Mastercard says it plans to train five million Nigerian businesses in digital skills, in a move aimed at preparing more entrepreneurs and young Nigerians for opportunities in the digital economy.
The initiative, which has received the backing of President Bola Ahmed Tinubu as the country accelerates technology adoption and financial inclusion efforts, was announced during a meeting between the President and a Mastercard delegation led by Michael Miebach, Global Chief Executive Officer of Mastercard, at the State House in Abuja.
According to Mastercard, the initiative will focus on helping small businesses establish a digital presence while equipping them with the skills required to operate safely online.
The proposed training programme comes at a time when Nigeria is seeking to deepen digital participation among millions of small businesses, many of which operate within the informal sector and have limited access to digital tools and online marketplaces. The programme is expected to support business owners with digital literacy, online payment adoption, cybersecurity awareness and broader participation in the digital economy.
The President says Nigeria’s economy has been repositioned to participate more actively in the global economy through investments in digital infrastructure, technology adoption and skills development.
Miebach says that despite growing interest in online commerce, digital literacy remains a significant challenge for many entrepreneurs.
“Many small businesses,” Miebach says, “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.”
He disclosed that Mastercard has already developed a framework to support millions of Nigerian businesses and plans to implement the initiative through a structured process.
“We have a three-year programme for small businesses. A technical workshop has been planned for this, so it is not just talk but action and impact,” Miebach says.
Beyond payments and business digitisation, Mastercard says it is also investing in cybersecurity initiatives in Nigeria. Miebach revealed that the company is developing a Cyber Centre of Excellence designed to share threat intelligence, support incident response efforts and address emerging risks associated with artificial intelligence and other digital technologies.
He also highlighted the broader opportunities presented by Nigeria’s entrepreneurial ecosystem, noting that Mastercard aims to support the growth of the intra-African digital economy.
Welcoming the proposal, President Tinubu described Nigeria’s youthful population as a key driver of the country’s digital future and assured Mastercard of the Federal Government’s support.
The President says Nigeria’s economy has been repositioned to participate more actively in the global economy through investments in digital infrastructure, technology adoption and skills development.
“What you have been doing with our young population is commendable, and we will continue to support that in every form,” President Tinubu says.
Mastercard to support Nigeria’s digital economy ambitions
Wale Edun, Minister of Finance and Coordinating Minister of the Economy, says ongoing reforms are creating new opportunities for technology-enabled growth, particularly through the formalisation of businesses and the expansion of digital payment systems.
According to the Minister, government efforts are also focused on creating jobs and economic opportunities for young Nigerians within the digital economy.
Edun notes that increasing numbers of informal businesses are entering the formal economy, creating a larger pool of enterprises that can benefit from digital services, access to credit and technology-driven solutions.
“We are creating opportunities for work within the digital economy,” Edun says. “The formalisation of the very large informal sector that we have in Nigeria, one of the major reforms by Mr President in fiscal and tax matters, has led to more than 10,000 informal businesses applying for registration every day over the past few months.”
“This speaks to the opportunities that abound in Nigeria for organisations like Mastercard,” he adds.
The Minister further says that the President’s reforms extend to the credit economy, covering mortgages, personal loans, consumer credit, auto loans, small business financing and student loans.
According to Edun, significant opportunities exist for Mastercard to strengthen payment systems in Nigeria and across Africa, including facilitating transactions and settlements using the naira without relying on third currencies.
He also highlights Nigeria’s growing prominence in Africa’s fintech ecosystem, noting that five of the continent’s nine fintech unicorns are Nigerian.
Nigeria is home to one of the world’s largest youth populations, with millions of young people entering the labour market annually. At the same time, digital skills are increasingly becoming essential for employment, entrepreneurship and participation in the global economy.
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