Nigeria and Mastercard have announced a partnership to support one million African farmers in improving crop yields and agricultural productivity.
The project, unveiled at the 79th UN General Assembly in New York, will focus on enhancing financial inclusion and digital access to critical services for agricultural workers across Nigeria, Kenya and Tanzania.
Nigeria’s Vice-President Kashim Shettima, representing President Bola Ahmed Tinubu at the annual global event, described the initiative as having “transformative potential for Africa’s food security drive”.
“This partnership is an important milestone in our quest for comprehensive financial inclusion and agricultural empowerment,” Mr Shettima said.
“By leveraging Mastercard’s global expertise, we’re set to create unprecedented opportunities for farmers across Nigeria, Kenya, and Tanzania.”
The partnership also includes support from the African Development Bank (AfDB).
Dr ‘Bosun Tijani, Nigeria’s Minister of Communications, Innovation & Digital Economy, explained that the partnership would provide digital access to critical financial services for agricultural workers.
“We’re not just introducing new technologies; we’re reimagining the entire agricultural value chain,” Dr Tijani said. “Our goal is to ensure that every farmer, regardless of their location, has access to modern financial tools.”
The initiative also aims to address existing challenges in Nigeria’s digital payment ecosystem, including trust deficits that have hindered the full activation of contactless payments by some acquirers and banks.
Dr Folasade Femi-Lawal, Country Manager for West Africa at Mastercard, highlighted the rollout of contactless payment systems as a key component of the partnership.
“We’re planning 160 contactless payment seminars starting next February,” she said. “These seminars are crucial in educating stakeholders and preparing the market for this technological leap.”
The partnership is expected to significantly boost productivity and economic growth in the agricultural sector across the three African countries.
