Published on 28/09/2024
Nigeria has partnered with MasterCard to support one million African farmers in boosting yield and agricultural productivity. This ambitious project will benefit agricultural workers across Nigeria, Kenya and Tanzania.
The initiative focuses on enhancing financial inclusion and providing digital access to essential services. With backing from the African Development Bank (AfDB), the partnership aims to transform the agricultural landscape.
Farmers will receive the tools and resources needed to thrive in a digital economy. This collaboration marks a significant step towards sustainable agricultural development in Africa.
The partnership deal was sealed 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.
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 & Digital Economy, Dr. Bosun Tijani, explained that the partnership will provide digital access to critical financial services for agricultural workers, which he said 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 Minister disclosed that the initiative also addresses existing 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.
Also, the Country Manager for West Africa at MasterCard, Dr. Folasade Femi-Lawal, 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.
