Mastercard, BMONI Launch Naira and Dollar Cards in Nigeria

LAGOS — Mastercard and BMONI, an AI-powered financial platform, have announced a new collaboration to launch virtual and physical payment cards in Nigeria. The cards will support both the naira and the United States dollar and are designed to make local and international transactions easier for Nigerian consumers.

The new cards aim to address a key challenge many Nigerians face: the difficulty of making cross-border payments and online transactions using local accounts. With access to both naira and dollar denominations, users can switch between currencies depending on where they are shopping or who they are paying.

BMONI describes itself as a platform focused on simplifying access to money for Africans. The company says the partnership with Mastercard gives it access to a global payment network that reaches millions of merchants and service providers around the world.

A Mastercard spokesperson said the collaboration is part of the company’s commitment to expanding financial inclusion in Africa. Nigeria has one of the fastest-growing financial technology sectors on the continent, and demand for flexible payment solutions has increased sharply in recent years.

The announcement comes as Nigeria continues to grapple with foreign exchange shortages that have made it difficult for individuals and businesses to access dollars for international transactions. The new cards are expected to offer an alternative route for consumers who need to make global payments without going through traditional bank channels.

Fintech experts say products like the BMONI-Mastercard card have the potential to serve millions of Nigerians who are currently underserved by the formal banking system. Nigeria has a large population of unbanked and underbanked citizens who rely on mobile money and informal financial channels.

The product will be available to customers through the BMONI app. Users will be able to fund their accounts, manage their cards, and track their transactions digitally. The company says it is also working on additional features including savings tools and expense tracking.

Nigeria’s financial technology sector raised significant investor interest in 2025, with companies in payments, lending, and insurance attracting capital from local and international investors. The Mastercard-BMONI deal adds to a growing list of major global financial institutions partnering with Nigerian fintech firms.

The cards are expected to be available to consumers in the coming weeks, with the company planning a full public launch by June 2026.