MasterCard Demonstrates Commitment to Cashless Nigeria Initiative

Leading global payment solutions company, MasterCard further demonstrated its commitment to the promotion of the cashless culture in Nigeria by throwing its weight behind the 13^th edition of the annual international conference on cards and e-payments in Lagos. The three-day event, which took place at Eko Hotel and Suites from June 11 through 13, 2013, under the theme "Shared Services: Optimizing Payment Systems in Africa," had MasterCard and a few other brands as premium sponsors.

This year’s edition focused on creating the much needed awareness for the Central Bank of Nigeria’s cashless policy, especially as it relates to the creation of a central switch for mobile money and agent banking in Nigeria.

The importance of the conference derives from the fact that cards and e-payment systems have now taken centre stage in the economies of most African countries, with banks and other financial institutions consistently looking for solutions and value added services for the benefits of the market. The African market, being a late entrant into the e-payment world, is seeking to leverage this opportunity to leapfrog technology, thereby ensuring it enjoys the benefits of security, speed and convenience of e-payment transactions. This will allow for the reduction of cash in the economy, which will in turn reduce costs and eliminate inefficiencies.

Omokehinde Ojomuyide, Vice President and Area Business Head, West Africa, MasterCard, restated the company's commitment to furthering a cashless Nigeria. ”MasterCard is committed to the cashless Nigeria initiative and supporting financial inclusion by optimizing payment systems in Africa, and we strongly believe that forums like this will help drive the cashless culture in Nigeria. According to the Central Bank, two trillion naira currently exchanges hands daily in banking halls across Nigeria, at MasterCard, our vision is to drive that number down significantly by encouraging and enabling the migration to electronic forms of payments.”

The three-day event also featured an Award Dinner during which the Deputy Director, Central Bank of Nigeria (CBN), Musa Jimoh, presented MasterCard with the Platinum Sponsorship Award in recognition of its contributions to the annual international conference.

The Card, ATM and Mobile Expo Africa is the biggest card exhibition in Africa and had in attendance leading personalities in the business segment and leading e-payment service providers from Nigeria and abroad.

The conference featured six technical forums each focusing on specific payment systems, and had several exhibitors from Nigeria and overseas display the latest technologies in electronic payment.