Osinbajo, Mastercard discuss technology development in Nigeria

The Federal Government is in talks with MasterCard on ways to develop a digital framework for Nigeria to support ongoing transformation, to ensure the development of a more inclusive economy.

These were part of the discussions between Vice President, Prof. Yemi Osinbajo and the MasterCard President and Chief Executive Officer, Ajay Banga, when the two held a private meeting at the Villa on Tuesday.

In a statement made available to The Guardian, Osinbajo was said to have recognised the critical role of technology in driving Nigeria’s development, especially in regards to financial inclusion to enable it benefit from the expansion of consumer and business spend, as cities become hubs for commerce.

Banga on his part, was quoted as saying that MasterCard’s investment in Nigeria with the launch of Masterpass QR, is geared to help local businesses overcome barriers to growth.

He further highlighted the role that technology and innovation is playing in driving new opportunities, to enable diversified economic growth, a point that resonates with the government’s development goals.

With half of the population residing in cities and generating more than 60 per cent of Nigeria’s gross domestic product (GDP), it becomes imperative to find efficient ways to serve the growing demand on services and infrastructure.

Current estimates predicate that by 2035 close to 30 million people are likely to live in Lagos, turning it into the largest megacity on the continent.