‘Banks, fintechs crucial for cashless economy’ | Dailytrust

‘Banks, fintechs crucial for cashless economy’

A partnership among telecommunication companies, financial technology companies (fintechs) and banks is crucial to the growth of Nigeria’s cashless economy.

Speaking at the recent Nigeria Finance Online Forum on Partnerships and Infrastructure to Support Cashless Economy hosted by Mastercard, the Market Product Manager, Digital Payments and Labs (West Africa) of Mastercard, Azuka Mordi, said the growing reach of mobile technology in Nigeria created an opportunity for the payments and technology industries to bring more people and businesses into the formal economy.

“Partnerships with government, fintech players, telecoms and other strategic partners to provide digital solutions and support the cashless economy offer the greatest potential to overcome infrastructure barriers to accelerate financial inclusion and drive economic growth across multiple sectors,” Mordi said.

Mordi further said the growth of the digital technology sector in Nigeria was an indication that the sector could serve as a catalyst for advancing the digital economy while enabling economic recovery and growth.

He said Mastercard was driving growth in digital financial services through digital partnerships, solutions and technology, extending acceptance infrastructure and aiming to connect one billion people to the digital economy by 2025, including 50 million micro and small businesses, with a direct focus on 25 million women entrepreneurs.