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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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T2 Commits to Innovation, Resilience as Customer-centric Ethos Form New Focus

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L-r: Michael Ikpoki, Ibrahim Puri, both Members of the T2 Board (formerly 9mobile); Thomas Etuh, Chairman of T2; Barr. Bimbola Salu-Hundeyin, Secretary to the Lagos State Government; Dr. Bosun Tijani, Minister of Communications, Innovation and Digital Economy; Gloria Danjuma, Member of the T2 Board; Obafemi Banigbe, CEO of T2; Femi Edun and Emmanuel Etuh, also Members of the T2 Board, at the official unveiling of T2 at Eko Convention Centre Victoria Island, Lagos over the weekend.
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The rebranding of 9mobile to T2 is a key milestone within the company’s comprehensive four-phase recovery roadmap—Stabilisation, Modernisation, Transformation, and Growth—launched following the landmark 2023 acquisition of 9mobile by Lighthouse Telecoms, led by business leader and investor, Mr. Thomas Etuh.

Since the takeover, the company has made sweeping changes, including the constitution of a revitalized board, appointment of new executive leadership, and execution of a strategic infrastructure-sharing agreement with MTN Nigeria. This agreement, the first of its kind at scale in the country, has already led to the company significantly expanding its network coverage, capacity, and resilience nationwide.

Now entering the “Transformation” phase, the brand is embracing a new name, T2, and a new ambition: to lead in innovation, customer experience, and digital lifestyle enablement. The T2 identity reflects a forward-thinking, technology-driven, and customer-centric ethos designed to resonate with Nigeria’s increasingly digital and mobile-first population.

“This is not just a logo change, it’s a total evolution of who we are, why we exist, and how we deliver value,” said Obafemi Banigbe, Chief Executive Officer of 9mobile. “T2 represents our next chapter. It is a symbol of our renewed commitment to innovation, resilience, and a deepened focus on customer experience. We are building a brand that is ready to thrive in the digital economy.”

Thomas Etuh, Chairman, Emerging Markets Telecommunications Ltd, echoed similar sentiments, describing the occasion as one that is significant in many respects for the 9mobile brand, as it represents the start of a new phase of life, a fresh start, rebirth, change or transformation, growth, reawakening, and a new order.

“Today marks a new beginning for the 9mobile business. The march has been tedious. The journey has been exhausting. It was faith and love for country that prompted my foray into the acquisition of the 9mobile business. I knew it was a tough call,” Etuh said, and thanked stakeholders like the Nigeria Communications Commission (NCC) and 9mobile customers for standing by the brand through all its trials and challenges, including multiple litigations.

“To our amazing customers, please accept my profound gratitude for believing in us. I know our challenges have impacted you in one way or the other. But there is a resilient spirit we share with you. We are rising together again. Together, with you, we are reclaiming all lost grounds,” Etuh said.

Also speaking at the event, the Minister for Communications, Innovation and Digital Economy, Dr. Bosun Tijani, commended T2 for its bold move and vision to invest in the Nigerian economy and counselled that the rebranding should go beyond a change of name.

“My message to T2 (formerly 9mobile) is simple – let this rebrand be more than a change of colours or new logo, but let it be a renewed commitment to innovation, to service excellence and to the millions of Nigerians whose lives and businesses depend on your network every single day. Our government will continue to work with ecosystem players like T2 who are bold enough to invest, agile enough to adapt and visionary enough to see that the future belongs to those who embrace change before it’s forced upon them,” he said.

Speaking in the same vein, the Secretary to the Lagos State Government, Barr. Bimbola Salu-Hundeyin, who represented Governor Babajide Sanwo-Olu, affirmed the alignment between T2’s mission and the state’s digital goals.

“T2 has come at the right time. Its focus on digital innovation aligns seamlessly with the Lagos State Government’s vision for a robust digital economy that empowers citizens, businesses, and communities. We welcome partners like T2 who are committed to driving inclusive and transformative growth in our state,” she said.

The transition will be rolled out in deliberate phases, ensuring continuity and seamless service for existing customers while gradually introducing the market to the T2 narrative. At its core, T2 will focus on four key pillars: Speed, Smart Living, Digital Lifestyle, and Trust.

