Allawee, one of Nigeria’s leading digital lending fintech, in collaboration with Mastercard, has launched a credit-building card designed to enhance financial access for federal civil servants and National Youth Service Corps (NYSC) members.
L-R: Lanre Ogundare, Head, Card Business, Providus Bank; Ikenna Enenwali, CEO, Allawee; Tolulope Adeyinka, Fintech Business Development Lead for West Africa at Mastercard and Olalekan Aderonmu, Card Business Management and Solutions, Providus Bank.
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.
Despite Nigeria’s significant economic potential, over 70% of bank account holders lack access to credit, according to the National Bureau of Statistics. The Allawee credit card addresses this gap, offering a solution that caters to the unique financial needs of Nigerians.
Furthermore, in a market dominated by debit and prepaid cards, this initiative aims to promote responsible credit usage, combines seamless digital onboarding, user-friendly features, and responsible credit management tools in one platform.
“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 Nigerian to build their creditworthiness, further advancing financial inclusion across the country,” said Folasade Femi-Lawal, Country Manager and Area Business Head for West Africa at Mastercard.
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% of working Nigerians by 2030. 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.
Through this collaboration, users can download the Allawee Credit Card, apply for a loan, receive approval, and start transacting immediately. Once approved, the credit is disbursed directly onto a co-branded card, giving users full control over their funds. The card allows for flexible usage across POS terminals, ATMs, and online transactions, enabling greater financial freedom.
“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,” said Ikenna Enenwali, CEO of Allawee.
The Allawee credit card offers instant credit access through a fast, secure, and fully digital application process, with wide acceptance at Mastercard online and physical retail locations globally. Customers benefit from flexible repayment options, choosing their credit limits (up to ₦1,000,000) and repaying in installments over four months.
This collaboration reinforces Mastercard’s commitment to driving financial inclusion across Nigeria and enabling underserved populations to participate in the digital economy.