Mastercard CEO: We're Bringing $2 Billion in Forex to Nigeria Yearly, Preventing $200 Million in Fraud

Mastercard is injecting $2 billion in foreign exchange into Nigeria annually and preventing approximately $200 million in fraudulent financial activities, according to Global Chief Executive Officer Michael Miebach. He shared this during a meeting with President Bola Tinubu in Abuja, where he also pledged the company's support for the administration's economic reforms.

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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, of course, partner with your banks.

Miebach, who personally established Mastercard's business in Nigeria in 2011, expressed a sense of returning home. He emphasized the company's long-standing history in the country and its role in facilitating a significant aspect of the economy. Mastercard's efforts include supporting the SME sector and partnering with Nigerian banks.

"We recognise the moment that we are in," Miebach stated, referencing recent meetings with the Central Bank of Nigeria Governor and leading bankers. He highlighted the opportunity to unlock the potential of Nigeria's 40 million SMEs, connect the diaspora, and foster a thriving continental economy. Mastercard aims to drive the intra-African digital economy by providing capacity building for small businesses, particularly in navigating the digital and cyber worlds.

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We recognise the moment that we are in. We spent time with the CBN Governor and had an opportunity to meet the leading bankers yesterday in Lagos, to see where everything is going and the opportunity here to unlock the power of the 40 million SMEs in Nigeria, to really connect the diaspora to the homeland and ensure Nigeria is the most thriving and biggest economy on the continent.

Mastercard is also investing in inclusivity, trust, and resilience in the digital sphere, and plans to establish a Cyber Centre of Excellence. President Tinubu welcomed Mastercard's proposal to train five million businesses in digital skills, expressing confidence in the competence of Nigerian youth and stating that the economy has been repositioned for global participation.

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Many small businesses would like to have a digital part of their business, and they don’t know how to do that. Capacity building of small businesses vis-a-vis just opening a shop and keeping them safe in a cyber-world.