Economy
MasterCard Boosts Cashless Economy in Ghana
By Dipo Olowookere
Ghana has partnered with MasterCard to smartly integrate technology into all aspects of the economy, building for the future, a cashless Ghana, with aspirations of becoming an African economic powerhouse.
Looking globally, close to 85 percent of consumer payments are still made using cash, this is not only inefficient, but leads to the lack of transparency as well as an environment where criminal behaviour can thrive.
In Ghana, the cost of cash is making tremendous impact on growth as the shadow economy is allowed to thrive.
The ongoing Ghanaian Investment Summit focuses on key areas including financial inclusion, meaningful innovation and the importance of sectors such as agriculture. On the agenda is specific focus on the need for partnerships, across the public and private sectors.
Vice President and Area Business Head for West Africa at MasterCard, Omokehinde Adebanjo, wondered why “we talk about the Internet of Things but this can’t exist without the Inclusion of Everyone, and so we need to connect people to opportunities for better and safer lives?
“What’s stopping us is that we’re stuck in a cash-based economy which makes you vulnerable. These are the people – and businesses – who lack the financial services to guard themselves against risk, or plan their investments?”
In Ghana, 92 percent of companies registered are micro, small and medium enterprises (MSMEs). These MSMEs have been noted to provide about 85 percent of manufacturing employment, contribute about 70 percent to Ghana’s GDP, and therefore significantly contribute towards growth by providing jobs and cash flow within the economy.
“Delivering efficient, secure and cost effective financial solutions to Ghanaian MSMEs is an essential step to providing the level of support required to grow and develop their businesses. Coupled with a high mobile penetration that is estimated to be over 128 percent – it is clear that technology will ensure Ghanaians are financially included by giving them access to smart, secure and accessible financial solutions. Allowing for a more connected way of living,” says Adebanjo.
Mastercard says it is investing in innovation, with the Mastercard Labs for Financial Inclusion situated in Sub-Saharan Africa, already this has proven valuable given that the Labs first solution – born in Africa, for African’s – is focused on supporting the agriculture sector.
The agri-app was introduced early in 2017 and focuses on providing a digital marketplace for the benefit of all those involved in the supply chain.
The solution was developed to give smallholder farmers, agents, produce aggregators, large-scale buyers and financial service providers a way to do business more efficiently and effectively.
Technology, driven by mobile devices is key to delivering not only financial access but also the ability to use these solutions in everyday life.
Masterpass QR is such a solution, it enables consumers to pay for goods and services directly from their smart or feature phones and gives business owners the ability to accept digital payments for the first time, and immediately receive funds – ensuring cash flow, record keeping and other challenges are overcome.
MSMEs have traditionally struggled with the cost of installing payment infrastructure such as point-of-sale devices, as well as with issues of security surrounding payment.
Masterpass QR combats these challenges in a simple and user-friendly manner helping to stimulate the economy by digitizing a sector previously solely dependent on cash-based transactions.
Masterpass QR has been rolled out in Ghana, Nigeria, Rwanda, Uganda, and Tanzania and will soon be in a number of countries across the continent. It drives efficiency and transparency for these smaller businesses, something many business owners in Ghana are not able to achieve currently
“Ghanaians are entrepreneurial by nature, and there are incredibly exciting business ideas coming from the market. We want to help these business owners to grow and prosper by delivering solutions that meet the needs of these business owners,” she says.
“In just a few short years we’ve helped connect millions of people through partnerships with banks, governments, retailers and NGO’s. Mastercard has committed its support to helping the country to develop a cashless economy, firmly in support of Ghana’s Vision 2020 goals, and backing its push to be an economic powerhouse in Africa. This is testament to our Universal Financial Access 2020 commitment made in 2015,” concludes Adebanjo.
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
By Aduragbemi Omiyale
Lagos State is currently agog because of the high-profile guests in the city for the Invest in Lagos Summit 3.0 commencing today, Monday, June 8, 2026.
The programme, which ends tomorrow, is themed Lagos: Business Gateway to Africa. It will feature a line-up of sessions focused on Lagos as Africa’s Global Gateway, the Future of Technology and Innovation, Unlocking Investment, Building the Cities of the Future, Global Partnerships for Growth, Talent, Creativity and Culture, and Energy and Sustainability.
The event is being put together by the Lagos State government and Commonwealth Enterprise and Investment Council (CWEIC).
The venue of the summit, Eko Hotel and Suites, is already lively, with the Lagos State Governor, Mr Babajide Sanwo-Olu; the Minister of Finance and Coordinating Minister for the Economy, Mr Taiwo Oyedele; the co-chair of the Lagos Finance and Investment Council (LFIC), Aigboje Aig-Imoukhuede; and the chief executive of Moniepoint Incorporated, Mr Tosin Eniolorunda, amongst others expected to speak.
