Nigeria Pushes for Pan-African Payment Card as Taiwo Oyedele Urges Mastercard to Expand Consumer Credit

The Federal Government has unveiled plans to support the development of a continent-wide payment card that would enable direct transactions between African currencies, while also calling on Mastercard to help expand access to consumer credit in Nigeria.

The proposal was disclosed by Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, during a meeting with a Mastercard delegation in Abuja. The initiative forms part of broader efforts to modernize Africa’s financial infrastructure, reduce dependence on foreign currencies, and strengthen economic integration across the continent.

According to Oyedele, Africa has a unique opportunity to transform the way payments are processed by creating a system that allows transactions to be settled directly between African currencies without relying on intermediary currencies such as the United States dollar.

Under the current arrangement, many cross-border payments within Africa require multiple currency conversions, often involving the dollar. This process increases transaction costs, exposes businesses to exchange rate fluctuations, and slows down trade across the continent.

The proposed pan-African payment card would allow users to make payments directly from one African currency to another. For example, a transaction from Nigeria’s Naira to Kenya’s Shilling or South Africa’s Rand could be completed without first converting funds into dollars. The government believes this would significantly reduce costs, improve efficiency, and make it easier for businesses and consumers to engage in cross-border trade.

The initiative aligns with the objectives of the African Continental Free Trade Area (AfCFTA), which seeks to boost intra-African trade and strengthen economic cooperation among African nations.

Oyedele emphasized that global financial technology companies such as Mastercard have an important role to play in bringing the vision to life. He expressed confidence that stronger collaboration between governments, financial institutions, and technology providers could help create a payment ecosystem that better serves Africa’s growing economy.

Beyond cross-border payments, the government is also seeking to improve access to consumer credit within Nigeria. Oyedele noted that the use of credit cards and consumer financing remains relatively low compared to the size of Nigeria’s economy and rapidly growing population.

He urged Mastercard and other financial stakeholders to work together to deepen consumer finance and create more opportunities for Nigerians to access credit responsibly. According to him, improving financial inclusion and expanding credit access are essential steps toward supporting economic growth, entrepreneurship, and household spending.

The policy reform advocate also highlighted Nigeria’s position as one of Africa’s leading fintech hubs. He pointed out that the country is home to five of the continent’s nine fintech unicorns, demonstrating the strength and potential of its technology-driven financial services sector.

While acknowledging the progress already made, Oyedele stressed that there is still significant room for growth. He reaffirmed the government’s commitment to creating a business-friendly environment capable of attracting investments, encouraging innovation, and supporting the expansion of digital financial services.

The proposed African payment card and the push for broader consumer credit access reflect Nigeria’s ambition to play a leading role in shaping the future of finance on the continent. If successfully implemented, the initiative could help reduce transaction costs, improve financial connectivity, and accelerate trade among African nations.