Mastercard and Zenith Bank have launched the Essential Debit Card, a new debit card meant to bridge the financial service gap in the underserved communities.

Country Manager and Area Business Head for West Africa at Mastercard, Folasade Femi-Lawal, said the card was tailored to meet the everyday financial needs of underserved populations, including low-income earners, who have historically faced barriers to formal banking services.

She said the introduction of the card comes at a time when Nigeria’s digital economy is gaining significant momentum.

According to data from the Nigeria Inter-Bank Settlement System (NIBSS), electronic payment transactions reached N1.08 quadrillion in 2024, an 80 per cent increase from N600 trillion in 2023.
Point-of-sale (PoS) transactions also surged to N19.4 trillion, an 81 per cent year-on-year rise, reflecting the growing trust among consumers and merchants in digital platforms and a rising demand for accessible financial tools.

“At Mastercard, we believe that inclusion fuels innovation, and innovation must be inclusive by design. The Essential Debit Card offers a gateway to economic opportunity for millions. Through this collaboration with Zenith Bank, we are scaling impact by meeting people where they are, with the tools they need to thrive in an increasingly digital world,” she said.

Also speaking, Group Managing Director of Zenith Bank Plc, Dr Adaora Umoji, said the launch aligned with the ambition of the Bank to drive financial inclusion at a larger scale.

“By offering an affordable, secure and practical digital payment solution, we’re empowering more Nigerians to participate in the formal economy, supporting not only individual progress but national economic growth.

“Together, we are breaking barriers to everyday commerce and moving a step closer toward closing the financial inclusion gap in Nigeria,” she said.

Umoji said Zenith Bank began issuing the Essential Debit Card in July 2025 across its national network of physical branches and digital platforms.