Mastercard, BMONI unlock instant card access for Nigerians

Mastercard and BMONI, an AI-powered financial platform have introduced a new generation of virtual and physical payment cards designed to enable seamless local and global transactions for consumers in Nigeria. In a statement, the solution powered by Mastercard’s global payment network, enables users to instantly create multiple Naira and US dollar-denominated virtual and physical cards […]

Mastercard and BMONI, an AI-powered financial platform have introduced a new generation of virtual and physical payment cards designed to enable seamless local and global transactions for consumers in Nigeria.

In a statement, the solution powered by Mastercard’s global payment network, enables users to instantly create multiple Naira and US dollar-denominated virtual and physical cards that are globally accepted and ready for use within seconds with all card management handled seamlessly within the BMONI app. 

It stressed that the collaboration marks one of the first locally issued international card programs in Nigeria, enabled by new card issuance models introduced by Mastercard to accelerate digital payments adoption among fintech companies in the market.

“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 trusted network, responds to this shift by enabling users to operate more seamlessly across currencies and everyday spending,” the statement reads.

Dr. Folasade Femi-Lawal, country manager, West Africa at Mastercard, said as Nigeria’s digital economy is growing rapidly, consumers need payment solutions that keep pace.

“Our collaboration with BMONI brings together Mastercard’s trusted global network with an innovative platform like BMONI to deliver real value consumers, instant card access, multi-currency flexibility and seamless transactions across borders,” she said.

Ashwin Ravichandran, Head of Product at BMONI, said the firm has aimed to simplify the transactions process.

 

 

 

“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.

 

 

 

“Beyond enabling access, the solution introduces greater control over how users manage their finances. By allowing the creation of multiple cards for different purposes, including everyday spending, subscriptions, travel, savings, cross-border payments and remote work, users can better organize and track their financial activity in real time,” he said.