Carbon, the Nigerian digital bank known for its loans-led approach, has partnered with Verve, the Interswitch-owned card scheme, to resume issuing debit cards after a nine-month pause. The decision to restart card operations comes after Carbon ended its partnership with Visa due to high costs and complex processes.
Despite the increasing popularity of contactless payments and bank transfers, debit cards remain a crucial channel for customers to access their funds. Carbon emphasizes that offering cards is more about providing convenience and retaining existing customers than attracting new ones.
The shift to Verve for card issuance is part of a broader trend among Nigerian fintech companies and banks moving towards local card solutions. This move helps reduce costs associated with maintaining international card schemes and logistical challenges in card delivery.
Carbon’s transition to Verve highlights the continued importance of debit cards for fintech companies, despite the evolving payment landscape. The partnership with Verve, which charges in Naira, aligns with the preference for local card solutions among major players in the Nigerian market.