The Mastercard Foundation will host two pivotal events at the 79th Session of the United Nations General Assembly (UNGA 79) on September 22, 2024.

Both gatherings will address the critical issues of girls’ education and women’s economic empowerment in Africa and will be held at the Millenium Hilton New York, One UN Plaza Hotel.

Under the themes “Powering Parity—Inclusive Education for a Sustainable Future” and “Invincible: Empowering Women, Transforming Africa,” the events will showcase successful educational models and explore solutions to create a more equitable economic landscape for women in Africa.

“Powering Parity—Inclusive Education for a Sustainable Future” will focus on effective strategies and programs to improve young African women’s learning access, outcomes, and transitions to and from secondary education. The session will also include an important announcement on the expansion of a key Mastercard Foundation partnership focused on initiatives for girls and young women.

Additionally, it will explore the pivotal role of education technology in fostering resilient and inclusive learning in Africa. The Mastercard Foundation is committed to accelerating access to dignified and fulfilling work for 21 million young women in Africa by 2030 as part of its Young Africa Works strategy.

“The Foundation is proud to collaborate with exceptional institutions to co-create and scale solutions that drive meaningful impact for communities. Our approach resonates strongly with the UNGA 79 general debate theme of leaving no one behind,” said Tina Muparadzi, Executive Director of Education & Transitions at the Mastercard Foundation.

Various stakeholders, including education ministries, multilateral institutions, and donors, are expected to use the key approaches highlighted at the events to accelerate impact and scale-proven solutions.

Confirmed attendees include Dr. Haja Ramatulai Wurie, Minister of Technical and Higher Education for Sierra Leone; Prof. Birhanu Nega, Minister of Education for Ethiopia; and Hon Bosun Tijani, Minister of Communications, Innovation & Digital Economy for Nigeria.

Reeta Roy, President and CEO of the Mastercard Foundation, noted the importance of this work given the reality that in Sub-Saharan Africa 101M young people between the ages of six and 18 are excluded from formal education.

“Yet, we have every reason to be optimistic, thanks to the extraordinary African educators and innovators, who have created solutions and are delivering quality education to young people,” says Roy.

“Expanding access to all has been at the heart of the Foundation’s work. At these events, education champions will be sharing insights about successful policies and programs from across Africa with each other. Working together, we can scale these solutions and remove barriers for all, especially for girls and young women.”

Held in collaboration with ALADI – African Leadership and Dialogue Institute, the panel discussion “Invincible: Empowering Women, Transforming Africa” will spotlight the unrivalled impact of Africa’s young women in driving economic transformation and propose bold strategies to bolster their access to equitable and affordable financing. This will be driven by a presentation of insights from the Mastercard Foundation’s landmark gender report, “Young Women in Africa: Agents of Economic Growth and Transformation by 2030.”

Panelists will include leading experts in finance, policy, and development, including the Hon. Dr. Jamila Bio Ibrahim, the Honourable Minister for Youth Development in Nigeria, and Deniece Laurent-Mantey, Executive Director of the POTUS Africa Diaspora Advisory Council at the White House, who will drive discussions on transforming financial systems to benefit women.

Both events underscore the Mastercard Foundation’s commitment to releasing the full potential of Africa’s women and fueling a prosperous and inclusive future for the continent.

Cash payments are projected to decrease by 4% by 2027 as digital transactions continue to gain momentum.

This change reflects the growing preference among Nigerians for more convenient and secure payment methods, according to the Global Payment Report 2024 (GPR) published by Worldpay.

Historically, cash has been the dominant form of payment in Nigeria, particularly in e-commerce.

The GPR 2024 report revealed that Nigeria leads the Middle East and Africa in cash dominance for e-commerce transactions, with cash on delivery accounting for 15% and account-to-account payments representing 32% of transactions in 2023.

Despite this stronghold, the report indicates that the reliance on cash is steadily waning.

According to the report, cash accounted for 55% of Point of Sale (PoS) transaction value in Nigeria in 2023, marking the highest share across the region.

