Nigerian fintech, Carbon has made a significant move by partnering with Verve, Africa’s leading payment card brand, to resume its debit card services. This development comes after a nine-month hiatus in card issuance, marking a shift in Carbon’s operational strategy and reflecting broader trends in the Nigerian financial landscape.
The Hiatus: Challenges with International Card Schemes
Previously, Carbon issued Visa-branded debit cards to its customers. However, the partnership with Visa presented challenges, primarily due to high operational costs and cumbersome processes associated with international card schemes. These challenges led to a strategic pause in card issuance, leaving customers without a physical means to access their funds for several months.
The Shift to Verve: Embracing Local Solutions
In February 2025, Carbon announced its collaboration with Verve, a subsidiary of Interswitch Group, to relaunch its debit card services. This decision aligns with a growing trend among Nigerian fintechs to adopt local payment solutions that offer cost efficiency and operational simplicity.
Why Verve?
Verve has established itself as a dominant player in the African payment landscape. Founded in 2009, Verve offers EMV-certified payment cards and has expanded its reach across multiple African countries. By partnering with Verve, Carbon aims to provide its customers with seamless access to their funds while mitigating the challenges previously encountered with international card schemes.
Implications for Carbon’s Customers
The resumption of debit card services through Verve brings several benefits to Carbon’s customers:
- Enhanced Accessibility: Customers can now perform cash withdrawals and make purchases at numerous ATMs and POS terminals nationwide.
- Cost Efficiency: With reduced operational costs, Carbon may pass on these savings to customers through lower fees or enhanced services.
- Local Integration: The Verve card’s compatibility with various local platforms ensures a more integrated banking experience for users.
A Broader Trend in Nigerian Fintech
Carbon’s transition to Verve is part of a broader movement among Nigerian fintech companies to adopt local payment solutions. Other notable fintechs, such as OPay, have also embraced Verve for their card issuance, reflecting a shift towards more sustainable and locally adapted financial services.
Carbon’s partnership with Verve signifies a strategic move towards more sustainable and customer-centric banking solutions. By aligning with a local payment provider, Carbon not only addresses previous operational challenges but also positions itself to better serve its customers in Nigeria’s evolving financial ecosystem.
What do you think about Carbon’s switch to Verve for its debit card services? Do you believe this move will enhance your banking experience? Share your thoughts in the comments below!
