Finance: Mastercard, Zenith Bank introduce new payment cards to accelerate financial inclusion
Mastercard in collaboration with Zenith Bank has announced the launch of two payment cards to help accelerate the country’s financial inclusion, catering to the unique needs of multiple market segments in Nigeria.
Called the Mastercard Naija Card and the World Elite Credit Card, designed to address the diverse financial needs of Nigerians. The Naija Card is part of Mastercard’s financial inclusion strategy that aims to provide affordable banking solutions to consumers who have been historically excluded from traditional financial services.
According to brand, the product will enable financial institutions to reach a wider customer base, contributing to the goal of reducing the number of financially excluded individuals in Nigeria, which stands at 28.8 million as of 2023.
On the other hand, the Elite Credit Card, a premium credit card designed for ultra-high-net-worth individuals, offers a host of benefits and discounts, including travel, lifestyle, health and insurance services.
“We are excited to launch these groundbreaking solutions with Zenith Bank. They represent a significant step forward in our mission to connect one billion people to the digital economy by 2025,” said Folasade Femi-Lawal, country manager and area business head, West Africa, Mastercard.
According to her, the products will help in providing affordable banking solutions that cater to the unique needs of diverse consumer segments. She disclosed that the products align with the brand’s vision of powering a more inclusive financial ecosystem that benefits everyone.
“We are delighted to collaborate with Mastercard to launch these innovative products which will significantly bolster financial inclusion and address the unique requirements of our customers. These solutions demonstrate our unwavering commitment to delivering accessible and bespoke financial services across all customer segments,” Ebenezer Onyeagwu, GMD/CEO, Zenith Bank Plc, stated.
According to him, the collaboration between Mastercard and Zenith Bank will redefine the financial landscape in Nigeria and West Africa, by offering enhanced control, access, and drive a shared vision of progress.
It was disclosed further that the collaboration represents a significant milestone as Mastercard introduces its first domestic card in Africa and the World Elite Credit Card in West Africa, underscoring the company’s dedication to expanding access to first-rate, locally relevant financial services.
