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Carbon, a leading Nigerian fintech company, has announced the discontinuation of its debit card operations in Nigeria, marking a significant shift in its service offerings within the competitive financial technology landscape.
Carbon’s Co-founder Ngozi Dozie disclosed the decision without providing specific reasons for the move.
He wrote:
“Reflecting with hindsight (and considering our card operation costs in USD$), I question why nearly all neobanks are pushing card services. Was this the right strategy for us all, or was Carbon just unlucky?”
Previously known as Paylater, Carbon has been a key player in Nigeria’s fintech sector, offering a variety of financial services, including personal loans, bill payments, and investments. In June 2021, the company announced a five-year partnership with Visa to provide both digital and physical Visa cards to its customers. This partnership came a year after Carbon transitioned into a digital bank, expanding its services to include savings and payments.
Carbon’s goal was to enhance its customer base by providing a comprehensive banking experience, addressing various needs such as high-interest savings, free money transfers, online and offline payments, and installment payment options for essential purchases.
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