Nigerian Digital Bank Carbon Resumes Card Services After Strategic Pause
Nigerian digital bank Carbon is set to reintroduce its card services this month.
This move marks a significant shift in the company’s strategy, which initially focused on transitioning from a lending platform to a full-fledged digital bank.
Recall that in June 2024, Carbon paused its debit card operations due to several challenges listed below;
* Rising Costs: The company faced escalating costs associated with its international card provider.
* Logistical Inefficiencies: Difficulties in distributing cards added to the operational burden.
* Questionable Strategy: Carbon’s CEO, Ngozi Pascal Dozie, acknowledged that the initial decision to launch cards might have been influenced by industry trends rather than a deep strategic analysis.
Carbon’s return to the card market is accompanied by a renewed focus on efficiency and cost-effectiveness. The company is expected to partner with local card schemes like Interswitch’s Verve or the Central Bank of Nigeria’s Afrigo card. These domestic solutions offer more affordable and tailored options compared to global providers.
By prioritizing local card schemes, Carbon aligns itself with a broader industry trend. This shift is driven by the increasing popularity of solutions like Verve, which have gained significant traction among fintech companies in Nigeria.
Carbon’s decision to reintroduce card services underscores its commitment to providing essential banking services and enhancing customer experience.
As the bank navigates the competitive fintech landscape, its ability to adapt and innovate will be key to its long-term success. With a refined approach and a focus on customer needs, the company aims to solidify its position as a leading digital bank in Nigeria.
