Allawee, a 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.
This 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 economic potential, over 70 percent 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.
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“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.
The allawee credit card also supports the government’s objective of increasing credit availability to 50 percent 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 app, 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 is 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,” stated Ikenna Enenwali, chief executive officer of Allawee.
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