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Mastercard, Financial Access Initiative Partner to Enable More Small Businesses Benefit From Digital Economy

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The Mastercard Center for Inclusive Growth and The Financial Access Initiative (FAI) at New York University have announced the launch of The Small Firm Diaries, a global research initiative that will provide unprecedented insight into the financial lives of small businesses across six countries in Sub-Saharan Africa, Latin America and Southeast Asia.

The study will examine how small firms manage the adoption of digital financial services, with a focus on women-led businesses.

By collecting detailed quantitative and qualitative data insights from firms employing between 1 and 20 non-family workers in Nigeria, Ethiopia, Uganda, Colombia, Indonesia and Fiji, the study will shed light on how small business owners across the world manage their financial decision making amidst uncertain and volatile economies.

While there has been a great deal of research on informal family-run “microenterprises,” and more professionalized “medium-sized” firms, the needs of small firms are not yet well-understood.

For example, in Sub-Saharan Africa, small firms play a crucial role in economic development and job creation and insight is needed to understand the unique challenges faced by them in order to create sustainable solutions for their longevity and growth.

According to The World Bank, it is estimated that SMEs are responsible for 77% of all jobs in Africa and as much as half of the GDP in some countries.

The research initiative, supported by the Center, aims to provide financial service providers, policymakers, and practitioners with knowledge and recommendations to address barriers to adoption of digital financial services.

“We must understand how small enterprises work in order to develop interventions that reduce inequality and increase financial security amongst financially underserved communities,” said Natasha Jamal, Regional Director, Middle East and Africa, with the Mastercard Center for Inclusive Growth.

“This first-of-its-kind research will provide on the ground insights into what barriers and opportunities exist for small firms to adopt digital financial services and participate in an inclusive economy.”

“Small firms are by far the biggest employer in low and middle-income economies.

“Despite decades of statistical research, fundamental questions remain about why some grow, and some stagnate,” said Jonathan Morduch, Executive Director of the Financial Access Initiative and Professor of Public Policy and Economics at New York University.

“ Our aim is to go into the field and try to understand small firms from the bottom-up, by listening closely to how entrepreneurs and workers make choices on their own terms.”

“Just as household financial diaries have been crucial to understanding the needs of low-income households around the world, and the barriers to achieving household financial security, the kind of detailed financial information provided by diaries is needed to understand the choices that small firm owners make and the real barriers to growth they face,” said Timothy Ogden, Managing Director at the Financial Access Initiative.

FAI and its partners are working closely with local organizations that will be involved in the research to obtain country-level research and ethics approvals in each of the six countries that will host the study.

Methodology of The Small Firm Diaries Research Initiative
Project researchers will follow a group of 100 businesses in multiple sites in each country over a period of 12 months, visiting them several times per month to collect quantitative data on cash flows, and qualitative data on business owners’ aspirations and decision-making.

Compared to traditional research studies that produce static snapshots from a single point in time, financial diaries can produce nuanced and dynamic portraits of firm owners and their choices.

High-frequency, quantitative data on cash flows shows researchers actual trade-offs and decisions made in near-real time, and qualitative data collection allows them to probe deeply to understand the “why” behind those choices, revealing the behaviors and barriers that prevent firms from adopting useful tools and technologies, hamper firm growth, and slow market development.

The study will illuminate the ebbs and flows of the businesses, the markets they serve, the constraints to their productivity, profitability and growth, the impact of access (or lack of access) to technology and formal credit, the interactions of the cash flows of the business with the cash flows of the owners and employees, and much more.

The Small Firm Diaries has also received funding from the Bill & Melinda Gates Foundation, the Argidius Foundation, the Aspen Network of Development Entrepreneurs, and Australian National University.

The project’s overall research design is based on the experience of FAI and its research partners with previous financial diaries studies, such as Portfolios of the Poor, the US Financial Diaries, and the Bangladesh Garment Worker Diaries.

The advisory board for the multi-country study will include leading researchers on small firms and practitioners with expertise in digital and financial services and business support programs, with experience spanning the private sector, government, and academia.

Current board members include: Tamara Cook, CEO, FSD-Kenya; Matthew Guttentag, Director of Research & Impact at the Aspen Network of Development Entrepreneurs; Machal Karim, Executive, Development Impact at CDC; Leora Klapper, Lead Economist at the World Bank and founder of the Global Findex; and David McKenzie, Lead Economist within the Development Research Group at the World Bank.

The Small Firm Diaries is a collaboration led by the Financial Access Initiative at NYU Wagner, with independent researchers at The Graduate Institute of International and Development Studies in Geneva and Oxford University; research implementation partners L-IFT, MFO, and EDI Global; and local partners, including the University of the South Pacific (Fiji), SMERU (Indonesia), National Bureau of Statistics and Lagos Business School (Nigeria), and FSDU (Uganda).

