This Day (Lagos)

1 February 2013

Nigeria: MasterCard Targets More Customers in Africa

MasterCard Incorporated has disclosed plans to capture a larger share of the electronic payment processing market in Nigeria and other African countries.

Chief Executive Officer, MasterCard, Ajay Banga, informed Bloomberg that the company would continue to push for more businesses in Africa and Brazil.

The company's fourth-quarter profit released yesterday showed that it beat analysts' estimates as customers made more purchases.

Net income excluding litigation charges increased 18 percent to $605 million, or $4.86 a share, from $514 million, or $4.03, a year earlier.

"It was a solid quarter capping a really solid year despite the economic challenges," MasterCard's Chief Financial Officer, Martina Hund-Mejean.

"We are gaining traction in our US credit business with some recent wins, continuing to experience momentum in our mobile initiatives around the world, and securing important business in emerging markets like Africa and Brazil," Banga said.

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