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Mastercard hosts 2024 Fintech Forum: Fostering Fintech Ecosystem Collaboration and Innovation
In a noteworthy celebration of Nigeria’s dynamic financial technology ecosystem, Mastercard convened key stakeholders at its Fintech Forum on March 20, 2024. The event served as a demonstration of the leading payments technology company’s ongoing commitment to the growth and development of the fintech landscape.
Fast becoming one of the industry’s most anticipated tech gatherings, the forum brought together key representatives from the fintech community, commercial banks, microfinance banks, processors, investors, regulators, and the government, to discuss critical developments and trends in the Nigerian fintech landscape, delve into Mastercard’s strides in facilitating the ecosystem’s growth, and identify potential opportunities within the industry.
Fintech companies have been at the forefront of revolutionizing various industries, serving as powerful vehicles for locally relevant solutions, financial inclusion, and innovative partnerships between financial institutions, governments, merchants, and small and medium-sized enterprises (SMEs), both globally and locally.
This transformative role is underscored by the sustained investment in the industry, with the Nigerian fintech sector witnessing a remarkable surge, receiving over $1 billion in the last two years alone – more than triple the industry’s total figure and accounting for more than one-third of the $2.7 billion invested in African fintech since July 2021.
“Mastercard’s Fintech Forum has become an avenue to advance discussions on the development of the industry in Nigeria, and we are proud to be the vehicles of this change. The discussions this year underscored the pivotal role of collaboration and innovation in shaping the future of Nigeria’s fintech landscape.
“Mastercard remains unwavering in our commitment to power this positive change, offer support, and lead the evolution of the industry,” said Folasade Femi-Lawal, the Country Manager and Area Business Head for West Africa at Mastercard.
The event also featured a fireside chat titled “Mastercard’s Role in Fintech Ecosystem Collaboration”. During this discussion, Dimitrios Dosis, President of Eastern Europe, Middle East, and Africa (EEMEA) at Mastercard, said: “Fintechs continue to stand as the trailblazers, pushing boundaries and reshaping industries. Their penchant for innovation is not just transformative, it is integral to the very fabric of our industry and the broader economy.
“Mastercard, as a driving force, is proud to champion the pivotal role of fintechs, recognizing their significance in fostering economic progress. As a leading technology provider, we will continue to innovate, and support and collaborate with them to drive locally relevant solutions and initiatives for maximized impact.
“We’re committed to being the catalyst that propels the ecosystem forward, facilitating a future where technology empowers individuals, businesses, and economies to participate in the global economy.”
The fireside chat was followed by a panel session titled “Digitization and Its Role in Nigeria’s Economic Development”, during which speakers delved into digitization, its role in enhancing efficiency across all sectors, opportunities, and the importance of balancing innovation and inclusivity to maximize its impact on Nigeria’s economic development. During the session, Nasir Yammama, Senior Special Assistant to the President, Innovation, said: “Nigeria’s digital transformation and ever-evolving fintech and banking landscape presents exciting possibilities.
The ongoing innovation boom acts as the cornerstone for advancing digital public infrastructure, fostering financial inclusion, and propelling economic growth. As always, the government remains committed to creating an enabling environment and collaborating with key industry players to drive more impactful innovations and pave the way for a future where every individual and business can thrive in a digital-first global environment through well-informed, inclusive policies and initiatives.”
Mark Elliott, Division President, Mastercard Sub-Saharan Africa, closed the event and offered insights into the fintech landscape. He emphasised the importance of the fintech industry and highlighted the significance of inclusive innovation and collaboration in driving sustained economic development.
“Mastercard is providing fintechs with the tools, resources, and support they need to thrive in the ever-evolving digital economy. Whether it’s through innovative solutions or strategic partnerships with key players in the industry, Mastercard has demonstrated its commitment to shaping the future of fintech and contributing to the growth and success of the broader ecosystem,” said Mark Elliott, Division President, Mastercard Sub-Saharan Africa.
The Fintech Forum not only celebrated the achievements and advancements in Nigeria’s fintech sector, but also revealed a shared vision among industry leaders, which encompassed a future where strategic collaboration continues to be a driving force for positive change, innovation, and widespread financial inclusion, not only in Nigeria but on a global scale.
Most Reverend Lucius Ugorji, president of the Catholic Bishops’ Conference of Nigeria (CBCN), the Archbishop of Owerri has raised caution on the deployment of Artificial Intelligence.
Catholic Bishops’ Conference of Nigeria
Ugorji called for a balance that prioritises human welfare alongside technological progress, mindful of ethics and morals, as well as risks such as job displacement, threat to world peace, spread of falsehood through propaganda, manipulation of the human person, and privacy concerns through advanced hacking and deepfakes.
The clergyman raised the concern during the ComWeek Public Lecture in Abuja on Artificial Intelligence, noting that the exclusive use of technology in religious formation, pastoral care, and education has enhanced theological knowledge, accessibility and mission of the universal church.
Keynote Speaker at the event, Father Anthony Akinwale, deputy vice chancellor of Augustine University Lagos, dismissed the speculations that the intellectual roles of humans will be replaced by Artificial Intelligence, explaining that AI relied on humans to function and did not have a mind of its own to choose to or not to obey commands with which it was programmed.
Akinwale further cautioned that AI should be solely used for the common good of mankind and not for destructive purposes.
Most Reverend David Ajang, chairman on Social communication of the Catholic Bishops Conference, called for a reflection on the power of communication as a divine gift, “one that holds the potential to bridge divides, enlighten minds and unite hearts in the pursuit of truth and common good”.
