Global payments giant Mastercard has unveiled plans to train five million Nigerian businesses in digital skills as part of efforts to strengthen small enterprises, deepen financial inclusion and accelerate the country’s digital economy.
The initiative was announced during a visit by Mastercard’s Global Chief Executive Officer, Michael Miebach, to President Bola Ahmed Tinubu at the Presidential Villa in Abuja. President Tinubu welcomed the proposal, describing it as consistent with his administration’s agenda of empowering young people and small businesses through technology and innovation.
The President highlighted Nigeria’s youthful population as one of the country’s greatest strengths, noting that Nigerian youths are technologically inclined, eager to learn and well-positioned to compete in the global digital economy. He also stressed the importance of digital payment systems and platforms in expanding opportunities for small and medium-sized enterprises.
Speaking at the meeting, Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said ongoing economic reforms are creating new opportunities in digital payments, business formalisation and access to credit. He added that Mastercard’s support complements government efforts to strengthen small businesses and integrate more enterprises into the formal economy.
Miebach reaffirmed Mastercard’s long-term commitment to Nigeria, describing the country as one of the company’s most important markets in Africa. He disclosed that Mastercard is working with banks, government institutions and businesses to unlock opportunities within Nigeria’s estimated 40 million small and medium-sized enterprises.
According to him, the company has developed a framework aimed at empowering millions of small businesses through digital capabilities. The programme will run for three years and focus on capacity building, cybersecurity awareness and digital business development. Technical workshops are also planned to ensure practical implementation and measurable impact.
The initiative comes at a time when Nigerian SMEs are increasingly embracing digital transformation. Recent Mastercard research found strong confidence among small businesses, with many identifying staff training, digitalisation and digital payment adoption as key drivers of future growth.
Mastercard said it will continue investing in digital inclusion, cybersecurity and innovation to help Nigerian entrepreneurs grow their businesses and participate more effectively in the digital economy.
