the agricultural landscape in these regions. It will be supported by the African Development Bank, which will play a role in improving access to essential services and tools for farmers.
Vice President Shettima highlighted the importance of this initiative for food security in Africa. He stated, “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.”
As part of the initiative, farmers will gain access to financial tools through digital platforms, which is expected to improve their ability to increase crop yields and manage their resources more efficiently. The Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, pointed out that this partnership aims to revolutionize the agricultural value chain.
Dr. Tijani explained, “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.”
The initiative also addresses gaps in Nigeria’s payment systems, which have faced challenges with trust and adoption. According to the Vice President, efforts will be made to ensure that more banks and businesses adopt contactless payment methods, which will be part of the larger goal to make financial services easier for farmers to access.
A key component of the partnership is the introduction of contactless payment systems in Nigeria. Mastercard’s Country Manager for West Africa, Dr. Folasade Femi-Lawal, said that 160 contactless payment seminars will be held starting in February 2025. These seminars will help educate farmers, banks, and other stakeholders about the benefits of using contactless payments.
This technology will allow farmers to make transactions faster and more securely, which is expected to improve financial management within the agricultural sector. With these seminars, Mastercard aims to prepare the market for wider adoption of this innovative technology.
One of the challenges in Nigeria’s agricultural sector has been the lack of access to reliable financial services, especially for farmers in rural areas. This initiative addresses these issues by working closely with local banks and financial institutions to ensure that farmers are integrated into the formal financial system.
By focusing on digital inclusion, this project has the potential to help farmers improve their livelihoods while also boosting the agricultural productivity of Nigeria and other African countries. The ultimate goal is to make sure that farmers are equipped with the tools and services they need to succeed in an increasingly digital world.
The partnership between Nigeria and Mastercard is a significant step toward transforming Africa’s agricultural sector. With the right financial support and access to technology, farmers across the continent will have more opportunities to improve their productivity, ensuring greater food security and economic growth for Africa.
