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Home African

Carbon and Verve Partner to Issue Debit Cards

Mololuwa Adedeji by Mololuwa Adedeji
March 10, 2025
in African, Fintech
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The decision to reintroduce card services highlights the continuing importance of debit cards in facilitating customer access to funds, despite the growing adoption of contactless payments and bank transfers. Nigerian digital bank Carbon began issuing debit cards through a new partnership with Verve, the Interswitch-owned card scheme, after a nine-month pause in card operations. The company had abandoned its previous reliance on Visa due to high costs and complex processes and now operates without a physical branch or agent network.

Many Nigerian fintechs are looking at more cost-effective options as a result of the growing costs of international card programs like Mastercard and Visa, whose dollar-based fees add substantial charges. After converting from an online lender to a regulated microfinance bank, Carbon first began issuing debit cards in August 2021 with the goal of increasing transaction volumes and client retention. However, it was expensive to keep up relationships with foreign card companies, particularly for fintechs without physical locations.

Fintechs have to deal with logistical costs for card distribution in addition to card scheme charges, and when employing foreign suppliers, dispute Resolution fees might surpass $500 per case. Verve, which has issued over 72 million cards and controls the majority of Nigeria’s payment card market, has become more popular as a result of these operational difficulties. Due to its cost-effectiveness and Naira-based pricing structure, the local card system has been adopted by both banks and big fintechs. For example, Moniepoint and OPay have issued more than 17 million Verve cards between them, and the majority of Nigeria’s conventional banks also provide Verve-branded cards.

What are the advantages of the partnership? Carbon consumers may use their Pink Passport to pay both in-person and online. They can also take advantage of exclusive Carbon hangouts, social media giveaways, and savings on partner goods and services.

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Tags: bankingCarbonDigital bankVerve
Mololuwa Adedeji

Mololuwa Adedeji

Mololuwa likes to think of herself as a curious mind who is always drawn to deep conversations. A true sapio, that finds joy in good books, good food, and psychological thrillers. She likes to think of herself as a happy person who finds meaning in every moment.

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