Carbon, a top neobank in Nigeria, has announced the discontinuation of its debit card services in the country. This sudden decision has prompted numerous customers to search for other banking options.
Carbon announced that it would be discontinuing its debit card operations due to operational challenges and changes in the financial industry. The neobank, recognized for its digital-focused strategy, reassured that it would still provide various financial services such as loans, savings, and payments through its mobile app.
“After careful consideration, we have decided to shut down our debit card services to focus on our core offerings and enhance the overall customer experience,” said Ngozi Dozie, Co-Founder of Carbon. “This strategic move will allow us to allocate resources more efficiently and continue to innovate in areas where we can deliver the most value to our users.”
Carbon’s debit card service, which had been a popular feature among its customers, allowed users to perform a variety of transactions, including cash withdrawals, online shopping, and in-store purchases. The shutdown is expected to impact a significant portion of Carbon’s user base, who relied on the convenience and accessibility of the neobank’s card services.
In response to customer concerns, Carbon has assured that all other banking services will remain unaffected. The neobank is also working on introducing new features and products aimed at providing enhanced financial solutions to its customers.
“We understand that this decision may be inconvenient for our card users, and we are committed to ensuring a smooth transition,” Dozie added. “We are actively exploring partnerships and alternative solutions to provide our customers with the best possible financial tools.”
The announcement has sparked discussions within Nigeria’s fintech community, with industry experts weighing in on the implications of Carbon’s decision. “This move highlights the challenges neobanks face in maintaining diverse service offerings while focusing on profitability and innovation,” said Funmi Omo, a fintech analyst at KPMG Nigeria. “It will be interesting to see how Carbon adapts its strategy and what new solutions it will introduce to maintain its competitive edge.”
Customers have been advised to withdraw any remaining funds from their Carbon debit cards before the shutdown takes full effect at the end of this month. The neobank has also guided how to transition to other payment methods and continue using its platform for other financial needs.
