MasterCard and BMONI, an artificial intelligence-powered financial platform, are working to launch a new generation of virtual and physical payment cards that will enable Nigerian customers to conduct fluid local and worldwide transactions.
According to the partners earlier this week, the solution is powered by MasterCard's global payment network, enabling users to instantly create multiple Naira and US dollar-denominated virtual and physical cards that are globally accepted and ready for use, with card management handled entirely within the BMONI app.
The collaboration is one of the first locally issued international card programmes in the West African country, made possible by MasterCard's new card issuance models, which aim to promote digital payments uptake among fintech companies in the sector, the two companies said.
With Nigeria’s e-commerce market projected to exceed $26 billion by 2030, the demand for globally accepted, instantly issued digital payment solutions continues to grow.
BMONI’s card offering, built on MasterCard's network, responds to this shift by enabling users to operate more seamlessly across currencies and everyday spending, noted Mastercard.
Dr Folasade Femi-Lawal, country manager for West Africa, MasterCard, said: "Nigeria’s digital economy is growing rapidly; consumers need payment solutions that keep pace.
"Our collaboration with BMONI brings together Mastercard's global network with an innovative platform like BMONI to deliver real value to consumers: instant card access, multi-currency flexibility, and seamless transactions across borders."
Ashwin Ravichandran, head of product, BMONI, added: "At BMONI, our focus has always been simple, which is to remove the friction between people and their money. This collaboration with Mastercard allows us to deliver global access and a level of control that simply has not existed before."
Share