However, the preference for digital payment methods, such as digital wallets, is on the rise. The report projects that digital wallet usage in Nigeria will grow from 18% in 2023 to 37% by 2027, while traditional payment methods like debit and prepaid cards are expected to decline.

This transition is further supported by findings from the Informal Economy Report 2024, a collaborative study by Moniepoint, the Small and Medium Enterprise Development Agency (SMEDAN), and the Ministry of Trade and Investment.

The report revealed a growing trend among Nigerian consumers towards digital payments, with 24% preferring to pay with cards and 18% opting for bank transfers. Cash, once the preferred method, has now fallen to third place, with only 15.2% of customers choosing it.

As the global trend towards digitalization continues, Nigeria is not left behind. The declining use of cash is not just a trend in Nigeria; it’s a regional phenomenon.

In South Africa, for instance, cash payments are projected to fall by 3% by 2027, with the share in PoS transactions expected to drop from 33% in 2023 to 26% by 2027.

The growing adoption of digital wallets in Nigeria is indicative of a broader shift in consumer behavior. These wallets offer a range of benefits, including convenience, security, and the ability to make transactions without physical cash.

The GPR report notes that the use of digital wallets in South Africa is also on the rise, accounting for 20% of e-commerce and 7% of PoS spending in 2023.

This digital transformation presents significant opportunities for businesses and financial institutions in Nigeria. With an increasing number of consumers embracing digital payments, there is potential for greater financial inclusion and economic growth.

However, it also poses challenges, particularly in ensuring that the necessary infrastructure and regulatory frameworks are in place to support this shift.

EmbassyCard, a prominent Nigerian fintech company, has unveiled a groundbreaking digital prepaid card designed to revolutionize payment systems in Lagos and potentially across the nation.

This innovative solution, launched at a media parley and stakeholders’ forum held at NECA House in Ikeja, promises to tackle fundamental challenges in Nigeria’s fintech industry, including long bank queues, charge-back fraud, reliance on expensive point-of-sale (POS) machines, delayed transactions, and poor internet connectivity.

Sunny Ojuroye, Chief Executive Officer of EmbassyCard, heralded the new card as a game-changer in the financial space.

“This is a great opportunity to earn commission with us. EmbassyCard offers additional opportunities to make extra income in addition to what you already do,” Ojuroye stated.

He highlighted that the card, developed in partnership with Providus Bank since 2019, comes in three variants: LITE, Green, and Gold, all featuring photo ID for enhanced security.

A standout feature of the EmbassyCard is its ability to facilitate transactions without the need for a network connection or POS machines.

“We want merchants to be protected from charge-back fraud, which is costing our businesses a lot of money. You can use your phone instead of bulky and expensive POS machines,” Ojuroye added.

Leye Popoola, Co-director of EmbassyCard, revealed the card’s robust security features, which allow users to lock or unlock their cards if lost.

“You have a mobile money inside your card and you have it in your wallet. So, your money can be in the cloud. If you have EmbassyCard with or without connection, you can receive your money,” he explained.

The introduction of EmbassyCard is expected to significantly enhance the financial inclusion of merchants and residents in Lagos.

Emmanuel Udeagha, Head of Brand Management at Wetherheads Advertising Group Limited, which organized the launch event, highlighted the card’s potential to revolutionize the payment system in Nigeria.

“If you’re in a remote community without network, you can still receive payment as a merchant and make payment as a customer. Your phone serves as your terminal,” Udeagha said.

The launch was also endorsed by Oluwagunwa Ibirogba, Chairman of the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN).

He praised the initiative, noting the struggle to access cash in the country and encouraged his members to embrace the new technology.

“Imagine, we can now walk about with cards in the form of cash. We are the merchants, the smallest bankers. I am encouraging all of us to work and run with it,” Ibirogba remarked.

EmbassyCard’s initiative reflects a significant step towards solving persistent issues within Nigeria’s payment systems, promising increased security, reduced transaction delays, and enhanced convenience for merchants and consumers alike.