General News
How to Build More Connected & Inclusive Cities
By Carlos Menendez,
Carlos Menendez is president, Enterprise Partnerships, for Mastercard. In this role, Mr. Menendez is responsible for expanding the company’s operations globally with partnerships in the Smart Cities, Retail, Travel and Banking space. In this piece, he looks at ways to build more connected and inclusive cities.
When thinking about the cities of the future, I know that they will be more connected, and I strongly believe that they must be more inclusive.
We can’t have the Internet of Everything without the Inclusion of Everyone. Already today, a growing number of cities are using smart technologies to better connect people to places and to each other – and more importantly also connecting people to opportunities for better and safer lives.
Unfortunately, what still causes a significant amount of friction in our cities and prevents inclusive growth is the dominance of cash. In fact, close to 85 percent of all consumer payments in the world are still done with cash or checks.
This means that far too many people are trapped by default in an informal economy. They lack the financial services to guard themselves against risk, save for themselves, plan for their children’s futures, and build better lives.
Two years ago, Mastercard set a global goal to bring 500 million people into the financial mainstream by 2020. And we’re well on our way to doing that.
In just a few short years, we have helped connect more than 300 million people through partnerships with banks, governments, retailers, and NGOs.
We’re also working with our partners to enable and grow 40 million small merchants and micro-entrepreneurs because it’s not just individuals that are too often trapped in a cash economy – stores lose billions of dollars every year to leakage and theft.
Success Factors For Future Interconnected and Inclusive Cities
It’s no secret that the world is becoming more urban. The UN estimates that within the next generation, the number of people living in cities will jump from 50 percent today to almost 70 percent.
Already today, cities are grappling with the challenges that come with their growth. Congestion, pollution, and poverty are features of many of the world’s major cities, and it will take a collaborative effort by the public and private sector to meet these challenges.
We have seen progress, and there are some common themes around how we can leverage technologies and partnerships to move toward more connected, more inclusive cities.
Transforming Public Transportation
The key approach is to tackle those sectors in our cities that have high levels of everyday cash usage, and one of these areas is mass transit.
About 65 percent of all urban transportation is still paid in cash, which adds up in significant operational costs to transport providers and puts drivers and passengers at risk of getting robbed.
In over 100 cities around the globe (including London, Singapore, Bogota and New York), Mastercard users are paying their train or bus fare simply by tapping their card or swiping their phone.
Only a couple of weeks ago, Sydney became the first city in Australia to introduce contactless payments for public transport – no more queuing in front of tickets booths, topping up cards, or fumbling for cash.
In London, already 40 percent of daily pay-as-you-go journeys on the city’s underground, buses, and commuter rails are paid by contactless cards/phones – which has dropped Transport for London’s cost of selling tickets from 14 to 9 percent of the fare and has saved them over 100 million pounds in cash related costs.
Once payments are digitized, data insights help city governments better understand and connect with their citizens. In Chicago for example, UI LABS, is bringing technology and transportation providers together to find ways to better balance transit supply and demand across a city.
When people use their cards for public transport, this can help form a habit of paying electronically in shops and stores as well which can be a critical factor for enabling broader financial inclusion.
For instance, those living in a cash economy face significant risks when it comes to putting away money for savings. This lack of savings then makes it challenging for people to access lower priced weekly or monthly tickets, instead of more expensive daily tickets.
This is why a few weeks ago, the Government of Mexico City announced its plans to launch a debit card that can be used for both transit payments as well as every day purchases, and potentially social disbursements.
Empowering Small and Micro Businesses
Another critical angle to building more inclusive cities is to focus on the role of small businesses and how to connect them to electronic commerce.
In most parts of the world, small businesses account for well over 90 percent of all enterprises. However, small and micro entrepreneurs have historically been underserved when it comes to their ability to accept electronic payments. For a small market vendor, bigger tickets and additional sales from someone using their card instead of cash are important steps on the economic ladder, which are typically followed by better access to credit.
There are various ways to address this. One is by turning a seller’s mobile phone into a payment terminal. Masterpass QR, which is already available in eight countries in Africa and Asia, is a new electronic payment option that lets customers pay for goods and services from their mobile phones by scanning a QR code displayed at a store’s checkout.
In Kenya, Mastercard is partnering with Unilever to simplify the way smaller stores order and pay for their goods with a wholesaler.
