MasterCard CEO Ajay Banga Applauds Cashless Nigeria Policy

  MasterCard CEO Ajay Banga Applauds Cashless Nigeria Policy

   Electronic Payments praised for contributing towards the development of
                               Nigerian Economy

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Business Wire

ABUJA, Nigeria -- January 14, 2013

The rapid evolution of the payments landscape in Nigeria was highlighted as a
global success story by Ajay Banga, the President and CEO of MasterCard
Worldwide, at an address to Central Bank of Nigeria (CBN) officials and other
Nigerian officials and business leaders. Banga was on a visit to Nigeria as
part of a week-long trip across Africa.

MasterCard CEO Ajay Banga addresses high ranking Nigerian officials and
bankers at a Cashless Conver ...

MasterCard CEO Ajay Banga addresses high ranking Nigerian officials and
bankers at a Cashless Conversation in the capital Abuja (Photo: Business Wire)

The introduction of the CBN’s Cashless Policy was acknowledged as being the
driving force behind this evolution. “MasterCard’s close collaboration with
the CBN and other stakeholders in Nigeria has proved that collaboration
between public and private sector organizations is the key to driving
meaningful change in any economy,” said Banga.

Banga noted that Nigeria has witnessed a remarkable reform in its electronic
payments sector over the past two years, with financial institutions,
businesses, merchants and consumers showing a keen willingness to adopt
electronic payments.

“The CBN’s Cashless Policy, and the solutions created to achieve its goals, is
viewed with global interest as a benchmark in driving financial inclusion in
emerging markets,” he added. “The modernization of the payments industry,
driven by local government, will positively impact economic growth in Nigeria
by helping to eliminate inefficiency, corruption and fraud, which are issues
faced by all cash-dependent economies.”

MasterCard’s multifaceted approach to supporting the move to electronic
payments includes continuous engagement with the Nigerian government and a
number of collaborations with financial institutions and merchants to educate
consumers on the benefits of electronic payments.

Banga added that it is this approach and the strong relationships that
MasterCard has built with all stakeholders, combined with the shared vision of
creating a Cashless Nigeria, that has contributed to MasterCard’s success in
the country, and what will continue to do so.

  *Guaranty Trust Bank had taken the early technology adopter position by
    aligning with MasterCard to promote electronic payments, ensuring that
    every individual customer had been issued a MasterCard Debit card for
    electronic card payments.
  *MasterCard recently introduced Corporate Payment Solutions (CPS) to Zenith
    Bank corporate customers allowing them to streamline their processes for
    authorizing, monitoring and reconciling corporate expenditure.
  *United Bank of Africa (UBA) recently started offering MasterCard Debit
    cards to their customers offering them the convenience of one card that
    they could use in Nigeria and overseas for their purchases and payments.
  *Stanbic IBTC Bank has taken the Cashless Nigeria drive to new heights by
    discontinuing the sale of Personal Travel Allowance and Business Travel
    allowance in their branches. Customers are required to use their
    MasterCard Debit cards for all their international purchase and payment
  *MasterCard certified Unified Payments Services Limited as a third-party
    processor in 2012, making MasterCard the first payment brand in Nigeria to
    have up to three third-party processors which aligns to the CBN’s drive
    towards liberalization in the card processing space and interoperability.
  *As part of its holistic strategy, MasterCard has created a platform
    through which knowledge is shared and gained during bank and merchant
    training workshops. These sessions focus on card acceptance best
    practices, card security, fraud identification and management with an
    overview of cardholder support. The platform has allowed for the further
    development of meaningful relationships with influencers across a variety
    of industries.

“MasterCard is dedicated to Nigeria, a priority market for MasterCard’s global
business strategy, and we remain committed to delivering a world beyond cash
by introducing product innovation and working alongside all stakeholders,”
said Banga.”

About MasterCard

MasterCard  (NYSE: MA),,is a global payments and technology
company. It operates the world’s fastest payments processing network,
connecting consumers, financial institutions, merchants, governments and
businesses in more than 210 countries and territories. MasterCard’s products
and solutions make everyday commerce activities – such as shopping, traveling,
running a business and managing finances – easier, more secure and more
efficient for everyone. Follow us on Twitter @MasterCardNews, join the
discussion on the Cashless Conversations Blog and subscribe for the latest

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MasterCard Middle East & Africa Communications
Sami Lahoud, +971 56 216 9273
MasterCard Worldwide Communications
Marcy Cohen, +1-914-249-2214
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