With customer expectations evolving rapidly and technology redefining the rules of engagement, the T2 brand aims to serve as a bridge between connectivity and culture, telecommunications and lifestyle, infrastructure and impact.

As the Nigerian telecoms sector moves into a new decade of transformation, T2 is poised to not just participate, but to lead.


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I see Crisis, Resignations @ MTN, Airtel, Others – Primate Ayodele

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Primate Elijah Ayodele, leader of INRI Evangelical Spiritual Church, has released fresh prophecies regarding Nigeria’s telecommunication companies, including MTN, Airtel, and the newly reformed T2, formerly known as 9mobile.

I see Crisis, Resignations @ MTN, Airtel, Others - Primate Ayodele

Primate Elijah Ayodele

In a statement signed by Osho Oluwatosin, media aide to Primate Ayodele made it known that MTN will have challenges and run into a shortage.

He stated that he sees resignations from top officials in the company while warning of a potential network crisis that will affect the company negatively.

“MTN: They will have challenges that will disorganize them and make them run into a shortage. They will want to carry out expansion, but some of their major cables will be damaged, and I see some of their officials resigning due to unexpected things that will be happening. MTN needs to be careful not to see situations of customers leaving the company. They will have serious network issues in September that people will be complaining about bitterly.”

For Airtel, Primate Ayodele warned the company to be careful of the board crisis, while revealing that they will face marketing issues at the grassroots level.

“Airtel: they must be careful so there won’t be any board crisis. They will want to step up in many ways, but there will be problems in the grassroots. The company’s marketing will have lots of issues in communicating to people at the grassroots level. Airtel will also have terrible network problems in November.”

For T2, Primate Ayodele stated that the company will start on a good ground, but they will not be able to achieve what was set out to be achieved.

He urged the company to look into some issues spiritually as he foresees a struggle to meet up with other telecommunication companies.

“T2: The company will start on a good footing, but there will be a lot of things they will want to do but will face problems. The crisis of the company isn’t yet over, it will be up and down, and the organization will struggle to surpass other telecommunication company. The new devices the company will introduce will still have problems, it’s an issue to be looked to spiritually. The company is ready to improve, but attaining improvement will create problems.”

Furthermore, the cleric stated that there will be more telecommunication companies in the country, stating that there will be a form of recapitalization and a new procedure that will disqualify some of the telcos.

“Generally, there will be more telecommunication companies that will come to challenge the existing ones. I am seeing the government introducing new codes and a form of recapitalization that will disqualify some companies. I am seeing a telecommunication procedure that will also disqualify some telcom companies.”


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MTN Nigeria’s Mega Billion Promo Turns Airtime into Fortune for Thousands Amid Economic Strain

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MTN Nigeria is offering a refreshing dose of optimism through its Mega Billion Promo—a nationwide campaign designed to reward customer loyalty with real cash prizes.

Launched on June 23, the 90-day promo aims to create 195 millionaires and distribute over ₦1 billion in cash via MTN’s MoMo Payment Service Bank.

So far, more than 1,500 subscribers have won a combined ₦290 million, including three jackpot winners and 20 recipients of ₦5 million each.

“In the last couple of years, it’s been a very tough time for Nigerians,” said Onyinye Ikenna-Emeka, MTN’s Chief Marketing Officer.

“This Mega Billion promo is one of the ways we’re showing appreciation and making life better for our customers.”

MTN subscribers aged 18 and above can participate by dialing *900#, using the MyMTN app, or texting ‘MEGA’ to 900.

Every ₦100 recharge earns one point toward daily and Saturday draws. Recharges can be made via bank apps, VTU, MoMo, or USSD channels.

Prizes range from ₦25,000 to ₦5 million on weekdays, with a ₦10 million top prize available during Saturday’s Mega Draw.

Customers can win multiple times, and all winnings are paid directly into the winner’s MoMo wallet, which can be activated by dialing *671#.

Independent partners manage the promo to ensure transparency and fairness. Daily draws are broadcast live on MTN’s Instagram, Facebook, and YouTube pages, and winners are contacted directly via the MTN Call Center on 300.

MTN describes the initiative as part of its ongoing effort to appreciate customers and strengthen relationships.


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