BTA2023 Global payments technology company Mastercard has reaffirmed its commitment to strengthening the digital economy in Nigeria, highlighting the country’s central role in Africa’s rapidly growing fintech ecosystem.
Speaking during Lagos Tech Fest 2026, Mastercard emphasized the significant opportunity within Africa’s digital payments market, which the company estimates could reach $1.5 trillion by 2030.
The sixth edition of the technology event, organized by Eventhive, attracted more than 3,000 attendees, 70 speakers, and over 1,000 companies from 25 countries, making it one of the region’s largest technology and innovation gatherings.
Nigeria at the Center of Africa’s Digital Transformation
According to Folasade Femi-Lawal, Country Manager for West Africa at Mastercard, Nigeria remains one of Africa’s most dynamic hubs for fintech innovation and entrepreneurial growth.
She noted that events like Lagos Tech Fest 2026 provide valuable insights into how digital payments are evolving across local markets, particularly among startups, fintech companies, and small businesses.
Industry data from Nigeria Inter-Bank Settlement System shows that electronic payment transactions in Nigeria reached ₦284.99 trillion in the first quarter of 2025, representing a 17.7% year-on-year increase.
Point-of-sale transactions also surged to ₦10.45 trillion, reflecting the growing participation of small businesses, informal merchants, and service providers in the digital economy.
Expanding Digital Payments for Small Businesses
Mastercard says expanding digital payment acceptance among small and micro enterprises is a major priority in Nigeria.
Research from the company’s SME Confidence Index indicates that 73% of Nigerian SMEs plan to expand their digital payment capabilities, highlighting strong demand for digital commerce tools.
To support this shift, Mastercard has introduced solutions that allow merchants to accept payments using everyday devices through tools such as Tap on Phone and QR Pay by Link.
Through collaborations with United Bank for Africa and Wema Bank, Mastercard has already helped 1.8 million SMEs and gig workers adopt low-cost digital payment solutions.
The company has also partnered with KaiOS Technologies to expand digital payments to merchants using affordable feature phones, making digital commerce more accessible beyond urban centers.
Helping Nigerian Fintech Startups Scale
Mastercard also used the event to highlight programs designed to support Nigerian fintech startups.
Through platforms such as Start Path, Product Express, and Engage, the company connects innovators with global expertise, technology infrastructure, and investor networks.
These programs are designed to help African startups reduce time to market, scale operations faster, and expand internationally.
Strengthening Cross-Border Payments
Cross-border payments remain a key focus as African businesses increasingly operate across regional markets.
Mastercard’s Mastercard Move platform supports secure money transfers across more than 200 countries and territories, helping businesses move funds faster and more transparently.
In Nigeria, partnerships with Fidelity Bank Nigeria and Access Bank have introduced new cross-border payment solutions including Fidelity Send and Access Africa, enabling near real-time international transactions for businesses and individuals.
Supporting Africa’s Digital Economy
Mastercard says its participation at Lagos Tech Fest 2026 reflects its broader commitment to strengthening digital financial ecosystems across Africa.
As fintech innovation continues to expand across the continent, initiatives focused on digital payments, financial inclusion, and startup growth are expected to play a major role in shaping Africa’s future economy.
