Nigerian fintech Carbon discontinues debit card service nearly 3 years after launch
- Carbon shuts down its debit card service in Nigeria after two years.
- Co-founder and CEO, Ngozi Pascal Dozie, questions the strategy of neobanks pushing for card operations.
- Carbon launched its debit card business for the wrong reasons and realized that Nigerian customers already have many debit cards.
The shutdown of Carbon's debit card service in Nigeria reflects a realization of the flawed strategy and lack of market need. The CEO's questioning of the neobank trend suggests a critical evaluation of the industry's direction. This decision may prompt other fintech startups to reevaluate their own card operations and focus on more relevant offerings.
