Telecom
Mastercard to Drive Digital Payment Transformation in Nigeria through Contactless Solutions
Mastercard leads the charge in transforming Nigeria’s payment landscape as it unveils its contactless payment solutions. The solution will empower businesses to accept card payments easily and cost effectively, using “tap on phone”, “QR Pay by link” and “Payment link” on their smart phones.
L-R: Director, Acceptance and Digital Infrastructure, East & West Africa, Mastercard, Vincent Attah; Head, E-Business, Zenith Bank, Chukwudi Ibemere; Vice President, Customer Solutions Center, East & West Africa, Mastercard, Kari Tukur; Head of Payment Operations, Prophius Limited, Blessing Oni, and Divisional Head, Payments and Solutions at FCMB, Frank Atat, at the Mastercard Conversations on Contactless in Lagos on December 15, 2024.
The Central Bank of Nigeria (CBN), recognizing the booming growth of the Nigerian payment market, has taken a significant step in shaping the future of payments by introducing the Framework for Quick Response (QR) Code Payment in January 2021.
This was followed by the release of the Exposure Draft of the CBN Guidelines for Contactless Payment in Nigeria in October 2022. The guidelines define contactless payment as “the consummation of financial transactions without physical contact between payer and the acquiring device(s),” enabling secure payments using Near Field Communication (NFC), Radio Frequency, or QR Codes.
With approximately 40 million small businesses in Nigeria, contactless payment options will make it easier for Small and Medium Enterprises (SMEs) to accept payments, thereby boosting growth. Traditional payment acceptance terminals can be too expensive for SMEs.
Mastercard’s contactless options will dramatically reduce the cost of payment acceptance devices, making it financially feasible for SMEs to adopt this technology.
This means that even small businesses can use their low-cost smartphones to accept payments safely and easily, by utilising QR codes, Payment Links, and Contactless payments, all pre-equipped with Mastercard’s secure payment acceptance technology.
“As we navigate the evolving landscape of payments in Nigeria, Mastercard is proud to launch its contactless payment solutions. We understand the importance of seamless, secure, and cost-effective digital payment solutions, particularly for small businesses and consumers.
“We are determined to support and accelerate the adoption of innovative payment methods, ultimately fostering financial inclusion and economic growth in Nigeria.
“We’re committed to making a digitally inclusive future a reality for all.” said Kari Tukur, the Vice-President of Customer Solutions, East and West Africa at Mastercard.
For businesses, QR code payments represent a compelling way to process payments without having to invest in extra hardware – customers can simply set up QR code payments on their smartphone and they’re ready to go.
Contactless payments make the checkout experience faster and more convenient for all parties involved. With a contactless payment system in place, customers can skip the step of paying by cash or swiping their card and inputting the PIN. They can simply tap the card against the terminal, in this case their mobile phone, making for smoother transactions.
The NFC (Near Field Communication) technology that is built into contactless cards ensures seamless payment processing. Contactless payments also save a lot of time for business owners by decreasing transaction times and making it easier to invest that time in other business-related duties like inventory management.
This technology provides several benefits to consumers, including convenience, speed, security, and accessibility. Transactions are processed swiftly, reducing waiting times, while providing a secure payment method that minimizes the risks associated with cash payments.
This development underscores Mastercard’s commitment to connect 1 billion individuals and 50 million micro and small merchants to the digital economy by 2025.
SHELT, a leading cybersecurity-as-a-service provider, has earned inclusion in the 2025 MSSP 250, the annual ranking of the world’s top 250 Managed Security Service Providers (MSSPs) by MSSP Alert, a CyberRisk Alliance publication.
SHELT
The list evaluates firms on business performance, service breadth, and industry impact, spotlighting those excelling in growth, operational excellence, and advanced managed security amid rising cyber threats. Selection criteria include annual recurring revenue, profitability, workforce expansion, business growth, and the depth of managed security offerings.
SHELT’s recognition underscores its investments in scalable security operations, threat intelligence, and tailored managed services across multiple regions, enabling clients to navigate complex risk landscapes effectively.
“Being recognised in the MSSP 250 is a meaningful milestone for our team,” stated Youssef Abillama, CEO of SHELT. “It validates our focus on building practical, resilient security services that help organisations manage risk and respond effectively to today’s evolving cyber threats.”
The company hailed the honour as testament to its teams’ dedication and expertise worldwide, reaffirming commitment to enhancing capabilities and delivering trusted cybersecurity solutions.
Meta Platforms, owner of Facebook, has appointed Dina Powell McCormick, a former adviser to President Donald Trump, as its new president and vice chairman, bolstering its leadership amid aggressive AI and infrastructure expansion.
Dina Powell McCormick
The announcement, made on Monday, positions Powell McCormick – who recently stepped down from Meta’s board after eight months – to guide overall strategy, including multi-billion-dollar investments in data centres and global partnerships.
A Goldman Sachs veteran with 16 years in senior roles and prior stints as deputy national security adviser under Trump and in the Bush administration, she brings deep finance and international ties to the role.
Meta CEO Mark Zuckerberg hailed her as “uniquely qualified” for the company’s next growth phase, while President Trump praised the move on Truth Social as a “fantastic choice”.
The hire signals Meta’s efforts to strengthen White House relations, following recent dinners with Trump and U.S. investment pledges worth hundreds of billions
X, the social media platform formerly known as Twitter, has suspended the @Twitter account, replacing its profile with a standard notice citing violation of platform rules.
Musk
The action, which occurred on Sunday, January 11, left users encountering the handle greeted by a bold “Account Suspended” message on a black screen, with no details provided on the specific rules broken or the duration of the suspension.
The development has sparked widespread confusion and nostalgia among users, given that Elon Musk rebranded Twitter to X in July 2023, approximately six months after acquiring the platform for $44 billion in late 2022.
The @Twitter handle had remained dormant since before Musk’s takeover, serving as a legacy remnant of the platform’s original branding, and its suspension appears to mark the final erasure of the Twitter name amid X’s ongoing efforts to combat spam, impersonation, and rule violations.
X’s official statement on the suspended page simply reads: “X suspends accounts that violate our rules,” without offering an appeal process or further explanation, unlike standard user suspensions.
Public reactions on social media ranged from humorous laments of “RIP Twitter” to speculation that the move resulted from automated moderation or a deliberate cleanup of legacy trademarks.
xAI’s Grok AI described it as a purposeful retirement of outdated elements rather than a genuine infraction, while neither Elon Musk nor X spokespeople issued any comment as of Monday morning.
This incident underscores the evolving identity of the platform under Musk’s ownership, which also saw a domain shift to x.com in 2024, further distancing it from its Twitter roots.
Industry observers note that while the suspension aligns with X’s stricter enforcement policies, the lack of transparency has fueled debates on consistency in applying rules to high-profile legacy accounts.
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