FirstBank of Nigeria has launched a new naira-denominated Visa debit card in partnership with Visa as Nigeria intensifies efforts to expand digital payments and reduce dependence on cash transactions.
The Naira Visa Debit Card is aimed at everyday consumers seeking a payment instrument for routine domestic and international transactions, the bank said in a statement on Monday.
The card will be accepted across point-of-sale terminals, automated teller machines and online payment platforms connected to Visa’s global payments network.
FirstBank said the product is designed to ease the transition from cash to electronic payments by supporting purchases across retail stores, utility services and digital commerce platforms.
The launch comes as Nigeria continues to push forward with policies aimed at deepening financial inclusion and accelerating adoption of electronic payment systems.
More Read
The country’s shift toward a cashless economy has gained momentum in recent years following a series of directives by the Central Bank of Nigeria encouraging greater use of digital payment channels.
Banks and fintech firms have increasingly expanded card products, mobile banking services and electronic payment infrastructure as regulators seek to reduce cash handling costs and improve transparency in financial transactions.
Chuma Ezirim, Group Executive for eBusiness and Retail Products at FirstBank, said the new card was intended to simplify daily transactions and encourage broader participation in digital payments.
More Read
“Everyday transactions should be simple, secure, and rewarding,” Ezirim said.
“The Naira Visa Debit Card is designed to make life easier for our customers, whether they are paying for groceries, settling utility bills, or shopping online.”
He added that expanding access to electronic payment systems would support Nigeria’s cashless policy while improving financial inclusion across communities.
Visa said the partnership reflected growing demand for accessible and reliable payment systems across Nigeria’s retail economy.
Andrew Uaboi, Vice President and Cluster Head for West Africa at Visa, said a strong payments ecosystem depended on broad consumer participation.
“The Naira Visa Debit Card extends reliable electronic payment access to everyday Nigerian consumers,” Uaboi said.
More Read
He added that the launch strengthens the range of payment products available to Nigerian customers through the partnership between Visa and FirstBank.
The new card broadens FirstBank’s existing Visa portfolio, which already includes credit cards and premium spending products targeted at higher-income customers.
The lender said the addition of the naira debit card completes its offering across multiple customer categories, enabling broader access to card-based financial services.
Eligible account holders will be able to obtain the card through FirstBank branches nationwide.
Nigeria remains one of Africa’s fastest-growing digital payments markets, driven by rising smartphone penetration, fintech expansion and increased adoption of mobile banking services.
Analysts say continued growth in digital payments could help improve financial inclusion in a country where large segments of the population still rely heavily on cash transactions and informal financial systems.
However, challenges including internet reliability, cybersecurity risks, electricity shortages and limited financial literacy continue to affect adoption rates in some areas.
Industry observers say partnerships between traditional banks and global payment networks are becoming increasingly important as financial institutions compete for market share in Nigeria’s rapidly evolving digital finance sector.
The launch also reflects broader efforts by African financial institutions to expand electronic payment systems as governments across the continent promote digital economies and formal financial participation.
