Folasade Femi-Lawal, the Country Manager and Area Business Head for West Africa at Mastercard, has expressed the organization’s dedication to advancing digital innovation and inclusion in West Africa’s swiftly changing financial environment.
Highlighting their commitment, Femi-Lawal emphasized that Mastercard is actively involved in building a strong payment infrastructure in key West African markets. Their approach involves linking partners with digital solutions and technology to create a seamless payment experience.
This initiative aligns with Mastercard’s ambitious goal of bringing one billion people into the digital economy by 2025.
These efforts come at a crucial time when there is growing interest in expanding digital financial services across Africa. Advocates argue that doing so is essential for driving economic and social progress, particularly by granting access to banking services to those who are currently unbanked or underserved.
“Over the past year, we have initiated and continued collaborations with key stakeholders aimed at diversifying our touch points or the avenues with which our customers and consumers interact with us, ultimately increasing access to financial services.
“Mastercard envisions a future where it stands as a beacon of digital innovation and inclusion in West Africa’s dynamic digital payments landscape. At the heart of this vision is the recognition of an evolving digital financial ecosystem, where traditional ways of working are transforming.”
Folasade Femi-Lawal
She mentioned that the company’s strategic approach to driving digital innovation and inclusion includes devising locally relevant solutions and collaborating with various public and private sector partners.
She also shared insights into the company’s partnerships and initiatives aimed at empowering Small and Medium-sized Enterprises and fostering a cashless society in the region.
“We are also implementing initiatives and solutions in partnerships with fintechs, financial institutions, and other key stakeholders, to enhance the payment ecosystem and satisfy the market’s diverse needs,” she added.
Driving Inclusive Growth
The newly appointed Country Manager, drawing from her extensive background in management consulting, telecommunications, and business advisory services, anticipates bringing a wealth of diverse perspectives and expertise to Mastercard’s strategies in West Africa.
Her experience includes fostering relationships across various sectors, including public bodies, private organizations (including traditional banks and fintech companies), regulatory authorities, and other significant stakeholders.
“My focus will be on continuous stakeholder engagement and understanding the pain points and critical business drivers across key sectors – all of which are crucial for developing strategies that resonate with the local landscape.”
Folasade Femi-Lawal
She added that her track record of achievements, innovation, and integrity in the field of digital transformation positions her well to drive Mastercard’s growth and innovation agenda in this dynamic and diverse region.
“I am committed to advancing inclusive and sustainable growth through digital payments and technology, and I look forward to contributing to Mastercard’s vision of powering an inclusive digital economy that benefits everyone and everywhere,” she noted.
Looking to the future, the Country Manager highlighted Mastercard’s intention to strengthen its footprint in West Africa through ongoing innovation, strategic investments, and capacity-building initiatives. She underscored the significance of comprehending local markets, forging strategic alliances, and adjusting strategies to align with evolving trends.
Additionally, she emphasized the continual importance of collaborating with governments, financial institutions, non-profits, fintech companies, and telecommunications firms to deliver value and capitalize on growth prospects.
Mastercard is dedicated to promoting inclusive growth and empowerment, especially for women and youth. Initiatives such as Girls4Tech are designed to narrow the gender gap in STEM fields. These efforts, along with others, are aligned with Mastercard’s objective of supporting 25 million women entrepreneurs and fostering social impact in West Africa.
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