 


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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NCC Pledges Executive Support, Policy Incentives for Local Device Manufacturing

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Nigerian government has opened a high-stakes window of opportunity for international tech investors, offering direct presidential intervention and sweeping economic waivers for hardware companies that anchor their manufacturing hubs in Nigeria by November 2026.

NCC Pledges Executive Support, Policy Incentives for Local Device Manufacturing

Chief Idris Ibikunle Olorunnimbe

Chief Idris Ibikunle Olorunnimbe, the Chairman of the Governing Board of the Nigerian Communications Commission (NCC), made this groundbreaking declaration during his ministerial-level address at the Digital Africa Summit Roundtable in Shanghai.

Highlighting the government’s total dedication to backing these new factories, Olorunnimbe stated: “Whatever it takes to get the plant standing, we will pursue it together, because every factory that rises in Nigeria grows our economy, employs our young people, and brings the price of a phone closer to what an ordinary Nigerian can pay”.

The offer is designed to stimulate immediate foreign direct investment and create sustainable employment for Nigeria’s teeming youth population.

The economic logic underwriting this regulatory ultimatum is both practical and urgent. Currently, the Nigerian telecommunications ecosystem is highly vulnerable to external economic shocks, with foreign-exchange swings and import duties constantly pushing genuine, formal devices out of reach for average citizens.

By localising the supply chain, the NCC seeks to anchor device pricing to the local currency, stripping away the pricing volatility tied to the US Dollar.

Olorunnimbe candidly stated that the administration is ready to deploy massive executive support, viewing connectivity infrastructure as the central engine of President Tinubu’s Renewed Hope agenda, which treats “connectivity as productive infrastructure for the whole economy rather than a luxury for a few”.

This infrastructural push is designed to directly fuel the NCC’s highly praised initiative to transition Nigeria into an era of digital free education through the zero-rating of educational portals.

Drawing inspiration from classic free education philosophies, Olorunnimbe has previously stated that asking a child to buy data to look at a textbook is the modern equivalent of charging tuition at the gates of a public school.

To operationalise this vision, the proposed locally assembled smartphones, MiFi units, and home routers will come pre-configured with embedded access to these zero-rated educational platforms. This ensures that digital literacy tools are structurally hardwired into the technology from the factory floor.

Additionally, these indigenous devices will come pre-installed with core government application portals, simplifying access to digital identity verifications, public health services, and agricultural extensions. By embedding these essential state services directly onto affordable, locally produced hardware, the NCC is solving the double dilemma of device cost and data expenses simultaneously.

This holistic blueprint bridges the digital divide and accelerates financial inclusion, as verifiable identity frameworks, like the NIN and BVN, will allow citizens to seamlessly transition into credit-linked device-financing schemes. Olorunnimbe noted that by pairing “verifiable identity with credit history and secure device technology, then the phone itself becomes the on-ramp: to a credit record, and then to the wider financial system”.

The visionary posturing of Chief Olorunnimbe and the executive leadership of the NCC mark a paradigm shift in how government agencies foster industrial growth. Rather than relying solely on traditional, rigid enforcement against informal markets, the Commission is actively building a structured, credible marketplace via policy incentives and strategic executive support.

Through this aggressive, forward-looking roadmap, the NCC is firmly establishing Nigeria as the digital powerhouse of the African continent, demonstrating that true digital inclusion is achieved when national infrastructure serves human development.


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Tinubu Signs New NIMC Act to Strengthen Digital Identity, Data Protection

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President Bola Tinubu has assented to the National Identity Management Commission (NIMC) Act, 2026, replacing the 2007 law with a new legal framework aimed at strengthening Nigeria’s digital identity system, data protection and electronic trust services.

Tinubu signs new NIMC Act to strengthen digital identity, data protection

The new Act is expected to enhance the country’s digital identity ecosystem by improving identity management, securing personal data and promoting interoperability across government and private sector platforms.

According to a statement, the legislation aligns Nigeria’s identity management framework with the provisions of the Nigeria Data Protection Act (NDPA) and international best practices on privacy and data protection.

The Act introduces stronger safeguards for the collection, processing, storage and protection of citizens’ personal information.

It also designates the National Identity Management Commission as Nigeria’s root certification authority for the National Public Key Infrastructure (PKI) and Digital Public Infrastructure (DPI).

The designation empowers the commission to provide secure digital identity, authentication and electronic trust services across the country.

The Act further authorises NIMC to facilitate secure and interoperable data exchange among Ministries, Departments and Agencies (MDAs), private organisations and other authorised entities.

It also provides for the deployment of the NIMC General Multipurpose Card as a unified identity credential for nationwide identity verification under the initiative tagged “One Card, Multiple Possibilities.”

