MASTERCARD, TEAMAPT TARGET 40M MSMES WITH DIGITAL PAYMENTS

Mastercard and TeamApt Limited have entered a strategic collaboration aimed at expanding digital payment acceptance among businesses and financial institutions in Nigeria, with a potential reach of more than 40 million micro, small and medium-sized enterprises.

Under the agreement, TeamApt, the financial infrastructure company owned by Moniepoint, will operate directly on Mastercard’s global payments network as a non-bank acquirer.

The arrangement will enable TeamApt to onboard licensed entities and provide payment acceptance, transaction processing, and acquiring services across physical stores, online platforms, and mobile channels.

The partnership combines TeamApt’s payment-switching infrastructure with Mastercard’s global network, expanding the infrastructure available to merchants that accept Mastercard cards.

Mastercard’s Country Manager for West Africa, Folasade Femi-Lawal, said expanding digital payment acceptance could help small businesses compete, grow, and reach more customers across Africa.

The collaboration comes as Nigerian businesses increasingly adopt digital payment tools to improve transactions and serve customers across multiple channels.

Mastercard’s 2026 SME Confidence Index found that 81 per cent of Nigerian SMEs were confident about the year ahead, while mobile payments had the highest adoption rate among surveyed businesses at 67 per cent.

The companies said the partnership would support financial inclusion by providing businesses, including those in the informal sector, with more secure and accessible payment infrastructure.

The initiative is expected to strengthen Nigeria’s digital economy by helping more MSMEs participate in electronic commerce and access wider markets.

TeamApt and Mastercard said they would continue working to expand digital payment capabilities and support businesses as demand for cashless transactions grows.