Congratulations on your recent appointment, Mrs. Folasade Femi-Lawal. With your diverse background spanning financial services, telecommunications, and management consulting, what aspects of your previous roles do you believe have prepared you most for leading Mastercard’s operations in West Africa?
It is an honour to begin a new chapter at Mastercard, and I am excited to bring my expertise to the company. I believe my diverse background across the mentioned areas has equipped me with a unique set of skills and perspectives that will be instrumental in leading Mastercard’s operations in West Africa. During my time at PricewaterhouseCoopers (PWC), I developed a strong foundation in audit and business advisory services, honing my analytical and problem-solving skills in the process. This experience taught me the importance of attention to detail and compliance, skills that are crucial in the highly regulated payments industry.
Transitioning to the telecommunications sector at Airtel Nigeria, I was able to leverage my financial acumen and passion for customer service excellence to drive operational efficiency and business growth. Working closely with the Chief Operating Officer, I implemented strategies that significantly improved market share and customer satisfaction, demonstrating and developing my ability to lead strategic initiatives in a complex and competitive environment.
Furthermore, my role as Chief Commercial Officer at Adonainet Group Nigeria enhanced my leadership skills as I spearheaded sales and distribution strategies that drove profitability and market penetration within a short period of time. This experience instilled in me a results-oriented mindset and the ability to innovate and adapt to changing market dynamics.
Mastercard is renowned for its commitment to driving digital innovation and financial inclusion. How do you plan to leverage your experience to further enhance these initiatives in the region, particularly considering Nigeria’s evolving payments landscape?
With Nigeria’s digital economy evolving rapidly, one key area of focus for us is investing in innovation by developing and scaling locally relevant digital solutions that address the specific needs of the Nigerian market and expand access to financial services in the process.
This includes solutions like our Digital First Programme, which ensures consumers have a seamless and secure digital payment experience; Mastercard Send, a secure cross-border money transfer service; a fintech program facilitating fintech access to our network, technology, and expertise; and Mastercard Start Path, a global startup engagement program that provides fintech startups with access to our global network of innovators that enables companies to scale, building the future of commerce.
With your extensive experience in leadership roles, how do you intend to drive growth and navigate challenges in the dynamic West African market?
As a seasoned executive in digital transformation with a rich experience spanning over 25 years across various sectors including financial services, management consulting, telecommunications, and business advisory services, I am naturally equipped to lead Mastercard’s strides in the market in this new era of payments
In navigating the dynamic West African market, Mastercard will continue to leverage its global presence, expertise and strategic partnerships across the public and private sectors to drive growth in key markets. We are uniquely positioned to advance inclusive growth in Africa, particularly in Nigeria, by providing access to networks, tools, and solutions that enable individuals and organisations to reach their potential and achieve financial security. We plan to continue partnering with private companies, government institutions, and development agencies to develop, incubate, and scale simple and locally relevant digital solutions that address the needs of the market.
Could you elaborate on Mastercard’s vision for the future of payments in West Africa, and how it aligns with the Nigerian government’s agenda for developing a secure digital economy?
At Mastercard, we anticipate witnessing innovative changes that will give rise to a ‘new economy’ that will redefine the concept of money, introduce new asset exchange methods, offer intelligent solutions that span physical as well as digital environments, expand inclusivity and sustainability principles, and transform how companies build products. In Nigeria, especially, our vision for the future of payments aligns closely with the Nigerian government’s agenda for developing a secure digital economy. As a leader in championing financial inclusion and digitization across Africa, Mastercard recognizes the region’s immense potential for growth and transformation in the payments ecosystem.
Traditional banks remain one of the fulcrums of our inclusion strategy and I am proud to say we have initiated transformative collaborations with key players in the sector over the last few months to address multiple stress areas. Earlier this year, we launched two innovative products in collaboration with Zenith Bank such as the Mastercard Naija Card and the World Elite Credit Card, to address the diverse financial needs of Nigerians across multiple social classes. Furthermore, in May, we launched an innovative solution in collaboration with Access Bank Groupto expand access to instant, traceable, seamless, and cost-effective cross-border payments and remittances to and from the continent, bringing African businesses and consumers closer to the global economy.
We are also initiating collaborations and leveraging our capabilities to create innovative AI-led solutions that enhance and secure both the consumer-facing and operational sides of the payment industry. As the world becomes increasingly interconnected, we believe that payments will also evolve in this direction, giving rise to more regulations to guide their implementation and more initiatives to drive penetration in line with these regulations. True to our commitment, we remain at the forefront of shaping the future of payments in the region. By collaborating with like-minded partners – leveraging Mastercard’s expertise, insights, and solutions – we aim to forge pioneering and scalable commercial solutions that will unlock immense value. Additionally, we will continue to align our strategies with emerging trends and policies to foster financial inclusion and economic growth.
Beyond professional endeavours, you enjoy singing, writing, and spending time with family. How do you balance your interests with the demands of your professional role, and do you find any parallels between your passions and your approach to leadership?
Balancing my interests with the demands of my professional role is something I’ve learned to prioritise over the years. I find that setting clear boundaries and creating a schedule that allows time for both work and personal activities helps me maintain a healthy balance. For example, I dedicate specific times during the week to my hobbies, such as singing and writing, and make sure to spend quality time with my family regularly.
I also believe that my passions greatly influence my approach to leadership. Just as in my personal life, I strive to create harmony and balance in my professional interactions. I value creativity and use it to find innovative solutions to challenges. Additionally, my love for spending time with family has taught me the importance of building strong relationships and fostering a sense of community within my team and with key industry players.
