The Federal Government of Nigeria has entered into a strategic partnership with Mastercard aimed at enhancing the productivity of one million African farmers.
This initiative is designed to improve agricultural yields and overall productivity across Nigeria, Kenya, and Tanzania, with a focus on digital and financial inclusion for farmers.
This collaboration was officially announced by Mr. Stanley Nkwocha, spokesperson for Vice President Kashim Shettima, in a statement released on Friday.
The announcement came after a meeting between Vice President Shettima and senior executives from Mastercard Corporation, held during the 79th United Nations General Assembly session in New York.
A central goal of the project is to support one million agricultural workers across the three African nations, with significant backing from the African Development Bank.
The initiative will focus on improving digital access to essential services while promoting financial inclusion within the agricultural sector.
Shettima emphasized the transformative potential of the partnership, particularly for Africa’s pursuit of food security.
He said, “This partnership is an important milestone in our quest for comprehensive financial inclusion and agricultural empowerment. By leveraging Mastercard’s global expertise, we’re set to create unprecedented opportunities for farmers across Nigeria, Kenya, and Tanzania.”
In a related statement, Minister of Communications, Innovation & Digital Economy, Dr. Bosun Tijani, underscored the digital benefits of the partnership.
He highlighted that the collaboration aims to revolutionize the agricultural value chain by ensuring that all farmers, regardless of their location, have access to essential financial tools.
“We’re not just introducing new technologies; we’re reimagining the entire agricultural value chain. Our goal is to ensure that every farmer, regardless of their location, has access to modern financial tools,” Tijani explained.
He also pointed out that the initiative will address existing challenges in Nigeria’s digital payment ecosystem, particularly the issues of trust that have hampered the full adoption of contactless payments by some acquirers and banks.
“We’re aware of the trust deficits that have hindered the full activation of contactless payments by some acquirers and banks. This partnership includes specific measures to bridge these gaps and ensure widespread adoption,” Tijani added.
Mastercard’s Country Manager for West Africa, Dr. Folasade Femi-Lawal, highlighted the introduction of contactless payment systems as a significant aspect of the partnership.
She announced plans to roll out 160 seminars on contactless payments beginning in February, aimed at educating stakeholders and preparing the agricultural sector for this technological advancement.
“We’re planning 160 contactless payment seminars starting next February. These seminars are crucial in educating stakeholders and preparing the market for this technological leap,” Femi-Lawal remarked.
The project is expected to boost not only agricultural productivity but also economic growth within the sector, providing farmers with the tools they need to thrive in the digital age.
