Fintech Forum 2023: Mastercard takes the fintech ecosystem to the next level

• Future opportunities for the Nigerian fintech ecosystem were discussed today as leaders from the financial technology sectors gathered at Mastercard’s Fintech forum in Nigeria.
• The event strengthens commitment to support the fintech ecosystem with innovative tools and solutions.

Lagos, Nigeria – September 9 2023: Mastercard unveiled the evolving landscape of financial technology in its latest event, the Fintech Forum and Fireside Conversation held in Lagos. This event, hosted by Ebehijie Momoh, Country Manager for West Africa, and Mark Elliott, Mastercard Division President for Sub-Saharan Africa, served as a demonstration of Mastercard's ongoing commitment to the growth and development of the fintech landscape.

Fintech companies have been at the forefront of revolutionizing various industries, enabling financial inclusion, and fostering innovative partnerships between financial institutions, governments, merchants, and small and medium-sized enterprises (SMEs), both globally and locally.

"As we gathered for the Fintech Forum and Fireside Conversation, it became clear that innovation and partnership are the driving forces behind progress in the financial sector. The discussions we had revealed the revolutionary potential of fintech, demonstrating how it can enable individuals and spur economic development. Together, we're building a more promising financial future," said Ebehijie Momoh, The Country Manager and Area Business Head for West Africa at Mastercard.

Nigeria has solidified its position as a fintech powerhouse in the African continent in 2022, maintaining its position as Africa's best-funded country with an impressive 180 startups securing funding, far surpassing its African counterparts.

Mark Elliott, Division President, Mastercard Sub-Saharan Africa, who is in the country visiting Mastercard partners and business associates offered insights into the fintech landscape. He highlights that the future of fintech is in embedded solutions that meet people where they are, new digital banking solutions for small businesses that support their growth, and fintechs focused on sustainability and financial inclusion.

“Fintech is a strategic partnership opportunity, not a threat, enabling digital players to control more of the customer journey. Many fintech services and products create enhanced competitiveness and have a real impact on consumers and small businesses, and this fintech innovation is creating more connections and better user experiences.  As the “original fintech,” Mastercard is excited about the opportunity to partner with today’s emerging innovators on disruptive solutions through programs such as Start Path and Fintech Express in the Mastercard Accelerate portfolio. We are playing a central role in making fintech partnerships a reality as a single technology provider; and together with our partners, shaping the future of commerce and delivering frictionless experiences that bring more people into the digital economy.” said Mark Elliott, Division President, Mastercard Sub-Saharan Africa.

 Wrapping up the event, the ever-changing nature of financial technology came into the fore, with valuable insights shared on how fintechs may strategically position themselves in developing the economy. Participants expressed their shared commitment to driving positive change in the financial industry and shaping the future of finance in Nigeria and beyond.