Together with Mastercard, Allawee, one of Nigeria’s top fintech companies for digital lending, has introduced a credit-building card that will improve financial access for National Youth Service Corps (NYSC) members and federal civil officials.
Through the Allawee app, this innovative product—which is made possible by a secure Mastercard platform and is offered in partnership with Providus Bank, Remita, and Credicorp—offers over 720,000 federal public servants and NYSC members immediate access to credit and financial flexibility.
Furthering, according to the National Bureau of Statistics, more than 70% of bank account holders in Nigeria do not have access to credit despite the country’s enormous economic potential. This vacuum is filled by the Allawee credit card, which provides a solution tailored to Nigerians’ particular financial requirements.
Additionally, this program integrates user-friendly features, responsible credit management tools, and a smooth digital onboarding process into a single platform to encourage responsible credit usage in a market dominated by debit and prepaid cards.
Folasade Femi-Lawal, Mastercard’s West Africa Area Business Leader and National Manager had this to say: “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.”
The Allawee Credit Card was introduced at a critical juncture when economic growth depends on credit availability, and it helps the Nigerian government achieve its goal of providing credit to 50% of working Nigerians by 2030. In line with Mastercard’s objective to promote financial inclusion, the card provides a safe and easy means for customers to obtain credit while assisting them in creating a credit profile.
Users may download the Allawee Credit Card, apply for a loan, get approved, and begin making purchases right away thanks to this partnership. Users have complete control over their money after the credit is authorized because it is immediately transferred to a co-branded card. Greater financial independence is made possible by the card’s flexible use at POS terminals, ATMs, and internet transactions.
Continuing, Allawee’s CEO, Ikenna Enenwali revealed: “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.”
BrandSpur banking and finance news desk reports that the Allawee credit card, which is widely accepted at Mastercard online and physical retail locations worldwide, provides immediate credit access through a quick, safe, and entirely digital application procedure.
Clients can select their credit limits (up to ₦1,000,000) and pay back in installments for four months, providing them with flexible repayment alternatives. This partnership reaffirms Mastercard’s dedication to promoting financial inclusion in Nigeria and empowering marginalized groups to engage in the digital economy.
