Efforts to harmonise fiscal data across government institutions have commenced in earnest, with Mr Wale Edun, minister of Finance and Coordinating Minister of the Economy, spearheading the meeting to achieve the mission.

Mr Wale Edun, minister of Finance and Coordinating Minister of the Economy,

Key stakeholders, including the Minister of State for Finance, Dr Doris Uzoka-Anite; the Accountant General of the Federation, Shamsedeen Babatunde Ogunjimi, and the Director General of the Budget Office, Mr Tanimu Yakubu, met on Monday with Edun, a statement issued by Director of Information in the ministry Mohammed Manga, said.

The said discussions centered on discrepancies in fiscal data across government institutions, which have affected Nigeria’s credit ratings and borrowing capacity.

The Minister emphasised the need for synergy between agencies such as the Budget Office, the Accountant General’s Office, and the Debt Management Office (DMO).

“Delivering accurate and comprehensive fiscal data is critical to economic stability and investor confidence,” Edun said Attendees agreed on the establishment of a Fiscal Data Coordination Framework, which includes a main committee, a subcommittee, and technical teams dedicated to standardising fiscal reporting methodologies and economic assumptions.

The Minister affirmed that Nigeria must take ownership of its fiscal data credibility, reducing dependence on external institutions.

The meeting concluded with a firm commitment to implementing the framework, reinforcing transparency, strengthening investor confidence, and enhancing Nigeria’s economic outlook.

Africa’s digital payments economy is set to grow from strength to strength according to a Mastercard-commissioned report by Genesis Analytics stating that the digital payments economy is expected to reach $1.5 trillion by 2030.

As a longstanding technology partner to Africa, Mastercard continues to strengthen its commitment to the continent’s digital growth through strategic investments, public-private partnerships, and innovation initiatives that drive financial health and economic growth. By fostering collaboration with key stakeholders, Mastercard aims to enhance digital connectivity, expand economic opportunities, and enable millions of people and businesses to thrive in the digital economy.

Driving Africa’s digital growth

Mastercard’s investments will focus on three key areas to further accelerate digital adoption and financial inclusion:

1. Enabling Africa’s Micro, Small and Medium Businesses (MSMEs)
2. Empowering Africa’s fintech sector
3. Scaling remittances and cross-border payments

“Africa is filled with immense possibilities, and its people have the potential to shape the global economy in the decades ahead. Mastercard remains deeply committed to driving digital transformation across the continent, working closely with entrepreneurs, merchants, banks, start-ups, telcos, and governments. By increasing our investments, expanding innovation, and fostering inclusion, we are helping build a more connected and accessible digital future,” said Dimitrios Dosis, president, Eastern Europe, Middle East and Africa at Mastercard.

 Africa’s digital transformation is underpinned by rapid advancements in internet penetration and financial inclusion, two of the fastest-growing enablers of digital payments across the continent. According to the report, internet penetration in Africa is projected to grow at a compound annual rate of 20%, while financial inclusion is set to expand at 6% per year​.

These trends signal a strong shift towards digital transactions, with businesses and consumers increasingly embracing contactless solutions, further accelerating economic participation and financial accessibility across the region.

“For over five decades, Mastercard has worked alongside African governments, businesses, and communities to advance financial inclusion and economic development. With Africa projected to host nine of the world’s 20 fastest-growing economies, we are focused on leveraging our expertise and technologies to support the continent’s continued digital transformation. Our investments today will help build a more resilient economy for the future,” said Mark Elliott, division president, Africa, Mastercard.

1.    Enabling Africa’s Micro, Small and Medium Businesses (MSMEs)

Recognizing that MSMEs account for over 50% of Africa’s GDP, Mastercard continues to provide digital solutions that empower small businesses and drive economic expansion.

This commitment is reinforced by the Mobilizing Access to the Digital Economy (MADE) Alliance: Africa, in partnership with the African Development Bank Group. The initiative aims to extend digital access to critical services for 100 million individuals and businesses over the next decade. As part of its broader goal to bring users onto Community Pass, Mastercard has set a target to register 15 million users in Africa within five years. Community Pass is a social enterprise initiative that digitizes and connects remote, and rural communities to governments, NGOs, and private sector services.

To further fuel the potential of Africa’s MSMEs, Mastercard will accelerate easy access to its proprietary solutions such as Tap on Phone and SME-in-a-Box. The technology company will also continue to enable access to finance through its Track Micro Credit Program, which has already benefited thousands of micro merchants. Furthermore, African entrepreneurs will continue to gain knowledge on how to thrive as business owners through free learning resources such as The Entrepreneur’s Odyssey and Mastercard Trust Center.

2.    Empowering Africa’s fintech sector

Africa’s fintech ecosystem is a key driver of digital transformation and economic progress. Nearly half of all fintech firms on the continent have been founded in the last six years, collectively raising $6 billion in equity financing since 2000.

Mastercard is partnering with banks, telcos, and other service providers across Africa and internationally to help accelerate fintech growth and expansion in new markets. For example, Mastercard’s partnership with M-Pesa in Kenya and MTN Group Fintech has enabled millions of unbanked individuals to access digital financial services through mobile money platforms.

Similarly, Mastercard’s collaboration with digital wallet providers and e-commerce platforms has facilitated the integration of payment solutions into digital ecosystems, enabling seamless transactions for consumers and merchants alike. For example, Mastercard’s global Fintech Express program provides fintech companies with an end-to-end experience for card issuance. By combining its identity, biometric, AI and open banking capabilities, Mastercard helps protect consumers across the spectrum of internet and payments scams.

3.    Scaling remittances and cross-border payments

Seamless cross-border transactions are essential for Africa’s economic mobility. According to the World Bank, Africa received approximately $100 billion in remittances in 2023, accounting for about 6% of the continent’s GDP.

Mastercard is playing a key role in enabling the infusion of funds into local economies. Through a single, secure point of access, Mastercard Cross–Border Services allow people and businesses to remit money securely, and with certainty.

Local partnerships such as the recent agreements with Africa’s Access Bank and Equity Bank, are enabling Mastercard to make cross-border payments more simple, convenient, and accessible. Furthermore, they are enabling customers in multiple markets to make cross-border payments globally via bank accounts, mobile wallets, cards, and cash.

Mastercard remains committed to driving Africa’s digital growth through investment, innovation, and partnerships. By enhancing financial inclusion, expanding digital transactions, and strengthening cross-border connectivity, the company is helping to build a more inclusive and resilient digital economy for the African future.

Enza, an embedded payment startup based in Dubai and founded by former Network International executives, has raised $6.75 million in seed equity funding. The round was co-led by Algebra Ventures and Quona Capital.

Founded in 2023, Enza’s payment solutions enable banks and fintechs to offer locally tailored payment services across African markets, including card issuance, digital wallets, and real-time payments.

The Enza platform is built to support both sides of the transaction chain — serving banks and fintechs on the issuing side, as well as SMEs and merchants on the acceptance side.

Existing client use cases feature the rollout of digital payment solutions, including domestic payment schemes, real-time payment services, mobile money, and Buy Now, Pay Later (BNPL) options, alongside international payment schemes across several African countries.

With operations in Egypt, Nigeria, and South Africa, the recent capital injection will help enza expand its footprint into other key markets throughout Africa.

Before founding enza, the leadership team oversaw global acceptance, processing, and consumer finance divisions at Network International.

Hany Fekry, CEO of enza, stated: “This investment is a strong vote of confidence in our team, our market-leading solutions, and our dedication to empowering banks and fintechs to advance financial inclusion across the continent.”