9mobile, Nigeria’s customer-centric telecommunications company has refreshed its ‘MoreBusiness ComboPak’ offerings with additional benefits to enable new and potential customers enjoy more value on calls, data, SMS and CUG for their Businesses.
The ‘MoreBusiness ComboPak’ product offering is a flexible and customizable plan with an array of add-on services. The plan gives customers benefits of extra cost-saving tariff within the bundle, and 100% bonus data upon repurchase of select bundles.
With the update, 9mobile customers on this plan will also enjoy free incoming calls while roaming on select networks in the following 10 countries: UK, UAE, South Africa, Kenya, Spain, Egypt, France, Germany, Turkey, and Saudi Arabia when they recharge ₦5,000 and above in a month.
A further benefit of the plan is the ‘Add-on solutions’. With this, companies and institutions will enjoy seamless business operations’ continuity and optimization through Close User Group (CUG), Fleet Tracking, Cloud PBX, Cloud Services, and Device Financing. Others are International Call Bundles, Roaming Bundles, and Special International Destinations Calling.
Commenting on the development, Nneka Owolabi, Director Enterprise Business, highlighted the telco’s unwavering commitment to ensure customers and subscribers enjoy premium customer experience, and wholesome value for their subscription on the 9mobile network.
“At 9mobile we have proven time and again that premium customer experience is important for us. It is the essence of our operations. That is why we have reintroduced the ‘MoreBusiness ComboPak’ for customers and subscribers, particularly businesses to enjoy value for their loyalty to us, and upscale their businesses”, he said.
Owolabi also stated that the ComboPak combines all business needs in one affordable bundle with cheaper voice calls, data subscription, SMS, and CUG, saying “It’s a ComboPak offering that keeps you, and your business stay ahead of trend”.
“What 9mobile ‘MoreBusiness ComboPak’ does is to create and sustain an ecosystem where people, in this case, customers and subscribers, and businesses run systematically with a combination of our tools efficiently. This is certain to revolutionize the way Nigerians communicate, stay connected, and transact businesses effectively”.
Subscribers to ‘MoreBusiness ComboPak’ plan will enjoy unique voice calls, SMS & data.
The service allows flexibility to move across packages based on your needs. For ₦1,000 ComboBasic bundle cost, customers will dial *246*4*33# to enjoy 60k/MB Browsing, 12k/sec in bundle calls, 12k/sec out of bundle calls, ₦2.60/SMS, and CUG; while for ₦1,000 ComboValue bundle cost, customers will dial *246*4*30# to enjoy 700MB, 30 National call minutes, 11k/sec out of bundle calls, 10 National SMS, and CUG.
For customers with ₦2,000 ComboPremier bundle cost, all they need to do is to dial *246*4*33# to enjoy 2.1GB, 60 National call minutes, 11k/sec out of bundle calls, 25 National SMS, and CUG. Customers subscribing to ₦5,000 ComboBlack bundle cost will enjoy benefits of 7GB, 300 National call minutes, 11k/sec out of bundle calls, 25 National SMS, and CUG.
The unique value adds on the ‘MoreBusiness ComboPak’ plan for customers also includes: Bundled Plans – for customers to enjoy flexible and customizable plans with an array of add-on services, and extra cost saving tariff within bundle.
Unlimited Add-ons – this is Add-on solutions – include CUG, Fleet Tracking, Cloud PBX, Cloud Services, Device Financing, Shared Data, International call bundles, Roaming Bundles, and Special International Destinations Calling, for customers.
This is in addition, to free data offer which is a 100% bonus data upon repurchase of select bundles.
Convenience has been embedded into the ComboPak plan for Subscribers also to check account balance by dialling *310#, and data balance by dialling *323#, while migration or opting out of the plan is absolutely free.
MTN Nigeria’s Company Secretary, Uto Ukpanah, is the first ever winner of the “Global Corporate Secretary of the Year” award by the Corporate Secretaries International Association (CSIA). She was honoured with the award at an event on April 23rd, 2024, in Kuala, Lumpur, Malaysia.
The CSIA Global Awards was instituted to recognise the efforts of corporate secretaries and governance professionals that not only impact their organizations but also international platforms. Of the three main award categories- Global Corporate Secretary of the Year, Rising Corporate Secretary of the Year and Governance Professional of the Year, Uto was awarded the Global Corporate Secretary of the Year for her hard work, diligence and professionalism by a distinguished jury of expert practitioners and thought leaders in the corporate governance field.
Karl Toriola, Chief Executive Officer, MTN Nigeria congratulating her on the recognition said, “At MTN, we understand the critical role strong governance plays in driving sustainable growth and fostering trust among stakeholders. Uto’s exemplary leadership underscores our commitment to upholding the highest standards of integrity and transparency. We are proud of Uto’s commitment to corporate governance. She deserves the recognition.”
Ukpanah, the pioneer winner of this award has worked with MTN Nigeria for over 18 years. She is a corporate lawyer with extensive experience in company and commercial law. Her contributions in developing sustainable corporate governance structures in the private, public and not-for-profit sectors have been instrumental in fostering transparency and ethical business practices.
Ukpanah’s dedication to ethics and corporate social responsibility advisory services has positioned her as a respected leader in the industry, driving positive change and setting high standards for corporate excellence. This is seen in her active participation on the ‘Code of Corporate Governance Committee,’ ‘9to5 Woman,’ ‘Bankers Committee on Corporate Governance’, among others.
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