Mastercard and Zenith Bank introduce new payment cards to accelerate financial inclusion in Nigeria
March 26, 2024 | Lagos, Nigeria
L-R: Dr. Ebenezer Onyeagwu, GMD/CEO, Zenith Bank Plc, Celestina Appeal, Group Head Card Business and Solutions, Zenith Bank PLC, Mark Elliott, Divisional President SSA, Mastercard, Folasade Femi-Lawal, Country Manager, West Africa, Mastercard and Dimitrios Dosis, President of Eastern Europe, Middle East, and Africa (EEMEA) at Mastercard.
- Mastercard Naija Card to offer affordable banking, promoting financial inclusion in Nigeria's underserved populations.
- World Elite Credit Card to provide exclusive benefits in travel, lifestyle, health, and insurance services globally.
Lagos, Nigeria, 26 March 2024 - Mastercard has today announced the launch of two innovative products in collaboration with Zenith Bank, the Mastercard Naija Card and the World Elite Credit Card, designed to address the diverse financial needs of Nigerians. These payment cards are set to accelerate financial inclusion in the country, catering to the unique needs of multiple market segments.
As part of Mastercard’s financial inclusion strategy, the Mastercard Naija Card aims to provide affordable banking solutions to consumers who have historically been excluded from traditional financial services. This innovative 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.
Alternatively, the World Elite Credit Card, a premium credit card designed for ultra-high-net-worth individuals, offers a host of benefits and discounts, including travel, lifestyle, and health and insurance services. With the World Elite Credit Card, targeted cardholders can enjoy a higher level of service at home and abroad.
“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. By providing affordable banking solutions catering to the unique needs of diverse consumer segments, our vision of powering a more inclusive financial ecosystem that benefits everyone, moves a step closer to fruition,” said Folasade Femi-Lawal, Country Manager and Area Business Head, West Africa, at Mastercard.
This 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. Additionally, it aligns with the shared mission of both Mastercard and Zenith Bank – driving the former’s objective of nurturing inclusive financial markets and the latter’s mission of fostering innovation, superior performance, and delivering premium value to all stakeholders.
"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,” said Dr. Ebenezer Onyeagwu, GMD/CEO, Zenith Bank Plc.
With this collaboration, Mastercard and Zenith Bank stand poised to redefine the financial landscape in Nigeria and West Africa, offering enhanced control and access to a world of premium, bespoke services, and driving a shared vision of progress and accessibility.
About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
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