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MasterCard selects Nigeria as hub for East & West Africa, Indian Ocean Islands

MONDAY, 13 DECEMBER 2010 00:00 NIGERIAN COMPASS
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MasterCard Worldwide, a leading global payments company, has announced the selection of Nigeria as its operational base for East & West Africa and Indian Ocean Islands.
MasterCard said in a statement that the choice of Nigeria was in reaffirmation of its confidence in the economy, and in line with the Vision 2020 drive of the Federal Government of Nigeria.


The global payments firm also announced the appointment of a Nigerian, Mr. Daniel ‘Lanre Monehin, as area head of its business operations for the stated regions with the aim of advancing its business and investment activities in sub-Saharan Africa.
According to the statement, “Through this appointment, MasterCard has become the first - and only - global payments company to date to appoint an executive resource in Nigeria. MasterCard cards were the first international payment cards issued by financial institutions in Nigeria in 2004.

“The appointment of Monehin aims to fast track the growth of the payment card market not only in Nigeria but in all the regions under his administration in sub-Saharan Africa.”
Prior to his appointment at MasterCard Worldwide in Africa, Monehin was formerly the vice president and regional finance officer at MasterCard Worldwide in Canada, which encompassed all aspects of strategic financial management, analysis, planning, customer deals approval, accounting, reporting and taxation for the region.
Having held senior positions at Fortune 500 companies and the Nigerian banking industry, Monehin has over 18 years of finance, consulting and relationship management experience spanning banking, manufacturing and distribution, technology and payment industries.
“Monehin’s appointment is a further step by MasterCard to establish a globally-interoperable payments business for the mutual benefit of the banks, consumers and merchants in Nigeria. MasterCard is presently advancing cardholder security through the roll-out of its state-of-the-art EMV chip cards, based on the company’s M/Chip 4 application already implemented in markets including South Africa, the United Kingdom, France, Germany and Canada, to name a few,” the statement said.

“Taking the helm at the Lagos office, Monehin is ready to take on the many challenges that face the markets making up his area of responsibility, particularly business and customer support, driving secured payment card acceptance over cash and helping to build MasterCard’s capacity on the ground.”
“I firmly believe that we are reaching a tipping point where African markets are quickly rolling out innovative payment systems, potentially leapfrogging the systems that have been in place in more developed markets for many years, says Monehin.


“For MasterCard, the focus remains on how we can help grow our customers’ businesses. In order to do this in Nigeria, we will focus specifically on the development of card knowledge and skills, card acceptance infrastructure and partnership with technology enablers, new products, as well as enhancing connectivity, operational efficiency, merchant education and best practice acceptance, he explains.
“With dedicated and empowered resources on the ground in Nigeria for West & East Africa, and the Indian Ocean Islands area, MasterCard’s commitment to Africa has never been greater,; he concludes.

Monehin earned a B.Sc. (Honours) degree in Accounting from the University of Lagos and an MBA from Queen’s University, Ontario, Canada. He is an Associate of the Institute of Chartered Accountants of Nigeria (ACA), a Certified Public Accountant of Illinois, USA (CPA), and a Fellow of the Certified Management Accountants of Canada (FCMA).
http://www.compassnewspaper.com/NG/...ean-islands&catid=113:money-market&Itemid=711
 
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