A New Era for Mastercard in West Africa: An Interview with Mrs. Folasade Femi-Lawal

Congratulations are in order for Mrs. Folasade Femi-Lawal on her recent appointment as the leader of Mastercard’s operations in West Africa. With a rich tapestry of experience in financial services, telecommunications, and management consulting, Mrs. Femi-Lawal brings a wealth of knowledge and a unique perspective to her new role. In this article, we delve into her insights on how her diverse background has prepared her for this pivotal position, her vision for Mastercard in the region, and her commitment to fostering inclusive growth.

A Foundation Built on Diverse Experience

Mrs. Femi-Lawal’s career trajectory is a testament to her adaptability and expertise. Her journey began at PricewaterhouseCoopers (PwC), where she developed a robust foundation in audit and business advisory services. This role sharpened her analytical and problem-solving skills, emphasizing the importance of compliance and attention to detail—crucial attributes in the highly regulated payments industry.

Transitioning to the United Bank of Africa as the Head of the Loan Monitoring Unit, she gained invaluable insights into risk management and regulatory compliance, essential for overseeing operations in the financial sector. Her experience in managing a bank’s loan portfolio has equipped her with the acumen to navigate the complexities of financial operations.

Mrs. Femi-Lawal’s foray into the telecommunications sector at Airtel Nigeria further honed her leadership skills. Collaborating closely with the Chief Operating Officer, she implemented strategies that significantly improved market share and customer satisfaction. This experience underscored her ability to lead strategic initiatives in competitive environments, a skill that will be instrumental in her role at Mastercard.

As Chief Commercial Officer at Adonainet Group Nigeria, she spearheaded sales and distribution strategies that drove profitability and market penetration. This role instilled a results-oriented mindset and the ability to innovate, qualities that are vital for leading Mastercard’s operations in a rapidly evolving market.

Most recently, her role as Head of Card & Messaging Business at FirstBank provided her with a deep understanding of the payments industry. Managing over 11 million cards, she developed and executed successful card issuance and transaction strategies, further solidifying her expertise in the field.

Driving Digital Innovation and Financial Inclusion

With Nigeria’s digital economy evolving at an unprecedented pace, Mrs. Femi-Lawal recognizes the importance of investing in innovation. She aims to develop and scale locally relevant digital solutions that address the specific needs of the Nigerian market. Initiatives like Mastercard’s Digital First program and Mastercard Send are designed to enhance the digital payment experience and facilitate secure cross-border money transfers.

Collaboration is another cornerstone of her strategy. Partnerships with financial institutions are crucial for issuing digital payment solutions, ranging from digital wallets to supply chain finance. Notable collaborations, such as those with the U.S. International Development Finance Corporation (DFC) and Alerzo, exemplify Mastercard’s commitment to expanding financial inclusion and empowering SMEs in Nigeria.

Mrs. Femi-Lawal also emphasizes the importance of partnerships with telecommunications companies to reach underserved communities. Collaborations with MTN and Airtel aim to enable cross-border remittances and mobile money services, further driving financial inclusion.

Empowering Women and Children

A passionate advocate for inclusive growth, Mrs. Femi-Lawal is dedicated to incorporating initiatives that empower women and children into Mastercard’s agenda in West Africa. Her commitment is reflected in her support for educational programs like Girls4Tech, which introduces girls to STEM fields, aiming to narrow the gender gap in technology.

Moreover, her collaboration with Glovo to provide meals to schoolchildren in Nigeria and Kenya highlights her focus on addressing hunger and fostering education. By turning everyday transactions into opportunities for social impact, she aims to create sustainable solutions that benefit communities.

Navigating the Cashless Transition

As Nigeria moves towards a cashless society, Mastercard is poised to play a pivotal role in this transformation. Mrs. Femi-Lawal highlights the importance of contactless payments, exemplified by partnerships with FCMB and ProvidusBank to launch innovative payment solutions. These initiatives not only enhance customer convenience but also streamline operations for businesses.

However, challenges remain, including the accessibility of contactless devices and the need for consumer and merchant education. Mrs. Femi-Lawal is committed to addressing these challenges through partnerships and innovative solutions, ensuring that financial inclusion and economic growth remain at the forefront of Mastercard’s mission.

A Vision for the Future

Looking ahead, Mrs. Femi-Lawal envisions a future where Mastercard continues to champion financial inclusion and digitization in West Africa. Aligning with the Nigerian government’s National Digital Economy Policy and Strategy, Mastercard aims to provide quality life and digital economies for all. With the African domestic e-payments market projected to grow significantly, Mastercard is well-positioned to lead this transformation.

By leveraging its global presence and expertise, Mastercard will continue to develop locally relevant digital solutions that address the needs of the market. Initiatives like the Mastercard Start Path program and Community Pass are designed to support fintech startups and connect underserved communities to the digital economy.

Balancing Passion and Professionalism

Beyond her professional commitments, Mrs. Femi-Lawal finds joy in singing, writing, and spending time with family. She believes that maintaining a balance between personal interests and professional responsibilities is essential for overall well-being. Her passions influence her leadership style, fostering creativity and strong relationships within her team.

Her dedication to fostering inclusive growth, particularly for women and children, aligns seamlessly with her professional mandate at Mastercard. Through her philanthropic endeavors and mentorship roles, she continues to make a positive impact in the community.

Conclusion

As Mrs. Folasade Femi-Lawal embarks on this new chapter at Mastercard, her diverse background and unwavering commitment to innovation and inclusion position her as a transformative leader in West Africa’s payments landscape. With a clear vision for the future and a dedication to empowering individuals and businesses, she is set to drive Mastercard’s mission of fostering financial inclusion and digital innovation across the region. The journey ahead promises to be one of growth, collaboration, and positive change, paving the way for a more inclusive financial future in West Africa.