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MasterCard, UN partner on financial inclusion of Nigerian women

MasterCard, UN partner on financial inclusion of Nigerian women

As part of activities marking the 2016 International Women’s Day activities, MasterCard and UN Women have signed a Memorandum of Understanding to address the lack of official means of personal identification among the female folk and advance gender equality and women’s economic empowerment.

According to the payment giant, the first initiative in this relationship is the launch of a pilot in Nigeria, which aims to provide half a million Nigerian women with ID cards enabled with electronic payments functionality.

“Research has shown that as soon as a person has a formal identity and access to electronic payments, they can prosper in ways they haven’t imagined before,” said Martina Hund-Mejean, chief financial officer of MasterCard. “Our relationship with UN Women will help make a real difference in these women’s lives as they are more fully empowered to achieve their true potential.”

According to the World Bank, only 47 percent of women worldwide have access to formal financial services, compared to 51 percent of men. In Africa, this number increases to more than 70 percent of women.

“One of UN Women’s main objectives is to increase women’s economic empowerment. The partnership with MasterCard will help pave the way to economic freedom and financial inclusion for women, initially in Nigeria,” says Lakshmi Puri, United Nations Assistant Secretary-General Deputy Executive Director.

“We look forward to working together and see the potential of expanding the model to benefit women also in other countries. It is also encouraging that we will collaborate on knowledge generation, advocacy and resource mobilization for greater investment in gender equality and women’s empowerment – reflecting MasterCard and its CEO’s deep commitment to a Planet 50/50 and to supporting UNWOMEN’s efforts,” she added.

Under the programme, MasterCard and UN Women will further explore how and when Nigerians have signed up for the country’s national identity card programme. Based on these insights, a targeted programme will be launched to educate women on the benefits of the programme and enrol them for the identity card.

“This campaign will help at least half a million women in Nigeria gain access to financial services, many for the first time, and the support they need to enter the country’s formal economy,” says Omokehinde Ojomuyide, vice president and business lead for West Africa at MasterCard.

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Kayode Oladeinde Technology Journalist at Technology Times. Mobile: +234 (0) 7031526929