Mastercard & Zenith Bank roll out essential debit card

By Vriti Gothi

Mastercard and Zenith Bank have launched the Essential Debit Card in Nigeria, introducing a scalable digital payment solution aimed at expanding access to formal financial services for underserved communities, including low-income earners. The card has been available since July 2025 across Zenith Bank’s branch network and digital channels, with options for both physical and virtual formats.

The initiative comes amid rapid growth in Nigeria’s digital payments landscape. Data from the Nigeria Inter-Bank Settlement System (NIBSS) shows that electronic payment transactions rose to N1.08 quadrillion in 2024, an 80% increase from N600 trillion in 2023. Point-of-sale transactions climbed 81% year-on-year to N19.4 trillion, reflecting increasing consumer adoption of digital commerce and the need for accessible, trusted financial tools.

Folasade Femi-Lawal, Country Manager and Area Business Head for West Africa at Mastercard, said, “The collaboration is grounded in efforts to make financial access more inclusive. 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.”

Adaora Umoji, Group Managing Director and Chief Executive at Zenith Bank, noted, “The product aligns with national priorities to close the financial access gap. 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’re breaking barriers to everyday commerce and moving a step closer toward closing the financial inclusion gap in Nigeria.”

As one of the first tier-one banks in the country to implement Mastercard’s Essential Debit framework, Zenith Bank aims to reach high-potential market segments through simplified onboarding and reduced issuance costs an approach expected to support broader adoption of digital payments across sectors.

The launch adds momentum to ongoing financial inclusion initiatives in Nigeria, where regulators and industry players continue to expand infrastructure to support digital transactions, credit access, and secure payment channels.