The Chief Executive Officer of [Mastercard], Michael Miebach, has disclosed that the global payment technology company is contributing approximately $2 billion in foreign exchange inflows to Nigeria while helping to prevent nearly $200 million in fraudulent financial transactions.
Miebach made the disclosure on Thursday during a visit to Bola Ahmed Tinubu at the Presidential Villa in Abuja, where he led a delegation from the company to discuss ongoing investments and partnerships aimed at supporting Nigeria’s economic transformation.
According to the Mastercard CEO, the company remains committed to deepening its engagement in Nigeria and supporting the Federal Government’s economic reform agenda.
“We have a long-standing history in Nigeria, and today we facilitate a significant aspect of the economy. In Nigeria, we are preventing $200 million in fraud and bringing in $2 billion in foreign exchange. We are helping the SME sector thrive and partnering with banks across the country,” Miebach said.
Reflecting on Mastercard’s journey in Nigeria, Miebach noted that he personally established the company’s operations in the country in 2011.
“I was the one who set up the Mastercard business in Nigeria in 2011. I was in Lagos and hired employee number one. So, for me, this is a bit like coming home,” he added.
The Mastercard chief executive said discussions with the Governor of the Central Bank of Nigeria and leading financial institutions revealed strong momentum in the country’s financial sector, driven by ongoing fiscal and monetary reforms.
He highlighted the enormous potential within Nigeria’s small and medium-scale enterprise sector, estimated at about 40 million businesses, stressing that digital financial solutions could unlock greater economic opportunities.
“We recognise the moment Nigeria is in. There is a tremendous opportunity to unlock the power of millions of SMEs, connect the diaspora to the homeland, and ensure Nigeria becomes the largest and most thriving economy on the continent,” Miebach stated.
He further revealed that Mastercard is implementing a three-year programme designed to support small businesses through digital capacity building, cybersecurity awareness and improved access to digital commerce tools.
According to him, the company is also investing in initiatives that promote financial inclusion, resilience and trust in the digital economy, including the establishment of a Cyber Centre of Excellence focused on threat intelligence, incident response and emerging technology risks.
In his remarks, President Tinubu described Nigeria’s youthful population as the country’s greatest asset and assured investors that the government remained committed to creating opportunities for young Nigerians through technology and skills development.
The President welcomed Mastercard’s proposal to train five million businesses in digital skills, saying the initiative aligns with the government’s broader efforts to formalise the economy and expand access to digital opportunities.
“The most important asset we have is our youth population. What Mastercard is doing with our young people is commendable, and we will continue to support such efforts. We see you as partners in our development journey,” Tinubu said.
He noted that ongoing reforms aimed at formalising the informal sector would create additional opportunities for digital payments, investment, employment and economic growth.
The President also encouraged closer collaboration between Mastercard and the Bank of Industry, noting that the institution maintains a comprehensive database of Micro, Small and Medium Enterprises that could benefit from expanded digital payment solutions.
Also speaking, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the administration’s reforms had created new opportunities in digital payments, credit systems and financial inclusion.
According to him, recent policy initiatives have led to a significant increase in business formalisation, with more than 10,000 informal enterprises reportedly applying for registration daily in recent months.
Oyedele added that the government’s economic agenda extends to consumer credit, mortgages, student loans, small business financing and other financial products that could further strengthen Nigeria’s digital economy.
He noted that Nigeria remains a major innovation hub on the continent, with five of Africa’s nine fintech unicorns operating from the country, creating significant opportunities for global financial technology firms such as Mastercard.