A change in consumer behaviour and macroeconomic conditions are leading Nigerian banks to issue local cards like Verve to customers, dumping international card schemes like Visa and Mastercard.
Before the COVID-19 pandemic, Nigerian fintechs stumbled on an easy customer acquisition strategy: issuing foreign debit cards. These cards, often issued for free or next to nothing, ensured fintech customers could withdraw money at ATMs, or pay at supermarkets. Giving customers debit cards increased spending, allowing fintechs to earn more transaction fees.
