Executive and Advisory Leader Unwana Esang has emphasized that Africa’s next major economic breakthrough will not come from oil or commodities, but from the transformative power of data, trust, and technology.
Speaking at The Nigeria Summit, organized by CT Productions and The Guardian Nigeria, Esang joined a high-profile panel discussion on “The Business of Finance, Technology & the Digital Economy.” The session featured Rt. Hon. Mark Simmonds, Chairman of the Invest Africa Advisory Board and former UK Minister for Africa; Ina Alogwu, Chief Digital Officer at T2 Mobile; and was moderated by Daniel Nielson, International Editor at The Guardian Nigeria.
Reflecting on the discussions, Esang highlighted that trust forms the bedrock of any thriving digital economy. “In today’s world, trust is currency,” he said. Building secure, transparent, and accountable systems, he argued, is critical to sustaining technology adoption and financial innovation. Artificial Intelligence (AI), he added, is already transforming this space—detecting fraud in milliseconds, assessing risk with precision, and ensuring transaction security. Citing Mastercard’s “AI in Africa” whitepaper, he noted that Africa’s AI market is projected to reach $16.5 billion by 2030, signaling a massive opportunity for financial inclusion and cybersecurity advancement.
Esang further underscored that collaboration will be central to driving this transformation. “No single player can scale economic inclusion alone,” he remarked. Effective public–private partnerships, cross-sector alliances, and ecosystem-driven growth models will be essential to ensure innovation benefits both urban and rural communities.
He also stressed that inclusion drives growth, pointing out that Micro, Small, and Medium Enterprises (MSMEs) account for over 90 percent of Nigerian businesses and nearly half of the nation’s GDP, yet many remain excluded from formal financial systems. Equipping small enterprises with digital tools—such as Mastercard’s Tap-on-Phone, QR acceptance, and SME-in-a-Box solutions—he said, can empower them to fully participate in the digital economy. To date, Mastercard’s efforts have connected 50 million small businesses across Africa, including 37 million women-led enterprises, to digital platforms.
Esang expressed confidence in Nigeria’s potential to lead Africa’s digital transformation, citing the nation’s growing technological capacity, youthful talent base, and increasing investment in digital infrastructure. With the right mix of policy support and strategic partnerships, Nigeria could become a key driver in Africa’s projected $1.5 trillion digital payments economy by 2030.
“The consensus is clear,” Esang said. “Africa has everything it needs—talent, technology, and ambition—to achieve inclusive digital transformation. The challenge and the opportunity lie in aligning trust, collaboration, and policy to make this vision a reality.”
He concluded by reaffirming Mastercard’s commitment to advancing financial inclusion, driving AI adoption, and enhancing cybersecurity across Africa. “Our goal is to ensure that as we accelerate digital and AI transformation, no one is left behind,” he said.
Hashtags: #DigitalEconomy #AI #FinancialInclusion #NigeriaSummit #Innovation #Partnerships #FutureOfFinance