Today, this is a very cash intensive process. Digitizing this process will give small entrepreneurs better access to funds, facilitate inventory ordering and management, and provide better sales insights about their business.
Partnering with Governments
Like businesses and individuals, governments make and receive payments. And many governments around the world choose electronic methods for things like procurement, social benefit payments, or tax collection. Electronic payments are not only more efficient and more transparent, they’re also a great way to lead by example.
At Mastercard, we have partnered with over 60 governments globally to deliver more than 1,600 scalable cashless programs in various cities and communities around the world.
In the Middle East and Africa, we have joined forces with public institutions on solutions that link a government identity with payments and enable people to become financially included on a massive scale. In Egypt, the government plans to extend financial inclusion to over 54 million citizens through a digital National ID program.
But what’s most important for many people, is that this may be the first time they see their name printed on a financial instrument. This gives them a financial identity, and it may give them the first chance to move out of the cash economy into the formal economy.
Technology as the Great Enabler
Simplifying access to public transport, empowering small and micro businesses, promoting cashless programs – what these three areas have in common is that technology works as a great enabler. While the know-how exists to solve many of the world’s most pressing problems, no one can meet these challenges on their own.
It takes partnerships across businesses, governments, NGOs and academia to advance more connected and more inclusive cities – and to build healthier, safer and more prosperous communities.
MTN Nigeria Communications Plc held its 2025 Annual General Meeting (AGM) in Lagos today, where shareholders reviewed the company’s full-year financial performance and endorsed its strategic priorities for the future.
The AGM came on the heels of a strong first quarter in 2025, during which MTN Nigeria invested a record ₦202.4 billion in capital expenditures and posted ₦133.7 billion in profit after tax, marking a major turnaround from a ₦392.7 billion loss in Q1 2024.
This 159% year-on-year surge in Q1 CAPEX—the company’s highest-ever quarterly investment—has gone into expanding network capacity, boosting data speeds, and enhancing service quality nationwide, in response to rising demand for digital services.
The Chairman of the Board, Dr. Ernest Ndukwe (OFR), addressed shareholders, saying: “On behalf of the MTN Nigeria family, I am proud to affirm that our business remains deeply rooted in strength and resilience.
“Our foundation remains solid, and our role within the broader economic landscape is unwavering, even amidst the challenges we encountered over the past year.
“As we reflect on this journey, I am inspired by the resilience of the Board, management, and staff of our Company, backed by the unwavering confidence of our shareholders, the valued support of our customers, and the immense potential of our nation, Nigeria.”
Dr. Karl Toriola, chief executive officer stated: “The year 2024 undoubtedly tested our resilience as we navigated a challenging operating environment marked by severe macroeconomic conditions.
“At MTN Nigeria, we viewed these challenges as catalysts for innovation and decisive action.
“We focused on what mattered most, strengthening the resilience of our network, prioritising customer experience, and accelerating the growth of our commercial operations through our customer value management initiatives.”
However, the company reported a ₦400.4 billion net loss for the year, largely due to ₦740.4 billion in foreign exchange losses from the devaluation of the naira, alongside elevated operating costs, and higher interest expenses. Due to negative retained earnings, the Board was unable to recommend a final dividend for FY 2024, consistent with regulatory requirements.
Looking ahead, MTN Nigeria remains optimistic, citing tariff increases, currency stabilisation, and easing inflation as key factors that will support the company’s return to positive equity in 2025.
Chief Financial Officer, MTN Nigeria, Modupe Kadri, commenting on this optimism said, “Our Q1 2025 results reflect strong operational execution and financial discipline, with service revenue up 40.5% and EBITDA growing by 65.9%.
“We delivered N133.7 billion in profit after tax, marking a significant turnaround from the prior year, while maintaining a healthy cash position and robust balance sheet metrics.”
During the AGM, all resolutions were passed by shareholders, including the adoption of the 2024 financial statements, the re-election of directors, and approval of remuneration policies.
The Q1 2025 report shows the company has returned to profitability and remains committed to strengthening network investments, accelerating digital inclusion, and delivering sustained value to its customers and shareholders.
Nigeria has taken a bold step toward deepening its innovation ecosystem with the official launch of the Start-up Consultative Forum, an initiative designed to accelerate the implementation of the Nigeria Start-up Act (NSA) and strengthen the country’s tech startup ecosystem.
