General News
Mastercard, FCMB Partner to Launch Tap on Phone Contactless Payment Solution

Mastercard, in partnership with First City Monument Bank (FCMB) and Netplus, have launched a contactless payment solution that enables consumers, merchants, and financial institutions to process payments seamlessly using Tap on Phone. This eliminates physical contact with a device at the point of sale, thereby enabling consumers make contactless payments quickly and easily, without the need to carry physical cash.

L-R: Country Manager & Area Business Head, West Africa, Mastercard, Ebehijie Momoh; Head of Partnership and Channels Development, Netplus, Samuel Onwuekwe, Vice President, Customer Solutions, East & West Africa, Mastercard, Kari Tukur & Divisional Head, Payment & Solutions, First City Monument Bank (FCMB), Frank Atat, at the FCMB EasyPay launch, powered by Mastercard, on Tuesday, May 16, 2023, in Lagos.
The service, also known as Soft POS, is a simple, convenient, and cost-effective digital payment technology that supports the needs of merchants. The solution transforms smart devices into payment acceptance devices.
This partnership marks a new milestone between FCMB and Mastercard while it reflects the bank’s vision to develop innovative, affordable and convenient payment solutions.
With the Tap on Phone, merchants can use their android smartphone or tablet to accept contactless payments, without investing in a separate hardware Point-of-Sale (POS) device. Tap on Phone works by enabling the device’s Near Field Communication (NFC) capabilities, allowing it to communicate with a customer’s contactless payment card. The customer simply taps their card on the merchant’s smartphone or tablet, and the payment is processed through the Mastercard network. Under the partnership, FCMB will serve as the acquirer Bank, while Netplus is the payment service provider.
“We are delighted to announce the launch of our innovative solution in Nigeria in partnership with First City Monument Bank. As a frontrunner in the digital payments industry, we recognize our responsibility to introduce cost-effective solutions that benefit everybody in the economy and facilitate the adoption of a cashless society for the collective benefit of all.
“This partnership is part of our commitment to connecting millions of Nigerians into a world where digital connectivity is integrated into their daily lives, making their lives easier and simpler” said Ebehijie Momoh, Country Manager & Area Business Head, West Africa at Mastercard.
Customers input a unique 4-digit PIN for both authentication and authorization prior to processing any transaction. This secure feature aims to provide an added layer of protection against unauthorized use. Furthermore, the transaction flow will follow the existing Point-of-Sale (POS) rails, with the Nigeria Inter-Bank Settlement System (NIBSS) acting as the central switch for seamless transaction processing.
Also speaking on the partnership and service, Mr. Frank Atat, Divisional Head, Payment and Solutions, FCMB, said, ‘’As almost all aspects of our lives become virtual, there is a need to continuously proffer convenient solutions that will cater to the transacting needs of our customers and Nigerians.
“Our partnership with Mastercard and Netplus to deploy the Tap on Phone contactless payment solution aligns with FCMB’s value as a customer-centric institution committed to providing innovative offerings that conveniently meets the evolving needs of individuals and businesses in a digitally changing world’’.
On its part, NetPlusDotCom said, “At NetPOS, we are excited to partner with leading Financial Institutions – Mastercard and FCMB – to launch yet another innovative solution in Nigeria. With this platform, MSMEs who are otherwise excluded from Acceptance solutions will be able to leverage digital services to grow their business. We look forward to providing the needed support to drive the adoption of this solution in Nigeria and adjacent markets.”
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 partnership is part of Mastercard’s commitment to connect 1 billion individuals and 50 million micro and small merchants to the digital economy by 2025.
General News
FG Plans N50m STEEM Grant to Support Student Innovation in August

In a giant stride to support innovation, entrepreneurship and economic transformation, the Federal Government is set to unveil a N50 million grant for Science, Technology, Engineering, Mathematics and Medical Sciences (STEEM) students in Nigeria’s tertiary institutions.
The project, which is referred to as the Student Venture Capital Grant (S-VCG), is a pioneering initiative designed to empower the students towards building the next generation of scalable, job-creating ventures.
According to a statement by the Director of Press and Public Relations in the Ministry of Education, Folashade Boriowo, Friday, the initiative will be formally unveiled in August by the Minister of Education, Dr. Tunji Alausa.
Boriowo stated that the minister made the disclosure during a stakeholders’ engagement session held in Abuja in the presence of vice-chancellors, provosts, rectors, student leaders, academic staff, and development partners, and will chart a collective course for nurturing student-led innovation.
The statement noted that the grant targets full-time undergraduate students in STEMM disciplines (Science, Technology, Engineering, Mathematics and Medical Sciences), specifically those in 300 level and above.
“Each selected student-led project will be eligible to receive startup funding of up to N50 million, along with access to mentorship, incubation services and business development support.
“The initiative will be implemented in partnership with the Bank of Industry (BoI) to ensure financial transparency, impact measurement and effective project execution.
“S-VCG is not just a grant. It’s a launchpad for bold, young innovators to lead Nigeria’s industrial and technological transformation,” said Alausa.
Speaking at the session, the Minister of State for Education, Prof. Suwaiba Sa’id Ahmad, described the grant as a strategic investment in Nigeria’s knowledge economy.
“We’re building a stronger, more competitive future by supporting innovation from the ground up,” she said, adding that the programme’s design was informed by months of consultation with students, faculty and institutional leaders.
Participants at the event welcomed the STEMM-Up Grant as a timely, strategic and high-impact initiative that will drive youth innovation, tackle graduate unemployment, and position Nigeria as a hub for student-led entrepreneurship in Africa.
General News
UK Businesses Look to Africa As Strategic Growth Partners

