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