Mastercard and Zenith Bank have introduced the Essential Debit Card, a simplified and affordable payment solution designed to expand financial inclusion for underserved communities across Nigeria. The product targets low-income earners and individuals who have historically struggled to access formal banking services, offering them a secure entry point into the digital economy.
The launch comes amid rapid growth in Nigeria’s digital payments landscape. Data from the Nigeria Inter-Bank Settlement System (NIBSS) shows that electronic payment transactions surged to ₦1.08 quadrillion in 2024, up 80% from ₦600 trillion in 2023. Point-of-sale (PoS) transactions also climbed by 81% year-on-year to ₦19.4 trillion, highlighting the accelerating shift toward digital commerce and the rising demand for inclusive financial tools.
Folasade Femi-Lawal, Mastercard’s Country Manager and Area Business Head for West Africa, said the initiative reflects Mastercard’s commitment to designing innovation that “meets people where they are,” providing pathways to economic opportunity for millions of Nigerians.
Zenith Bank’s Group Managing Director/Chief Executive, Dame Dr. Adaora Umeoji (OON), noted that the Essential Debit Card aligns with the bank’s ambition to scale financial inclusion by offering a secure and practical solution that enables more Nigerians to participate in the formal economy.
Zenith Bank began issuing the Essential Debit Card in July 2025 across both physical branches and digital channels. Customers can opt for a physical or virtual card, giving them the flexibility to choose what best suits their lifestyle. As an early adopter of Mastercard’s Essential Debit framework among Nigeria’s tier-one banks, Zenith Bank aims to broaden its reach across high-potential but underserved segments through simplified onboarding and reduced issuance costs.
By combining Mastercard’s global infrastructure with Zenith Bank’s nationwide presence, the Essential Debit Card enables affordable, reliable and secure digital payments that reflect how Nigerians transact today. The partnership underscores a shared commitment to advancing inclusive growth and accelerating Nigeria’s transition into a more digitally enabled financial system.
