Mastercard and Zenith Bank have collaborated to launch the Essential Debit Card, scalable solution designed to enhance access to secure digital payments in Nigeria. The card is tailored to meet the everyday financial needs of underserved populations, including low-income earner, who have historically faced barriers to formal banking services.

The introduction of this card comes at a time when Nigeria’s digital economy is gaining significant momentum. According to data from the Nigeria Inter-Bank Settlement System (NIBSS), electronic payment transactions reached ₦1.08 quadrillion in 2024, an 80% increase from ₦600 trillion in 2023. Point-of-sale (PoS) transactions also surged to ₦19.4 trillion, an 81% year-on-year rise, reflecting the growing trust among consumers and merchants in digital platforms and a rising demand for accessible financial tools.

Folasade Femi-Lawal, Country Manager and Area Business Head for West Africa at Mastercard, said: “At Mastercard, we believe that inclusion fuels innovation, and innovation must be inclusive by design. The Essential Debit Card offers a gateway to economic opportunity for millions. Through this collaboration with Zenith Bank, we are scaling impact by meeting people where they are, with the tools they need to thrive in an increasingly digital world.”

Dame Dr. Adaora Umoji, OON, Group Managing Director/Chief Executive at Zenith Bank plc, said: “This launch aligns with our ambition to drive financial inclusion at a larger scale. By offering an affordable, secure and practical digital payment solution, we’re empowering more Nigerians to participate in the formal economy, supporting not only individual progress but national economic growth. Together, we’re breaking barriers to everyday commerce and moving a step closer toward closing the financial inclusion gap in Nigeria.”

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