By MICHAEL EBOH
Mastercard Worldwide has entered into a strategic partnership with banks in Nigeria with the aim of ensuring the deployment of global best practices by all stakeholders in the electronic payments industry in view of the cashless initiative of the Central Bank of Nigeria, CBN.
To this end, the company recently hosted several leading Nigerian banks at a training workshop in Lagos that shared insights into global best practice in the electronic payments industry.
According to a statement by the company, the training focused on how financial institutions can build effective business relationships with retailers, the vast majority of whom have operated on a purely cash basis historically.
Mr. Omokehinde Ojomuyide, Vice President, Business Development, West Africa, MasterCard Worldwide, noted that for the cashless policy to become a reality, it is vital that Nigerian banks formalise their agreements with retailers, to afford both parties the peace of mind that comes with a legally protected transaction.
He said, “As the Nigerian economy embraces the government’s cashless policy, many retailers who have not had experience in accepting electronic payments are looking to banks for guidance in setting up their infrastructure to accept electronic payments.
“By holding these training workshops, MasterCard is working closely with its customer financial institutions to ensure that best-practice principles are implemented by all stakeholders across the payments network in Nigeria.
“Cashless Nigeria is going to make everyday transactions easier for Nigerians, and it is going to remove the risk of cash-related crimes.
“It will offer faster access to capital for entrepreneurs and companies wanting to grow, and in the long term it will facilitate increased economic development for the country through broader financial inclusion.”
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