Mastercard Calls For Collaboration, Fintechs Receives $1 Billion In Two Years

It was noted that the financial technology (Fintech) sub-sector have received over $1 billion in the last two years, tripling the industry’s total figure and accounting for more than one-third of the $2.7 billion invested in African fintech since July 2021.

This was disclosed at the Mastercard 2024 Fintech Forum with the theme: “Fostering Fintech Ecosystem Collaboration and Innovation,” in Lagos at the weekend.

The forum expressed that Fintech companies have been at the forefront of revolutionizing various industries, serving as powerful vehicles for locally relevant solutions, financial inclusion, and innovative partnerships between financial institutions, governments, merchants, and small and medium-sized enterprises (SMEs), both globally and locally.

It said, “This transformative role is underscored by the sustained investment in the industry, with the Nigerian fintech sector witnessing a remarkable surge, receiving over $1 billion in the last two years alone – more than triple the industry’s total figure and accounting for more than one-third of the $2.7 billion invested in African fintech since July 2021."

Country Manager and Area Business Head for West Africa at Mastercard, Folasade Femi-Lawal, noted that the forum has become an avenue to advance discussions on the development of the industry in Nigeria, “and we are proud to be the vehicles of this change. The discussions this year underscored the pivotal role of collaboration and innovation in shaping the future of Nigeria’s fintech landscape. Mastercard remains unwavering in our commitment to power this positive change, offer support, and lead the evolution of the industry.”

The event also featured a fireside chat titled “Mastercard’s Role in Fintech Ecosystem Collaboration.”

While speaking, the President of Eastern Europe, the Middle East, and Africa (EEMEA) at Mastercard, Dimitrios Dosis, stated that, “Fintechs continue to stand as the trailblazers, pushing boundaries and reshaping industries. Their penchant for innovation is not just transformative it is integral to the very fabric of our industry and the broader economy. Mastercard, as a driving force, is proud to champion the pivotal role of fintechs, recognizing their significance in fostering economic progress."