The workshop is designed to position Lagos as Africa’s premier destination for investment, trade, innovation, infrastructure development, and economic partnerships.
It is focused on unlocking investment opportunities and accelerating sustainable economic growth. It will bring together high-level participants from across the public and private sectors to explore opportunities in technology, infrastructure, energy, manufacturing, finance, creative industries, and urban development.
According to the Lagos Commissioner for Information and Strategy, Mr Gbenga Omotoso, the programme has been carefully structured to move beyond conversations and focus on actionable outcomes that can stimulate investment inflows into Lagos State.
He said the conference will provide a platform to showcase the state’s investments in transportation, technology, energy, manufacturing, tourism, and urban development, while also highlighting opportunities for local and international investors.
“Invest in Lagos 3.0 is more than a conference; it is a strategic platform designed to connect investors with opportunities, facilitate meaningful partnerships, and showcase Lagos as Africa’s most attractive investment destination.
“Through this summit, we are bringing together government leaders, global investors, development institutions, and business executives to explore opportunities that will unlock growth, create jobs, and accelerate economic development across Lagos and Nigeria,” the Commissioner, who doubles as the Head of the Media Subcommittee, stated.
The gathering will also feature investment pitches by governors, exhibitions by participating organisations, networking opportunities, a gala dinner, and site visits to major infrastructure and industrial projects, including the Dangote Petroleum Refinery, Lagos Free Zone, Lagos Port, and RusselSmith’s advanced manufacturing facility.
By Adedapo Adesanya
The federal government has expressed readiness to leverage the €59 million West Africa Sustainable Ocean Programme (WASOP) as part of intensified efforts to combat illegal, unreported and unregulated (IUU) fishing while strengthening sustainable management of its marine resources.
The Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, made this known in Abuja during a meeting with the European Union Ambassador to Nigeria, Mr Gautier Mignot, where both sides reaffirmed their commitment to deepening cooperation on maritime security and sustainable ocean governance.
Welcoming the EU Ambassador, Mr Oyetola commended the group for its longstanding partnership with Nigeria, particularly its support for maritime stability in the Gulf of Guinea, a region critical to global shipping and regional economic development.
He noted that the West Africa Sustainable Ocean Programme (WASOP) presents a timely opportunity to strengthen coordinated action against illegal fishing, improve ocean governance, and promote sustainable exploitation of marine resources across West Africa.
He said Nigeria is keen to fully engage with the programme to attract technical and financial support that will enhance enforcement capacity and boost the country’s blue economy ambitions.
The Minister stressed that illegal fishing remains a major threat to the marine ecosystem and coastal livelihoods, warning that IUU fishing continues to deplete fish stocks, undermine food security, and erode the economic well-being of coastal communities.
He said: “Illegal, unreported, and unregulated (IUU) fishing is a direct threat to national security, food sovereignty, and the survival of our coastal communities. We cannot afford to stand by and watch our marine ecosystems be depleted and economic livelihoods eroded.
“We are calling for an era of stronger international collaboration, backed by aggressive monitoring and uncompromised enforcement systems, to permanently dismantle these illicit operations and safeguard our waters.”
Mr Oyetola also highlighted ongoing reforms in Nigeria’s maritime sector under the National Policy on Marine and Blue Economy, which prioritises innovation, private sector investment, and sustainable development of ocean resources.
He referenced key milestones in the sector, including improvements in port operations and logistics, as well as enhanced maritime security.
He further noted that Nigeria is strengthening initiatives aimed at expanding its maritime infrastructure and improving competitiveness in global trade.
The Minister also reiterated the need for broader cooperation beyond piracy control, urging development partners to support Nigeria in addressing environmental crimes, human trafficking, and illegal fishing in a more integrated and coordinated manner.
He sought increased technical assistance from the European Union, particularly in surveillance systems, fisheries monitoring, and enforcement capacity to strengthen Nigeria’s ability to curb IUU fishing across the Gulf of Guinea.
On his part, Mr Mignot reaffirmed the European Union’s commitment to strengthening maritime cooperation with Nigeria and supporting regional efforts to ensure safer and more sustainable oceans.
He highlighted the West Africa Sustainable Ocean Programme (WASOP), a major EU-funded initiative designed to promote integrated ocean governance, sustainable fisheries management, and protection of coastal and marine ecosystems across West African countries.
According to him, the programme will support improved coordination among coastal states, strengthen enforcement mechanisms, and promote a more inclusive and sustainable blue economy in the region.
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