Mastercard and Zenith Bank Launch Essential Debit Card to Boost Financial Inclusion in Nigeria
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 earners, 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.