The Federal Government said the implementation of the law would create a trusted, secure and interoperable digital identity ecosystem capable of improving access to services in both the public and private sectors.

It added that Nigerians, including those living in the diaspora, would benefit from easier access to identity services, stronger protection of personal data, enhanced cybersecurity and more secure digital transactions.

The government also said the law would provide a stronger foundation for digital governance, economic growth and long-term national development by enabling faster and more reliable identity verification and authentication processes.


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Meta, FG Unveil New Safety Measures to Protect Nigerian Teens Online

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Meta on Thursday convened the Nigeria Youth Safety Summit in Abuja, bringing together government officials, civil society organisations, parents, educators, content creators and youth leaders to strengthen collaboration on digital wellbeing and safer online experiences for young people.

L-R: Sylvia Musalagani, Head of Safety Policy, Europe, Middle East and Africa (EMEA), Meta; Ayodele Olawande, Honourable Minister of Youth Development; Sade Dada, Head of Public Policy, Anglophone West Africa, Meta; and Ahmed Yusuf Tanbuwal, Ag Director, Digital Literacy and Capacity Building Department, National Information Technology Development Agency (NITDA), during the Nigeria Youth Safety Summit organised by Meta on Thursday, June 25, 2026, in Abuja.

The summit, held at the Transcorp Hilton Hotel and co-hosted with the Federal Ministry of Youth Development, highlighted Meta’s investments in youth online safety through built-in protections, parental supervision tools and digital literacy resources aimed at helping teenagers navigate the digital space safely.

The event featured keynote presentations, panel discussions and a Parents Learn and Brunch session organised in partnership with the Federal Ministry of Women Affairs and Social Development.

Participants explored practical approaches to promoting safer online engagement while emphasising the importance of partnerships among government, technology companies, parents, schools and civil society in advancing digital wellbeing.

Speaking at the summit, Meta’s Head of Safety Policy for Europe, the Middle East and Africa (EMEA), Sylvia Musalagani, said the company remained committed to providing teenagers with age-appropriate and safe online experiences.

“At Meta, our goal is to provide teens with safe, age-appropriate online experiences, and events like the Nigeria Youth Safety Summit reflect our commitment to promoting safer and more positive digital experiences for teens.

“With products such as Teen Accounts, Meta is putting the right protections in place so teens can explore their interests and express their creativity in a safe, age-appropriate space.

“We will continue to build the safety features and tools that families need to support young people online,” she said.

Musalagani explained that Teen Accounts represent a redesigned experience across Meta’s platforms specifically for teenagers.

She said the accounts are automatically enabled for all teenagers and include built-in safety features such as private accounts, the strictest messaging settings, restrictions on sensitive content, limited tagging and mentions to people they follow, daily time reminders after 60 minutes of use, and sleep mode between 10 p.m. and 7 a.m.

According to her, teenagers under the age of 16 require parental approval before making any changes that would reduce the default safety settings.

The Minister of Women Affairs and Social Development, Hajiya Imaan Sulaiman-Ibrahim, described child online safety as one of the ministry’s key priorities.

She said children require informed parental guidance to safely navigate the digital environment, stressing that online safety is a shared responsibility involving parents, technology companies and government.

“Child online safety is one of our central pillars and we are steadfast in our mandate to safeguard the Nigerian child from technology-enabled violence.

“Children cannot navigate the complexities of the online world without informed adults guiding them because safety begins with the parents.

“Safety is a shared tripartite responsibility between parents, technological industries and government.

“That is the fundamental premise of today’s summit, a hands-on walk through of parental supervision tools and Teen Accounts.

“We appreciate Meta for the collaboration and for creating a platform for these important conversations,” she said.

Meta also highlighted its parental supervision tools, which allow parents to receive notifications when teenagers report content, gain insights into who they communicate with, set daily usage limits, schedule breaks and monitor age-appropriate content interests.

The Minister of Youth Development, Ayodele Olawande, commended Meta for the initiative and noted its alignment with the ministry’s National Youth Data Protection and Awareness Training Programme.

“I want to thank Meta for this great achievement.

“At the ministry, one of the things we provide to all Nigerians is the skills to succeed in this digital world while making sure we protect them against emerging threats.

“We see a strong connection between the objectives of this summit and the goals of our National Youth Data Protection and Awareness Training Programme.

“We believe that keeping young people safe online is a shared responsibility.

“Government, technology companies, schools, parents, social organisations, community groups and young people themselves all have a role to play.

“We encourage Meta to make the tools, guides and learning materials from this initiative more widely available so that young people across Nigeria can continue to benefit from this laudable summit,” he said.

The summit concluded with discussions focused on strengthening partnerships, promoting digital literacy and advancing a shared vision for youth online safety across Nigeria.


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