Business

Fintech Company, Carbon Halts Debit Card Operations Amid Forex Challenges in Nigeria

Published

11 months ago

June 20, 2024

Nigerian fintech company, Carbon, has announced the shutdown of its debit card operations in Nigeria, just two years after the service was launched. This decision was disclosed by Carbon’s co-founder and CEO, Ngozi Dozie, on Wednesday via a Substack post.

Dozie did not provide specific reasons for discontinuing the card service, but his post hinted that the company might have miscalculated the strategic value of offering debit cards. The ongoing forex challenges, with operational costs denominated in dollars, likely played a significant role in the decision.

“When I take a step back with the benefit of hindsight (and a card operation bill denominated in USD$), I question why practically all neobanks are pushing cards or even getting into it. Was this the right strategy for ALL of us, or was Carbon just unlucky?” Dozie reflected.

He acknowledged that many founders often proceed with limited information and insufficient analysis. Dozie admitted that if he had thoroughly evaluated the industry, he might not have launched the card operations.

“If I had done the analysis and truly evaluated the opportunity, I don’t think I would have been that gung-ho about pushing a strategy to provide consumers with their fifth debit card. The decision might have been the same, but perhaps with more respect for the potential risks,” he stated.

Dozie also recognized that Nigerians already have multiple debit cards, which further diluted the necessity for Carbon’s card. He speculated that the decision to launch might have been driven by a desire to build trust with customers by mimicking established banks.

“Maybe I had a scoop that if we launched a debit card, customers would trust Carbon more. Because, hey—just like those big banks you trust, I have the same bright, shiny card, marketed on billboards with happy-go-lucky youth with funky haircuts and bright clothing,” he noted.

He advised fintech startups considering the launch of debit cards to critically analyze the industry before committing to such a strategy.

Carbon’s debit card operations began in August 2021, marking a significant step in the company’s evolution from Nigeria’s largest digital lender to a microfinance bank licensed by the Central Bank of Nigeria (CBN). The debit card was intended to allow Carbon account holders to spend funds online and offline via ATMs and POS machines. At the time, Carbon emphasized prioritizing user experience, addressing a common pain point among customers of financial institutions.

“With the debit card, Carbon bank account holders will now be able to spend funds in their accounts via online and offline channels like ATMs and POS machines. More importantly, Carbon is prioritizing user experience, a trending issue among customers of financial institutions,” the company stated in 2021.

Carbon aimed to build on its customer base of 3 million users by offering a more comprehensive banking experience. However, the reality of high operational costs and the saturated market of debit card offerings has led to this strategic retreat.

Business

Dangote Holds Fuel Price Steady

Published

2 days ago

May 20, 2025

Samson Adeyanju

By Adewunmi Oluwaseun

Despite the rising cost of crude oil on the global market, Dangote Petroleum Refinery and Petrochemicals has reaffirmed its commitment to keeping petrol prices stable for Nigerian consumers.

The company said its decision to maintain affordable pump prices amid international volatility reflects its firm dedication to supporting the nation’s economy and easing the burden on the public.

According to a statement from Group Chief Branding and Communications Officer, Anthony Chiejina, the move aligns with the Federal Government’s Nigeria First policy and President Bola Tinubu’s Renewed Hope Agenda.

“Refining locally at the world’s largest single-train refinery strengthens Nigeria’s energy security, conserves foreign exchange, and boosts economic resilience,” the statement noted.

The firm praised the President’s Naira-for-Crude initiative, which it said has enabled consistent price cuts on petroleum products.

The refinery also assured stakeholders of its continued focus on affordability, quality and national interest in its operations.

Meanwhile, the refinery has taken delivery of 146,000 metric tonnes of crude oil, with another 125,000 metric tonnes expected soon.

Additionally, three vessels have arrived to lift jet fuel exports, further positioning the facility as a key player in the global energy market.

Business

Africa Pushes for Cheaper Flights, Seamless Skies

Published

2 days ago

May 20, 2025

Samson Adeyanju

By Oso Abidemi

Top aviation leaders from seven West African countries have renewed the call for urgent adoption of a single air transport market to lower ticket prices and improve connectivity across Africa.

Speaking at the 18th plenary of the Banjul Accord Group in Abuja, Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo, said implementing the Single African Air Transport Market (SAATM), would transform travel on the continent.

“It is time Africa connected itself more. SAATM will make flights shorter, cheaper, and more efficient,” he said.

Keyamo described SAATM as a key driver for realizing the African Union’s Agenda 2063 and boosting global competitiveness.

Also speaking, Secretary-General of the African Civil Aviation Council, Adefunke Adeyemi, urged countries to embed SAATM into their national laws and empower aviation regulators to make it work.

Nigeria’s Civil Aviation chief, Captain Chris Najomo, called the meeting an opportunity to tackle major challenges such as infrastructure gaps, skilled manpower shortages, safety risks, and digital transformation.

The gathering includes aviation authorities from Nigeria, Ghana, Liberia, Sierra Leone, Guinea, Cape Verde, and Gambia.

With firm backing from regional lawmakers and regulatory bodies, the push for unified skies across West Africa is gaining momentum.

Abuja Reports

Abuja: Tinubu, Akpabio Lead Talks on Real Estate Reform

Published

2 weeks ago

May 5, 2025

Samson Adeyanju

By Ekaete Bassey

President Bola Ahmed Tinubu and Senate President Godswill Akpabio are billed to headline the 55th Annual National Conference and Annual General Meeting of the Nigerian Institution of Estate Surveyors and Valuers (NIESV), in Abuja.

The week-long event, themed “Transform, Invest, Thrive: Optimising Real Estate Finance and Taxation,” will run from May 5 to 10 at the Abuja Continental Hotel.

A statement by NIESV’s National Publicity Secretary, ESV Richard Olodu, confirmed Tinubu will serve as the special guest of honour, while Akpabio will attend as guest of honour.

The conference aims to chart a transformative path for real estate development through deeper fiscal reforms and investment strategies.

Also expected at the high-powered gathering are Minister of the Federal Capital Territory, Nyesom Wike; Minister of Housing, Ahmed Dangiwa; and Minister of Finance, Wale Edun.

Chairman of the Federal Inland Revenue Service and Presidential Adviser on Revenue, Dr. Zacch Adedeji, will deliver the keynote address, expected to dissect current tax policies and their impact on property financing.

NIESV President, ESV Victor Adekunle Alonge, has extended an open invitation to estate professionals, public sector leaders, investors and diaspora stakeholders to partake in what he described as a defining moment for Nigeria’s real estate sector.

The conference is projected to offer insights capable of unlocking economic growth, with real estate positioned as a strategic anchor.