By Ahmed Rahma
An American multinational financial services corporation, Mastercard, has partnered with an African telecommunication giant, MTN, to enable millions of consumers in 16 countries across Africa to make global e-commerce payments safely and securely.
In a statement to announce the partnership on Tuesday, it was stated that through a Mastercard virtual payment solution linked to MTN MoMo (Mobile Money) wallets, consumers and merchants can engage with brands and businesses abroad through digital commerce, extending their reach to an international marketplace and unlocking a host of opportunities.
It was further revealed that across Sub-Saharan Africa, mobile devices are the primary channel used to connect to the internet and according to GSMA, by 2025, it is estimated that there will be 300 million more people using their devices to access internet services.
In light of this significant growth, mobile financial services have become the dominant form of digital payments, with twice as many mobile money accounts as bank accounts in the region. As a result, consumers increasingly expect to have access to a broader range of digital financial services.
The statement further explained that consumers and merchants are mostly restricted to a local base of online and offline businesses, therefore curtailing customers’ ability to engage in global commerce.
Through this strategic partnership, MTN customers with a Mastercard virtual payment solution linked to their MoMo wallets can make payments to global online merchants through a seamless and secure digital payment experience on websites and mobile applications, the statement stressed.
It also noted that the service is available regardless of whether or not the customer has a bank account.
The solution will enable consumers to explore and shop at well-known global e-commerce brands and pay quickly and securely for leisure shopping, travel, accommodation, entertainment, streaming services and more. It will also allow small business owners to purchase from suppliers abroad and pay with the virtual payment solution.
“We are very excited about this partnership with Mastercard, which is another step in realizing our ambition to build Africa’s largest fintech platform, accelerating economic and social development through digital innovation to the benefit of citizens across the continent and beyond,” said MTN Group Chief Digital and Fintech Officer Serigne Dioum.
“This noteworthy partnership is another step to enable our customers to participate in the global economy. We are resolute that accelerated financial inclusion is a potent enabler of socio-economic development that empowers the most vulnerable in society,” he concluded.
Amnah Ajmal, Executive Vice President for Market Development, Mastercard Middle East and Africa, said: “This significant milestone will enable millions of MTN customers to benefit from global digital commerce and drive digital and financial inclusion across Africa through easy and secure access to financial services.
“At Mastercard, our innovation strategy is based on partnerships and collaboration. This agreement with MTN shows that we can deliver innovative digital solutions that have a far-reaching impact and realize the true potential of inclusive growth across the continent. Partnering with MTN allows us to accelerate our global pledge to connect 1 billion people to the digital economy by 2025, bringing us closer to a world beyond cash.”
The solution is expected to enable consumers to explore and shop at well-known global e-commerce brands and pay quickly and securely for leisure shopping, travel, accommodation, entertainment, streaming services and more.
It is also expected to allow small business owners to purchase from suppliers abroad and pay with the virtual payment solution.
MTN and Mastercard first launched the digital payment solution in 2018 for MoMo customers. MTN, the largest mobile network operator, is the ‘Most Admired African Brand’ based on spontaneous consumer responses in Brand Africa 100: Africa’s Best Brands 2020 survey and the most valuable telecoms brand in Africa by Brand Finance Africa.
EFCC Questions Ex-NDDC Boss Nsima Ekere Over N47bn Fraud
By Modupe Gbadeyanka
The former Managing Director of the Niger Delta Development Commission (NDDC), Mr Nsima Ekere, has been grilled by the Economic and Financial Crimes Commission (EFCC).
The former NDDC boss was at the Lagos office of the agency on Wednesday to honour an invitation to him to answer questions surrounding an alleged fraud to the tune of N47 billion.
In 2016, a year after losing the governorship primary election of the People’s Democratic Party (PDP) in Akwa Ibom State to Governor Udom Emmanuel, he was appointed as the MD of the commission.
