According to reports from Techcabal, Carbon, one of the leading Nigerian "digital banks", is set to resume its debit card services this month after a six-month suspension. Earlier, the company had discontinued its card operations, and its CEO Chijioke Dozie openly critiqued the fintech industry's tendency to chase trends without thorough analysis.
Carbon highlighted how neobanks, including itself, rushed into issuing cards without fully understanding market needs or the underlying economics, driven by the desire to appear more legitimate and attract venture capital.
Previously, Carbon had expressed concerns about the high costs and cumbersome processes associated with its former international card provider and the industry's tendency to prioritize "scoops" and quick wins over thorough analysis and long-term viability via assessing the unit economics, and market.
Hence, the suspension was also due to high costs and cumbersome processes with their previous international card provider.
This change of heart comes after Carbon said it has optimized its card delivery system and acknowledged the growing demand from its customer base.
