General News
Mastercard, Paycode Partner to Increase Access to Financial Services & Govt Assistance for Remote Communities
An estimated 57 percent of the population in Sub Saharan Africa remains financially excluded while close to 30 percent remain without a form of identification and 60 percent of the continent has no internet connectivity, leaving these individuals unable to access government assistance and basic financial services.
To address these challenges, Mastercard has partnered with African fintech and Start Path company Paycode to provide both company’s offerings on one biometric smart card that will help increase access to critical services and advance economic inclusion for Africans living in remote communities.
Mastercard’s Community Pass™ platform will be included in Paycode’s Electronic Data And Payments Technology platform (EDAPT) that currently provides a secure, biometric identity as well as a digital bank account. Individuals can access digital financial services offline in real-time even if they lack a formal identity document such as a birth certificate or passport.
Together, Paycode and Mastercard deliver a path to prosperity, enabling users to manage day-to-day needs including paying school fees for children, getting vaccinations for their families, selling goods, and growing their businesses.
To enable this, Community Pass allows a person’s face or palm to be recognized at both online and offline locations, while ensuring best-in-class security of their individual data. Community Pass also leverages consistent technology standards so that an individual can seamlessly access financial, health, agricultural, or aid services across providers, including government disbursements.
The partnership’s goal is to onboard 30 million individuals living in remote, unconnected areas of Africa over the next three years, enabling them to access the products and services they need with a Community Pass biometric smart card that runs on Paycode’s EDAPT platform.
“Adding Inclusive ID functionality to Paycode biometric smart cards helps reach those currently excluded from critical government programs and ensures we are addressing basic financial needs of a dispersed population,” said Ricardo Pareja, SVP, Sales & Market Development, H&D for Mastercard.
“As we seek to drive beyond inclusion to fostering prosperity in communities across the globe, a critical focus for Mastercard is to help enable the interoperability and scale of solutions like those provided by Paycode.”
Ralph Pecker, ceo at Paycode said: “As Paycode we are proud to partner with global leaders like Mastercard to effect positive change for people on the ground and drive innovation in financial services delivery in deep rural areas.
“As leaders in last mile delivery and proof of life financial services technology, we play the important role of providing solutions that bring tremendous growth and financial access offline in real-time to the financial and technology sectors in Africa.”
“We believe that shared digital tools and scalable channels can drastically improve the reach and access to services, by reducing the cost to serve those communities as well as improving the effectiveness of service delivery.
“At Mastercard, we are committed to building an inclusive, sustainable economy where everyone has the opportunity to reach their potential,” says Selim Ergoz, Vice President, Business Development – Governments at Mastercard.
“Our trusted network powers digital transactions every day, making them safe, simple and smart and we apply this innovation to the most connected and the most remote communities around the world. By partnering with Paycode we will bring Mastercard’s suite of inclusion products to people in Africa that were previously unreachable, and that’s a game changer.”
Last year, Mastercard pledged to connect 1 billion people, including 50 million micro and small businesses, to the digital economy by 2025. As part of these efforts, the technology company has a direct focus on providing 25 million women entrepreneurs with solutions to grow their businesses.
Paycode’s mission is to give biometric identity and affordable access to basic financial services to over 50 million unbanked and underserved people in Africa by 2025.
Across the world, an estimated 3.4 billion people still struggle to meet basic needs such as access to food, life-saving healthcare, and schooling, and small businesses struggle to receive funding. Community Pass was developed as a shared interoperable digital platform designed by Mastercard to address these different needs.
Individuals can be recognized as the same person in different scenarios and make safe, secure, and convenient digital transactions – whether they are receiving healthcare services at a local clinic, checking into a school, or redeeming humanitarian cash aid to purchase goods at a local store.
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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