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March 10.2025

2 Minutes Read

Carbon Resumes Issuance of Debit Cards with Verve Partnership: A Smart Move

Financial services tech art, Carbon resumes issuance of debit cards, modern collage.

Carbon Takes a Strategic Step Forward with Verve Partnership

Carbon, the digital bank revolutionizing the finance sector in Nigeria, has recently announced the resumption of its debit card issuance in collaboration with Verve, an Interswitch-owned card scheme. This significant development comes after a nine-month hiatus following a previous decision to stop issuing cards due to rising costs and operational challenges associated with using Visa.

The move to Verve reflects a broader trend among Nigerian fintechs, where the convenience of local solutions is increasingly recognized. As Lotanna Anuforo, Carbon’s content manager, aptly puts it, offering debit cards is more about essential service delivery than just attracting new customers. It's about retaining loyal users with a reliable means to manage their finances effectively.

The Shift from Visa to Verve: Navigating Costs and Challenges

Previously, the reliance on international card schemes like Visa came with dollar-based fees, which could be prohibitive for businesses and their customers. Many fintech firms, including Carbon, are now migrating towards Verve, which charges in Naira, making the financial landscape more manageable in these economically challenging times. The surge in popularity of Verve cards, with over 70 million already issued, underscores this pivotal change in approach among fintechs like Moniepoint and OPay.

The operational difficulties extended beyond just fees; companies without physical branches—like Carbon—also faced logistic challenges in delivering cards to users. By collaborating with Verve, Carbon can streamline its operations, offering a seamless experience to consumers who increasingly depend on their digital banking services.

Reassessing the Role of Debit Cards in a Digitally Evolving Landscape

Despite the rise of bank transfers and mobile payments, debit cards remain integral to the financial ecosystem in Nigeria. They offer a straightforward method for customers to access their funds, bridging the gap between digital banking and everyday transactions. Carbon’s decision to re-enter the debit card market is a testament to its ongoing commitment to convenience and customer satisfaction.

This reinstatement of card services by Carbon highlights not only the persistence of the debit card as a viable financial tool but also emphasizes the adaptability of fintech startups in response to market demands and evolving customer preferences. The company's response to operational challenges while navigating the complexities of the financial sector demonstrates its resilience and forward-thinking strategy.

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Carbon Resumes Issuance of Debit Cards with Verve Partnership: A Smart Move

Carbon Takes a Strategic Step Forward with Verve Partnership

The Shift from Visa to Verve: Navigating Costs and Challenges

Reassessing the Role of Debit Cards in a Digitally Evolving Landscape

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