The partnership, the parties say, will not only enhance financial inclusion through secure and efficient payment solutions for businesses, but will also harness Mastercard’s technology to deliver faster and more reliable payments.
The Nigeria Inter-Bank Settlement System (NIBSS) reported that Nigerian financial institutions lost about N52.26 billion to fraud in 2024. According to the report this marks a sharp increase of N34.59 billion compared to the N17.67 billion recorded in 2023.
Through the new collaboration, according to the parties, Mastercard Gateway will be integrated into Nomba’s Checkout solution, offering businesses a seamless, secure, and efficient way to process transactions and connect with customers locally and globally.
A statement announcing the partnership said Mastercard’s trusted global infrastructure and cutting-edge technology will be deployed to help Nomba to elevate its payment solutions, enabling businesses to deliver faster, safer, and more reliable payment options.
“By integrating Mastercard’s advanced capabilities, Nomba Checkout will support a variety of payment methods, including international cards, QR codes etc,” the statement said.
The collaboration aims to enhance payment experiences and advance financial inclusion by expanding access to digital payments in Nigeria and across Africa.
Country Manager and Area Business Head for West Africa at Mastercard, Folasade Femi-Lawal, said, “As Mastercard continues driving innovation and financial inclusion, we are thrilled to join forces with Nomba in its mission to deliver premier payment solutions to businesses in Nigeria.
“Our broader mission includes bringing one billion people into the digital economy by 2025, and this collaboration with Nomba is an important step in driving that goal.”
She noted that Mastercard was excited to support Nomba in its efforts to drive the growth of digital payment solutions, offering businesses a faster, safer, and more reliable way to connect with customers.
Also commenting on the deal, Head of Product at Nomba, Jafer Ali Shariff,
said, “At Nomba, what excites us is seeing our customers’ growth journey and this collaboration with Mastercard is a fundamental step that unlocks new opportunities.
“As we work towards building a digital Africa, Mastercard’s global expertise and state-of-the-art technology will allow Nomba Checkout to deliver the speed, efficiency and reliability our customers need to scale their businesses.”
The collaboration brings several benefits for businesses, including enhanced reliability through Mastercard’s secure global infrastructure, improved fraud prevention and data protection tools, and expanded access to Mastercard’s vast network of users.
Faster transaction processing also enables businesses to operate more efficiently, improving cash flow and customer satisfaction.
The statement said Mastercard and Nomba remain committed to expanding the payment ecosystem across Africa. “With the growing demand for digital payment solutions, this collaboration is an important step toward creating a seamless and secure payment landscape that empowers businesses and consumers alike,” it said.