The partnership between digital lending fintech, Allawee, and Mastercard has resulted in the launch of a credit-building card designed to enhance financial access for federal civil servants and National Youth Service Corps members.
This innovative product, facilitated by a secure Mastercard platform and issued in collaboration with Providus Bank, Remita, and Credicorp, provides instant access to credit and financial flexibility to over 720,000 federal civil servants and NYSC members, all through the Allawee app, a statement from Mastercard said.
According to reports, over 70 per cent of bank account holders lack access to credit. The Allawee credit card addresses this gap, offering a solution that caters to Nigerians’ unique financial needs. Launched at a crucial time when access to credit is vital for economic growth, the Allawee Credit Card supports the Nigerian government’s objective of increasing credit availability to 50 per cent of working Nigerians by 2030.
“We are thrilled to collaborate with Allawee on this innovative credit solution, which aligns perfectly with Mastercard’s commitment to bring one billion people into the digital economy by 2025. The Allawee credit card provides instant access to credit while also empowering civil servants and NYSC members in Nigeria to build their creditworthiness, further advancing financial inclusion across the country,” said Country Manager and Area Business Head for West Africa at Mastercard, Folasade Femi-Lawal.
The card offers a secure and seamless way to access credit while helping users build a credit profile, aligning with Mastercard’s mission to drive financial inclusion.
The Chief Executive Officer of Allawee, Ikenna Enenwali, said, “We launched this card to help Nigerians gain access to instant, affordable credit while building their credit history. Whether it’s handling daily purchases or taking care of life’s emergencies, our customers now have an easy way to cover expenses. With Mastercard, we are giving them the convenience to spend their credit at millions of retail locations in Nigeria and around the world, both online and in-store.”
This collaboration reinforces Mastercard’s commitment to driving financial inclusion across Nigeria and enabling underserved populations to participate in the digital economy.