While addressing the forum, NITDA’s Director General, Kashifu Inuwa CCIE, who was represented by Barrister Emmanuel Edet, the Ag. Director, Regulation and Compliance described the platform as more than just a stakeholder meeting.
“It is a commitment to building a stronger tech ecosystem through collaboration, inclusion, and data-driven governance, marking a new phase in the implementation of the Nigeria Startup Act,” he said.
He noted that the Nigeria Startup Act is more than legislation—it is a framework for national development. “Startups are not fringe players. They are central to Nigeria’s economic future,” he asserted.
Inuwa further mentioned that over the past eight months, NITDA has driven key activities under the Act. These include stakeholder workshops across 10 states, roadshows at tech events like Lagos Tech Week, the Omniverse Summit, Moonlight Conference and the Akwa Ibom Tech Week, and awareness campaigns through digital and direct engagement.
The forum, according to Inuwa, will serve as a feedback engine, spotlighting regulatory gaps, guiding policy improvements, and shaping a startup-friendly environment.
Under the Renewed Hope Agenda and the guidance of the Federal Ministry of Communications, Innovation and Digital Economy, NITDA continues to support startups through initiatives like the Startup Portal, tech infrastructure deployment, and digital skill training across the country.
The DG emphasised that for startups to thrive, policies must be inclusive and responsive. “Inclusion is not charity. It is a strategy,” he said, calling for equal representation across gender, region, and sector.
While inaugurating the members if the Conservative Forum on behalf of the Director-General, the Director of IT Infrastructure Solutions, Oladejo Olawunmi, ignited the forum with a call to action, envisioning it as a vital nexus for collaborative breakthroughs.
He inspired the members, saying, “We remain deeply committed to nurturing a space where innovation can flourish, and I call upon each of us to embrace the task ahead by shaping ideas into concrete policy and outcomes that leave a lasting impact.”
Earlier, Victoria Fabunmi, National Coordinator of the Office for Nigerian Digital Innovation (ONDI), in her opening address called the Forum, a “structured dialogue between those building the future and those enabling it.”
She outlined five key pillars for success: access to funding, capacity building, supportive policy, inclusive innovation, and global competitiveness.
She urged startups to speak boldly, private sector players to offer more than capital, development partners to scale what works, and government to harmonize efforts. “This Forum must be a problem-solving platform, not another talk shop,” she concluded.
With the Startup Consultative Forum now launched, NITDA aims to turn policy into action, ensuring startups are no longer on the sidelines, but at the center of Nigeria’s innovation journey.
The virtual event was attended by private sector players, development agencies, verified Ecosystem Support Organisations (ESOs), angel investors, venture capital firms, and labelled startups from across the country.
The Nigerian Financial Intelligence Unit (NFIU) issued a detailed advisory on yesterday, warning Nigerians about the growing threat of Ponzi schemes and unregulated crowdfunding scams, particularly in digital assets, agriculture, and real estate.
These sophisticated scams, often disguised under appealing brand names, promise unrealistically high returns, exploiting vulnerable citizens facing economic hardship between 2022 and 2025.
Digital asset scams, like Crypto Bridge Exchange (CBEX) and Chinmark Group, leverage cryptocurrencies’ anonymity and limited regulation. CBEX, promising 100% returns in 30 days, collapsed with over ₦1.3 trillion in losses, using blockchain to obscure funds.
Chinmark, posing as a conglomerate, defrauded investors of over ₦10 billion via social media and religious endorsements. “We are committed to saving Nigerians from the troubles associated with Ponzi schemes,” the NFIU stated, pledging to pursue major actors.
Agricultural Ponzi schemes, such as Farmforte Ltd and Green Eagles Agribusiness, promise unsustainable farming returns, with one Lagos operator collapsing after processing ₦400 million with 16% monthly return pledges. Red flags include guaranteed high returns, unlicensed operations, and reliance on referrals.
The Investment and Securities Act (ISA) 2025 imposes fines of ₦20 million and up to 10 years’ imprisonment for promoting Ponzi schemes, empowering the Securities and Exchange Commission (SEC) to regulate digital assets. The NFIU urged licensing for Virtual Asset Service Providers, advanced fraud detection, and stronger KYC/AML compliance by financial institutions.
It advised the public to verify platforms with the SEC, question return mechanisms, and report suspicious schemes promptly.
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