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In a strategic alliance poised to reshape access to digital finance, Mastercard and Zenith Bank Plc have launched the Essential Debit Card, a purposefully designed instrument to bring secure, affordable payment solutions within reach of millions of underserved Nigerians.
The new card, which began rolling out across Zenith Bank’s extensive branch network and digital channels in July 2025, targets low-income earners, small-scale entrepreneurs and the vast unbanked and underbanked segments that have long hovered at the margins of formal financial services.
Available in both physical and virtual formats, it offers simplified onboarding, reduced issuance costs and seamless integration into everyday commerce.
The launch comes amid Nigeria’s accelerating digital payments revolution. Figures from the Nigeria Inter-Bank Settlement System (NIBSS) reveal that electronic transactions soared to an astonishing N1.08 quadrillion in 2024, up from N600 trillion in 2023.
Point-of-Sale (PoS) volumes similarly surged by 81 per cent to N19.4 trillion, underscoring a deepening national confidence in cashless channels and an insistent demand for inclusive financial tools.
Speaking on the initiative, the Country Manager and Area Business Head, West Africa, Mastercard, Ms. Folasade Femi-Lawal, declared: “Inclusion is the spark of innovation, and true innovation must be inclusive by design. The Essential Debit Card is more than a payment instrument; it is a gateway to economic possibility for millions.
“Partnering with Zenith Bank allows us to meet people exactly where they are, equipping them to flourish in an increasingly digital world.”
Echoing this vision, the Group Managing Director/Chief Executive Officer of Zenith Bank Plc, Dr. Adaora Umeoji, noted: “This collaboration is a powerful expression of our resolve to drive financial inclusion at scale. By delivering an affordable, secure and practical digital payment solution, we are empowering more Nigerians to step confidently into the formal economy, fuelling personal advancement and, in turn, national prosperity.
“Together, we are dismantling barriers to everyday commerce and inching closer to bridging Nigeria’s financial inclusion gap.”
As one of the foremost tier-one banks to embrace Mastercard’s Essential Debit framework, Zenith Bank is leveraging the partnership to penetrate high-potential yet historically overlooked market segments. The card harnesses Mastercard’s globally trusted technology and an expansive network, fused with Zenith’s formidable domestic footprint, to deliver simplicity, security and affordability in a form that resonates with the rhythms of Nigerian life.
In an economy where digital transactions are no longer a convenience but a cornerstone of growth, the Essential Debit Card stands as a quiet yet transformative force, a testament to the conviction that genuine progress is measured not merely in trillions transacted but in lives irrevocably empowered.
