FINTECH AFRICA | Nigerian Fintech, Carbon, Set to Resume Card-Issuing Services After Increased Customer Demand

BitKE · 2026-01-07T08:08:23+00:00

Nigerian digital bank Carbon will resume card issuance in November 2024 after a six-month suspension, citing improvements in its system and customer demand. CEO Ngozie Dozie questioned card strategies amid rising costs, as Verve cards gain popularity.

BitKE

2026-01-07 08:08:23

Abstract generation in progress

Nigerian digital bank, Carbon, will resume its card issuance in November 2024, six months after suspending the service.

According to a local report, the decision was driven by improvements to its card distribution system and increased customer demand.

“Our international card provider was expensive and some of the processes were too cumbersome for the product we want to give our customers. We looked at the flaws in debit card usage in Nigeria and optimised the experience to make it better for customers and businesses,” the company said.

“Offering cards is not about attracting new customers to Carbon; it’s more of an essential service we provide. It’s about providing convenience and retaining our customers.”

Earlier this year [2024], Carbon made the decision to shut down its card operations with CEO, Ngozie Dozie, questioning if it was an effective strategy.

“When I take a step back with the benefit of hindsight (and a card operation bill denominated in USD $), I question why practically all neobanks are pushing cards or even getting into it. Was this the right strategy for ALL of us, or was Carbon just unlucky?” Dozie wrote in Substack.

The increasing dollar costs of issuing Mastercard and Visa cards, along with shifts in consumer behavior, led many fintechs to reassess their card operations.

Today, many fintechs in Nigeria, including Kuda, MoniePoint, and OPay, have introduced debit cards for their customers, in their case powered by Verve, Africa’s largest card scheme by Interswitch with acceptance in Nigeria, across Africa, Europe and America.

Verve cards are gaining popularity in Africa over MasterCard and VISA cards as Nigerian fintech companies prefer the local and easily accessible option. According to data published on Statista:

Verve holds 54% of the Nigerian card market
30% of cardholders in Nigeria use MasterCard, and
Around 18% have VISA cards

Carbon, in contrast, previously partnered with VISA, an international card provider, for its card offering. The fintech declined to disclose its new card issuer.

In early 2024, as reported by BitKE, Carbon acquired Vella Finance after it terminated its crypto services to focus on SME banking.

Follow us on X for latest posts and updates

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.