Mastercard has partnered with Nomba to enhance digital transactions for businesses across Nigeria.
The collaboration will integrate Mastercard Gateway into Nomba Checkout, enabling businesses to process payments seamlessly, securely, and efficiently, both locally and globally.
By leveraging Mastercard’s advanced technology and global infrastructure, Nomba aims to expand its payment offerings, supporting multiple transaction methods, including international cards and QR codes.
The partnership is also geared toward boosting financial inclusion, making digital payments more accessible across Nigeria and the broader African market.
“As Mastercard continues to drive innovation and financial inclusion, we are thrilled to join forces with Nomba in its mission to deliver top-tier payment solutions to Nigerian businesses,” said Folasade Femi-Lawal, Country Manager and Area Business Head for West Africa at Mastercard.
She noted that this move aligns with Mastercard’s broader goal of bringing one billion people into the digital economy by 2025, with Nigeria playing a crucial role in that vision.
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Nigeria is undergoing a significant shift toward digital payment methods, with cash payments projected to decline by 32 percent by 2030, according to Worldpay’s Global Payment Report 2024 (GPR).
Recent data shows that electronic payment transactions in Nigeria rose to an all-time high of N1.07 quadrillion in 2024. This is a 79.6 percent increase from the N600 trillion recorded in 2023.
Beyond transaction value, the volume of e-payments also saw a substantial increase. The total number of transactions processed by NIBSS rose from 9.7 billion in 2023 to 11.2 billion in 2024, representing a 15.5 percent year-on-year growth.
For Nomba, the partnership represents a major leap in enhancing efficiency and scalability for businesses.
Jafer Ali Shariff, Head of Product at Nomba, emphasised the importance of providing merchants with fast and reliable payment solutions. “Mastercard’s global expertise and state-of-the-art technology will help Nomba Checkout deliver the speed and reliability our customers need to scale their businesses,” he said.
Nomba adds that businesses stand to benefit from improved fraud prevention, data security, and faster transaction processing, ultimately improving cash flow and customer satisfaction.
With the growing demand for digital payments, Mastercard and Nomba remain committed to strengthening Africa’s payment ecosystem, accelerating the continent’s transition to a fully digital economy, one transaction at a time.
