Global payments technology company Mastercard has reaffirmed its commitment to strengthening Nigeria’s digital economy and expanding financial inclusion across Africa during the 2026 edition of the Lagos Tech Fest.
The company participated in the event as a Gold Sponsor, using the platform to highlight its efforts in supporting digital payments, fintech innovation and the growth of small businesses in Nigeria.
The sixth edition of the technology conference, organised by Eventhive, attracted more than 3,000 participants, including over 70 speakers and representatives from more than 1,000 companies across 25 countries. The event held on February 17 and 18, 2026, in Lagos.
Speaking at the event, the Country Manager for West Africa at Mastercard, Folasade Femi-Lawal, described Nigeria as a central force in Africa’s digital transformation.
According to her, Nigeria represents one of the continent’s most vibrant innovation hubs where fintech innovation, entrepreneurial ambition and everyday commerce intersect.
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She explained that platforms like the Lagos Tech Fest provide opportunities for companies to engage directly with stakeholders, understand the realities of digital payment adoption and collaborate on solutions that promote inclusive economic growth.
Femi-Lawal also highlighted Mastercard’s projection that Africa’s digital payments economy could reach $1.5 trillion by 2030, driven largely by increased internet penetration and improved financial inclusion across the continent.
She noted that Nigeria is already experiencing rapid growth in electronic payments. Data from the Nigeria Inter-Bank Settlement System (NIBSS) shows that electronic payment transactions reached ₦284.99 trillion in the first quarter of 2025, representing a 17.7 per cent year-on-year increase.
Similarly, point-of-sale transaction values climbed to ₦10.45 trillion during the same period, reflecting the increasing participation of small businesses, informal merchants and service providers in the country’s digital payment ecosystem.
To strengthen its presence in Nigeria, Mastercard said it is focusing on three strategic priorities: expanding affordable digital payment acceptance, strengthening trust in digital transactions and enabling interoperable cross-border payment infrastructure.
The company emphasised that small and micro businesses remain central to Nigeria’s economy and play a critical role in driving digital payment adoption.
According to Mastercard’s SME Confidence Index for Nigeria, about 73 per cent of small businesses plan to expand their digital payment capabilities in order to support business growth.
To support this transition, Mastercard has introduced solutions that allow merchants to accept payments using devices they already own, including technologies such as Tap on Phone and QR Pay by Link.
In Nigeria, partnerships with United Bank for Africa (UBA) and Wema Bank have enabled about 1.8 million small businesses and gig workers to accept digital payments using low-cost solutions such as QR-on-Card.
Mastercard has also partnered with KaiOS Technologies to extend digital payment capabilities to merchants using affordable feature phones, ensuring that participation in the digital economy is not limited to smartphone users or urban centres.
Beyond small businesses, Mastercard said it is supporting Nigerian fintech companies to scale globally through platforms such as Start Path, Product Express and Engage, which connect startups with global expertise and infrastructure needed to accelerate innovation.
The company also highlighted its cybersecurity capabilities, including Decision Intelligence, RiskRecon, Cyber Secure, tokenisation and biometric authentication, which are designed to strengthen fraud detection and improve cyber resilience across the payments ecosystem.
As part of its strategy to enhance cross-border payments in Africa, Mastercard said it is expanding the reach of Mastercard Move, a platform that enables secure and interoperable money transfers across more than 200 countries and territories.
In Nigeria, collaborations with Fidelity Bank and Access Bank have resulted in the launch of Fidelity Send and Access Africa, solutions designed to enable faster cross-border payments for businesses and individuals.
Femi-Lawal noted that Nigerian innovators are increasingly shifting from experimentation to execution by developing solutions that address real economic challenges, including digital commerce, digital identity and trusted financial infrastructure.
She added that Nigeria’s innovation ecosystem continues to position the country as a key driver of Africa’s digital future.
Mastercard said its participation in the Lagos Tech Fest forms part of its broader commitment to building inclusive financial ecosystems across Africa while supporting entrepreneurs and expanding opportunities for participation in the global digital economy.