He left office in 2018 to concentrate on his ambition to rule his home state and contested the gubernatorial poll in 2019 under the All Progressives Congress (APC) and lost again to Mr Emmanuel.
In 2019, President Muhammadu Buhari ordered a forensic audit of the NDDC from 2001 to 2019 and the report of the exercise, according to the former Minister of Niger Delta Affairs, Mr Godswill Akpabio, said several frauds were uncovered.
The EFCC, reports said, has been trailing Mr Ekere and yesterday, he turned himself in and he was questioned on the allegations of contract inflation and award of fictitious contracts while in office.
This development is coming two days after the anti-money laundering organisation arrested the Accountant General of the Federation (AGF), Mr Ahmed Idris, over allegations of diversion of N80 billion.
He was suspended yesterday by the Minister of Finance, Budget and National Planning, Mrs Zainah Ahmed, to enable a transparent investigation into the matter.
Also, a former Speaker of the House of Representatives, Mrs Patricia Etteh, was apprehended on Tuesday by the agency over allegations of diversion of funds for projects.
IPMAN, EFCC Move Against Oil Theft, Vandalism in N’Delta
By Adedapo Adesanya
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has sought the support and intervention of the Economic and Financial Crimes Commission (EFCC) in curbing oil theft and pipeline vandalism in the Niger Delta.
This was disclosed by the Chairman of IPMAN, Mr Bello Binna, during a visit to the Port Harcourt’s Zonal Commander of the EFCC, Mr Nwanneka Nwokike, in his office.
Mr Binna said that the EFCC was the only agency trusted to give solutions on issues of pipeline vandalism and oil theft in the Niger Delta region.
According to him, IPMAN was more comfortable with what the EFCC is doing to curb
“We are here to collaborate with the Agency with which we are more comfortable, and we believe that with your support, our jobs will have a headway.
“In the past, our efforts have been wasted, we were advised that the agency that has the mandate to make our job effectively is the EFCC,” he said.
Responding, the Port Harcourt’s Zonal Commander of the EFCC, Mr Nwanneka Nwokike, said the EFCC was working tirelessly to put an end to the menace of illegal oil bunkering in the Niger Delta region.
Mr Nwokike also stressed the need to educate youths within the region on the ills of oil theft and illegal oil bunkering.
“I assure you that the EFCC has the desire to reduce, if not bring to an end, the menace of illegal oil bunkering.
“We will educate our youths on the dangers of this, which is part of our mandate, educating our youths on why they must leave these illegalities. We must all come together to see how we can tackle this menace. I want to assure you that we will work together,” he said.
Akinwumi Adesina Turns Down Requests to Become Next Nigerian President
By Adedapo Adesanya
The President of the Africa Development Bank (AfDB), Mr Akinwumi Adesina, has ruled himself out of the 2023 presidential race in Nigeria.
Mr Adesina made his position known in a statement on Tuesday after months of calls for him to join the contest after a group bought the presidential nomination form of the All Progressives Congress (APC) for him at the cost of N100 million.
In the statement, the banker emphasised that his current desire is to continue to hold the office of the president of the AfDB which he won reelection for last year.
However, he expressed appreciation for those who found him worthy of leading his country at this critical time it is undergoing different challenges ranging from economy, security and others.
“While I am deeply honoured, humbled and grateful for all the incredible goodwill, kindness, and confidence, my current responsibilities at this time do not allow me to accept to considered,” the statement read in part.
“I remain fully engaged and committed to the mission that Nigeria, Africa and all the non-African shareholders of the African Development Bank have given me for Africa’s development.
“I remain fully focused on the mission of supporting the accelerated development and economic integration of Africa,” Mr Adesina added.
Less than two weeks ago, a coalition of 28 groups purchased the N100 million APC presidential forms for the former Agriculture Minister.
The coalition consists of groups such as the Youth Arise Movement, Nigerians in Diaspora, One Nigeria Group, Prudent Youth Association of Nigeria, women groups, farmers, and other civil society groups.
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