Global technology company in the payments industry, Mastercard has said that Nigeria has solidified its position as a fintech powerhouse in the African continent in 2022, maintaining its position as the region’s best-funded country with an impressive 180 startups securing funding, far surpassing its African counterparts.

Projecting that the future of the fintech ecosystem lies in embedded solutions, Mastercard called for more support for the ecosystem.

Mastercard, at its Fintech Forum and Fireside Conversation held in Lagos, hosted by Country Manager for West Africa, Ebehijie Momoh and Mastercard Division President for Sub-Saharan Africa, Mark Elliott, demonstrated its commitment to the growth and development of the fintech landscape.

The firm said Fintech companies have been at the forefront of revolutionizing various industries, enabling financial inclusion, and fostering innovative partnerships between financial institutions, governments, merchants, and small and medium-sized enterprises (SMEs), both globally and locally.

“As we gathered for the Fintech Forum and Fireside Conversation, it became clear that innovation and partnership are the driving forces behind progress in the financial sector. The discussions revealed the revolutionary potential of fintech, demonstrating how it can enable individuals and spur economic development. Together, we’re building a more promising financial future,” said Momoh.

On his part, Elliot, who is in Nigeria visiting Mastercard partners and business associates, highlighted that the future of fintech is in embedded solutions that meet people where they are, new digital banking solutions for small businesses that support their growth, and fintechs focused on sustainability and financial inclusion.

“Fintech is a strategic partnership opportunity, not a threat, enabling digital players to control more of the customer journey. Many fintech services and products create enhanced competitiveness and have a real impact on consumers and small businesses, and this fintech innovation is creating more connections and better user experiences.

“As the “original fintech,” Mastercard is excited about the opportunity to partner with today’s emerging innovators on disruptive solutions through programs such as Start Path and Fintech Express in the Mastercard Accelerate portfolio. We are playing a central role in making fintech partnerships a reality as a single technology provider; and together with our partners, shaping the future of commerce and delivering frictionless experiences that bring more people into the digital economy,” he said.