New research by UK-based Strategy Management Partners reveals that a growing number of British businesses are identifying Africa as a key strategic growth region – drawn by structural reforms, demographic momentum, and rapid digital transformation across the continent.
The research, based on a survey of senior decision-makers from 250 large UK-based companies, finds that 50% are already active in African markets and planning to expand further.
An additional 28% are considering entry, signalling a clear uptick in long-term interest from international businesses with the resources to scale regionally.
The findings challenge outdated perceptions of Africa as a high-risk or secondary market. Instead, they highlight key drivers behind renewed commercial interest: • 61 per cent of UK leaders cited Africa’s large and growing consumer markets as a major draw. • 61 per cent pointed to the continent’s rapid pace of digital and technological adoption. • 50 per cent highlighted the potential of Africa’s young, skilled, and digitally native population.
The study also suggests that Africa is no longer viewed simply as a market for philanthropic initiatives or shortterm gain. Only 20 per cent of respondents cited philanthropic motives, while most are focused on building commercially viable, long-term operations.
Initiatives like the African Continental Free Trade Area (AfCFTA), are also laying the groundwork for significant economic growth.
With 23 countries already implementing preferential tariffs, the framework is expected to facilitate smoother intra-regional trade, enable market scale, and support more efficient supply chains.
These structural improvements are making Africa more attractive to global firms with the ambition to operate at scale.
However, despite rising optimism, significant operational and policy challenges remain. The top four barriers to investment cited by UK business leaders were: political and country risk (68%); safety and security issues 66.4%); regulatory barriers and tariffs (60.4%); and the complexity of cross-border transactions (60%).
Addressing these issues will be crucial to unlocking Africa’s full potential for UK investment. UK companies are showing the most interest in sectors that align with Africa’s core strengths, such as natural resources, agriculture, a young and expanding population, and infrastructure development.
These areas are seen as the backbone for long-term commercial growth, offering opportunities to build local supply chains, expand digital services, scale manufacturing, and meet rising consumer demand.
However, for companies looking to invest or expand into Africa, success also depends on key enabling conditions. According to business leaders surveyed, the top factors supporting investment are: • The size of market and consumer demand (49.6%) • Reliable and consistent energy supply (48.4%) • Access to affordable, educated and capable talent (44.8%) • Efficient transportation networks, such as roads, ports, airports (38%) • A favourable macroeconomic environment: low interest rates, low inflation, stable exchange rates, and seamless cross-border transactions and repatriation of earnings(38%).
“UK businesses are increasingly seeing Africa as a strategic growth market, driven by structural reforms, digital adoption, and the momentum behind the African Continental Free Trade Area (AfCFTA),” says Muibat Ijaiya, Partner at Strategy Management Partners.
“But real progress will depend on practical cooperation with African governments. The AfCFTAis a pivotal step forward – what’s needed now is a deeper alignment between public policy and private investment to address trade, regulatory and infrastructure barriers, and unlock long-term, sustainable growth.”
General News
Experts Champion Sustainability at Lagos Green Economy Forum

Lagos State’s transition to a greener economy is gaining momentum, with female leaders from top corporations taking the lead and the state government beginning to record early wins from its plastic bag policy.
At the Lagos Green Economy Forum held on July 23, senior executives from MTN Nigeria, IHS Towers, TechnoServe, and other large organisations highlighted the role of corporate innovation in advancing sustainability.
The all-female panel also emphasised the urgent need to integrate Nigeria’s thousands of small and medium enterprises (SMEs) into the country’s green transition.
“We’re not just here to share strategies,” said Temilade Olabanji, Senior Manager, Sustainability and Shared Value, MTN Nigeria. “We are here to build local resilience. Our Project Zero is not only helping us cut emissions but also equipping our suppliers with the knowledge to do the same.”
MTN’s Project Zero aims for net-zero emissions by 2040, with a 50% reduction target by 2030. The company is already powering base stations and data centres with renewables, while training suppliers to understand carbon footprints and adopt circular practices. MTN has pledged that by 2026, 80% of its top suppliers will align with its sustainability goals.
Titilope Oguntuga, Director of Sustainability, IHS Towers, reinforced this approach, noting that the company’s Project Green is decarbonising its over 16,000 tower sites across Nigeria by switching to renewable energy. “Project Green is enabling all sites to run effectively with more renewable sources of energy rather than the typical fossil fuels,” she said. IHS also runs Clinic Without Walls, a free micro-health insurance scheme for underserved communities.
From the nonprofit sector, Juliet Ezeani, Senior Business Advisor of TechnoServe, explained how the organisation supports vendors through environmental impact assessments, sustainability training, and responsible procurement.“For all our projects, we look at how the project runs and especially how it affects the environment,” she said.
Meanwhile, the Lagos State Government provided an update on its green policy efforts, especially the plastic bag ban introduced two months ago.
“All of what we have done so far is towards making the economy of Lagos or the quality of life of the average Lagosian much better,” said Dr. Babatunde Ajayi, General Manager of the Lagos Environmental Protection Agency (LASEPA), who represented the Honourable Commissioner, Mr. Tokunbo Wahab.
On the plastic bag ban, he added: “What that [the ban] has also done is to free up our drainage from the plastic waste. In some way, we have reduced flooding, reduced pollution, and reduced the headache and the cost of maintaining drainages and labourers.”
Dr. Ajayi emphasised that green transition is not just a compliance issue for SMEs but an economic opportunity. “It helps them drive their engines, their entire businesses in a more sustainable manner.”
As Lagos accounts for nearly 30% of Nigeria’s GDP, the increasing alignment between corporate leaders and public policy towards a greener economy is positioning the state as a model for inclusive, environmentally responsible development.
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