Nigeria’s digital payments landscape is entering a new era, following a landmark partnership between global payment giant Mastercard and local fintech player, Nomba. The collaboration is expected to significantly enhance how businesses and consumers interact with digital payment tools, reinforcing the country’s ongoing shift toward a cashless economy.
Nomba, a Nigerian fintech company known for equipping small and medium-sized businesses with payment and business management tools, has integrated Mastercard’s secure payment gateway into its Checkout platform. This integration allows users to access a wider range of payment options, including international cards, QR code payments, and mobile wallets, directly through one seamless interface.
This development signals a new phase for many Nigerians who have witnessed the progression from POS machines in the early 2010s to the current ecosystem of digital banking apps. It marks a move toward infrastructure that supports more convenient transactions and greater security, reliability, and scalability, especially for merchants who handle large volumes or operate across borders.
“With Mastercard’s global infrastructure embedded in Nomba’s ecosystem, users can now benefit from faster, safer, and more versatile payment experiences,” said a Mastercard spokesperson. “It’s about deepening trust and expanding access.”
The implications extend beyond payment processing. As more businesses adopt digital tools to manage transactions, inventory, and customer engagement, fintech companies like Nomba are positioning themselves as essential growth partners. Unlike some peers that focus on developer APIs (Paystack, Flutterwave) or mobile-first consumer services (OPay), Nomba offers a hybrid model—pairing physical hardware with business-friendly software to manage everything from sales reporting to reconciliation.
The partnership comes at a time when Nigeria is witnessing explosive growth in digital payment adoption. According to the 2024 Worldpay Global Payments Report, cash transactions are projected to decline by 32% by 2030. Meanwhile, the value of electronic payments in Nigeria soared to ₦1.07 quadrillion in 2024, representing a 79.6% increase from the previous year.
These figures point to a rapidly transforming financial ecosystem, driven by a combination of technological innovation, consumer behaviour, and regulatory momentum. For consumers, this means easier access to secure digital transactions, whether shopping in person, online, or across borders. For businesses, it’s about reducing friction and building trust with digitally-savvy customers.
Industry observers note that as financial infrastructure becomes more inclusive, partnerships like Mastercard and Nomba’s could be instrumental in closing the digital divide. They not only foster innovation but also democratise access to secure financial services across urban and underserved areas alike.
In a country where nearly every sector is undergoing digital transformation, this collaboration signals the next frontier: one where Nigerian consumers and businesses are not just using digital payment tools but leveraging them to unlock new possibilities in commerce, security, and global participation.
