Mastercard Targets 40 Million SMEs as Presidency Pushes Digital Skills, Financial Inclusion and Economic Reforms
By Amarachi Odenigbo – June 24, 2026
ABUJA, Nigeria – President Bola Ahmed Tinubu has declared that Nigeria’s youthful population remains the country’s greatest economic asset, assuring global investors that the nation’s tech-savvy and innovation-driven workforce is ready to compete and thrive in the rapidly evolving global digital economy.
The President made the declaration on Tuesday while receiving a high-powered delegation from Mastercard, led by its Global Chief Executive Officer, Michael Miebach, at the Presidential Villa in Abuja.
The meeting highlighted growing international confidence in Nigeria’s economic reforms and digital transformation agenda, with Mastercard unveiling plans to support millions of Nigerian businesses through digital skills training, financial inclusion initiatives, cybersecurity investments and technology-driven payment solutions.
The development comes as the Federal Government intensifies efforts to diversify the economy, formalise the country’s vast informal sector, and position Nigeria as a major hub for digital innovation and intra-African commerce.
Tinubu: Nigeria’s Youth Population Is Our Greatest Strength
Speaking during the meeting, President Tinubu emphasized that Nigeria’s large youth population represents a strategic advantage capable of driving economic growth and attracting foreign investment.
According to him, ongoing economic reforms have repositioned the country for greater participation in the global marketplace while creating new opportunities for entrepreneurship, innovation and employment.
“The most important asset we have is our youth. They are eager to learn, innovative and ready to embrace technology. We are committed to equipping them with the skills required to solve today’s challenges and compete effectively in the future economy,” the President stated.
Tinubu noted that increasing adoption of technology by small and medium-sized enterprises (SMEs) is transforming the business landscape, adding that government policies aimed at formalising businesses will unlock additional opportunities for investment, job creation and economic expansion.
The President also praised Mastercard’s longstanding presence in Nigeria and its commitment to supporting financial inclusion initiatives across the country.
Mastercard Proposes Massive Digital Skills Programme
A major highlight of the engagement was Mastercard’s proposal to train and empower millions of Nigerian businesses with digital capabilities designed to enhance productivity, access to finance and global competitiveness.
The company revealed plans to expand its support for Nigerian entrepreneurs, particularly small businesses seeking to transition into the digital economy.
Industry analysts say the initiative could significantly boost digital literacy among entrepreneurs while helping businesses adapt to emerging technologies and online commerce platforms.
The proposed programme is expected to focus on:
- Digital business management
- Online payment systems
- Financial technology integration
- Cybersecurity awareness
- Access to digital marketplaces
- Financial inclusion tools
Experts note that many small businesses in Nigeria remain excluded from formal financial systems due to limited digital knowledge and inadequate technological infrastructure.
Economic Reforms Creating New Opportunities
Also speaking during the meeting, Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said recent economic reforms have created fresh opportunities in digital finance, credit systems and business formalisation.
According to him, government policies are helping more informal businesses enter the formal economy, thereby increasing access to financing, digital services and growth opportunities.
Oyedele disclosed that over 10,000 informal businesses have reportedly applied for registration daily in recent months, a development he attributed to ongoing tax and fiscal reforms.
He explained that Nigeria’s evolving credit ecosystem presents significant opportunities for global financial technology companies.
The minister highlighted emerging sectors including:
- Consumer credit
- Mortgage financing
- Student loan programmes
- SME financing
- Digital payment infrastructure
- Cross-border financial transactions
He further noted that five of Africa’s leading fintech unicorns currently operate from Nigeria, underscoring the country’s growing influence in the continental technology ecosystem.
Mastercard Sees Nigeria As Africa’s Digital Growth Engine
Mastercard Global CEO Michael Miebach expressed strong confidence in Nigeria’s economic prospects, describing the country as a critical player in Africa’s digital future.
Miebach revealed that Mastercard has maintained operations in Nigeria since 2011 and has witnessed significant growth across various sectors.
According to him, the company currently contributes to fraud prevention measures worth approximately $200 million while facilitating about $2 billion in foreign exchange inflows through various financial services.
“We see enormous opportunities in Nigeria. The country possesses one of the largest SME populations in Africa, a vibrant technology ecosystem and a young population eager to innovate and participate in the global economy,” he said.
The Mastercard chief executive stated that the company aims to help unlock the economic potential of approximately 40 million small businesses across Nigeria through digital empowerment programmes.
He added that Mastercard intends to strengthen connections between Nigerians in the diaspora and local businesses while supporting the growth of intra-African trade and digital commerce.
Focus On Cybersecurity and Digital Trust
Beyond financial inclusion and payments, Mastercard announced plans to deepen investments in cybersecurity infrastructure to support Nigeria’s digital transformation journey.
Miebach disclosed that the company is developing initiatives aimed at enhancing cyber resilience, threat intelligence sharing and risk management.
The proposed Cyber Centre of Excellence would focus on:
- Cyber threat monitoring
- Artificial intelligence risk management
- Incident response systems
- Digital trust frameworks
- Data protection initiatives
Experts believe such investments could become increasingly important as Nigeria’s digital economy expands and online financial transactions continue to grow.
Nigeria’s Digital Economy Ambitions Under Spotlight
The discussions between the Federal Government and Mastercard come at a time when Nigeria is pursuing ambitious targets for digital inclusion, financial technology expansion and youth employment.
Despite recent economic challenges, policymakers argue that investments in digital infrastructure, fintech innovation and entrepreneurial development could significantly boost productivity and economic competitiveness.
Analysts, however, caution that achieving these goals will require sustained improvements in electricity supply, broadband penetration, cybersecurity protections, regulatory certainty and access to affordable financing for startups and SMEs.
President Tinubu’s engagement with Mastercard signals Nigeria’s determination to position itself as a leading player in Africa’s digital economy while leveraging its youthful population as a catalyst for growth.
With Mastercard proposing large-scale digital skills programmes, expanded financial inclusion initiatives and cybersecurity investments, stakeholders say the partnership could accelerate Nigeria’s transition into a more technology-driven economy.
However, experts maintain that the success of such initiatives will ultimately depend on effective implementation, policy consistency and the creation of an enabling environment capable of translating digital opportunities into sustainable jobs, business growth and inclusive economic development.
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