Nigerian Fintech Carbon Announces The Discontinuation of Its Debit Card Operation
Carbon, a prominent Nigerian fintech company, has announced the discontinuation of its debit card operations in Nigeria. This decision signifies a shift in the company’s service offerings within the highly competitive financial technology landscape.
Nairametrics reported that the discontinuation was revealed by Carbon’s Co-founder Ngozi Dozie, though he did not provide specific reasons for the move.
He wrote:
“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?”
Formerly known as Paylater, Carbon has been a key player in Nigeria’s fintech sector, offering various financial services including personal loans, bill payments, and investments. In June 2021, the company announced a five-year partnership with Visa to offer both digital and physical Visa card issuance to its customers. This partnership followed a year after the digital lending company transitioned into a digital bank, offering a range of financial services including savings and payments.
Carbon aimed to enhance its customer base by offering a more complete banking experience, catering to various needs such as saving money at high-interest rates, sending money at no extra cost, making payments online and offline, and spreading payments for essential purchases.
