With the goal of creating a world beyond cash, MasterCard continues to collaborate with retailers and the financial industry to introduce more convenient and safer payment methods in Nigeria

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Lagos, Nigeria, September 26, 2012: MasterCard has announced its first collaborative relationship with a local Nigerian retailer, Flying Dove Limited – authorized distributors for Sony Corporation and owners and operators of Sony Centers in Nigeria.  Through the collaboration, MasterCard will incentivize its cardholders to make use of electronic payment solutions, thus supporting the Central Bank of Nigeria’s (CBN) move towards a cashless economy.

The joint venture between MasterCard and Flying Dove Limited, signals the first cashless initiative of its nature in Nigeria for MasterCard.  The collaboration supports MasterCard’s vision to accelerate the move towards more convenient and safer payment methods for consumers, and to then showcase the success of the collaboration to the wider Nigerian business sector.

Omokehinde Ojomuyide, country manager, West Africa, MasterCard Worldwide commented, “MasterCard cardholders will qualify for a 5% discount on the purchase of any item at Sony Centers across Nigeria.  In addition, and as part of the alliance with MasterCard, Sony Center staff will undergo card acceptance and fraud prevention training. We will also be supporting Flying Dove by marketing the discount offer, further showcasing the benefits of moving towards electronic payments to our cardholders.”

Ashok Jain, Managing Director for Flying Dove Limited added, “Working alongside MasterCard has allowed us, as a retail leader in Nigeria, to further solidify our position in the local market. Our vision is to help make payments in all of the Sony Centers more convenient, easier and safer for customers and the Sony Center staff.”

Ojomuyide comments that the key stakeholders in the success of the cashless initiative are the financial sector, consumers and businesses. “Strategic initiatives such as our collaboration with Flying Dove Limited will assist each stakeholder to better support the CBN, in its quest to drive the development and modernization of the Nigerian payment system.”

Ojomuyide provided further insight: “The CBN’s cashless policy aims to curb the increasing cost of cash, including handling and production costs.  It was forecasted by the CBN in 2011 that the direct cost of cash management in Nigeria would increase substantially to N192 billion by 2012, impacting economic efficiency and the efficiency of all financial systems in the country.  The CBN further noted that the reduction of cash will assist in curbing the impact of corruption and other criminal behavior, which will have a positive impact on all Nigerian citizens.”

“MasterCard will continue to work with Nigerian banks and retailers to facilitate the reduction of cash within their payment systems by offering innovative, safe and convenient payment alternatives to their customers.  We look forward to achieving our shared goal of a cashless Nigeria, where our dependency on cash transactions will be significantly reduced,” concluded Ojomuyide.

About MasterCard

MasterCard(NYSE: MA), www.mastercard.com, is a global payments and technology company. It operates the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews, join the discussion on the Cashless Conversations Blog and subscribe for the latest news.

Contact:

The Quadrant Company, Public Relations, Ejura Audu,  ejura.audu@quadrantcompany.com, +234 803 494 6244

Kamil Olufowobi, Acceptance Director, West Africa, kamil_olufowobi@mastercard.com

About Flying Dove Limited, authorized distributors for Sony Corporation and owners and operators of Sony Centers in Nigeria:

Flying Dove has been at the forefront of the Nigerian electronics industry for over thirty years, and currently has four Sony Centre showrooms within Lagos State.  There is also Sony Centers in both the International and Domestic Airports. Additionally, we have a showroom in Port Harcourt and are looking to expand to other key cities across Nigeria. Whether consumers buy a Sony television, home theatre system or digital camera, they are guaranteed a purchase that is user-friendly and embodies all aspects of modern technology, design and prestige.  Follow us on Facebook.