The Federal Government has proposed the development of a cross-border African payment card that would enable transactions between African currencies without passing through the United States dollar or other intermediary currencies, in a move aimed at deepening intra-African trade under the African Continental Free Trade Area (AfCFTA).

Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, made the proposal on Tuesday while receiving a delegation from Mastercard, led by its Chief Executive Officer, Michael Miebach, at the Presidential Villa, Abuja.

The initiative seeks to address inefficiencies in the continent’s payment ecosystem, where most card transactions between African countries are routed through a third currency, typically the U.S. dollar, before final settlement. This process often results in multiple currency conversions, higher transaction costs and increased foreign exchange exposure for businesses and consumers.

Speaking during the meeting, the minister said Africa has an opportunity to build a more efficient payments infrastructure that allows direct settlement between local currencies.

“We hope that, for example, we have a payment card that you can use to pay from naira to Kenyan shillings, to South African rand, without a third currency. And we know you can make it possible,” he told the Mastercard delegation.

The minister also urged Mastercard to expand access to consumer credit in Nigeria, noting that credit card penetration remains extremely low despite ongoing efforts to strengthen the country’s credit ecosystem.

Drawing from personal experience, he said access to credit cards remains challenging even for high-income earners and senior public officials.

“It is difficult, even for someone at my level, to get a credit card,” he said, adding that wider access to credit would support consumption, financial inclusion and economic growth.

The minister said ongoing reforms across the financial sector were laying the foundation for greater integration of payment systems, credit markets and the digital economy. According to him, efforts to formalise businesses and digitise government services are already yielding measurable results.

He disclosed that more than 10,000 informal businesses have been applying for registration daily in recent months, reflecting growing participation in the formal economy and creating new opportunities for financial service providers.

The government, he added, is also pursuing reforms to expand access to mortgages, consumer loans, vehicle financing, student loans and small business credit, creating fresh opportunities for innovation in digital payments and financial services.

Highlighting Nigeria’s position as a leading technology hub on the continent, the minister noted that five of Africa’s nine fintech unicorns are based in the country.

“Our fintech sector is quite developed, but we know that we can do much better. We can be much bigger. Africa has nine unicorns, and five of them are in Nigeria. So we know that the possibilities are even bigger,” he said.

He assured investors of the government’s commitment to policy consistency and a supportive regulatory environment, urging Mastercard to deepen its footprint in the country.

Speaking earlier, Miebach reaffirmed Mastercard‘s long-term commitment to Nigeria, citing the country’s growing role in Africa’s digital and financial services landscape.

“We have had a business here since 2011, and we have seen the country grow, and we have seen the country lead,” he said.

He commended the government’s ongoing economic reforms, particularly efforts to align fiscal and monetary policies, describing them as positive signals for investors and global payment operators.

According to him, Mastercard remains encouraged by developments in Nigeria and will continue to support initiatives that promote financial inclusion, digital payments, skills development and small business growth.