First Bank and Visa Launch Multi-Currency Naira and Dollar Cards

LAGOS — First Bank of Nigeria and Visa have partnered to launch two new payment cards for Nigerian customers. The new products are the multi-currency Visa Signature Card and the Naira Visa Debit Card. Both cards are designed to make local and international payments easier.

The partnership was announced on Sunday. First Bank said the cards will give customers access to both naira and foreign currency transactions from a single account. The Visa Signature Card targets professionals and business customers who make frequent international payments.

First Bank Managing Director Olusegun Alebiosu said the launch reflects the bank’s commitment to digital innovation. “Our customers need financial tools that match the pace of a modern economy. These cards deliver exactly that,” Alebiosu said.

Visa’s Country Manager for Nigeria, Ade Ashaye, said the partnership strengthens the global card network’s commitment to Nigeria. He noted that Nigeria is one of Visa’s fastest-growing markets in Africa. The new cards will be accepted at millions of merchants worldwide.

Solving the FX Pain Point

Many Nigerians have struggled to access foreign currency for international transactions. Naira devaluation, FX shortages, and bank restrictions have made it difficult to pay for subscriptions, online services, and travel expenses.

In addition, the First Bank and Visa cards come at a time when Nigeria’s foreign exchange conditions are improving. The naira has stabilised around N1,370 to the dollar. The CBN has also eased some restrictions on dollar-denominated transactions for individuals.

The new Naira Visa Debit Card targets everyday customers. It offers domestic transaction functionality with Visa’s global acceptance. The card also supports contactless payments, a feature that has grown in popularity as Nigeria’s digital payment infrastructure expands.

Nigeria’s Card Market

Nigeria processed over 2.8 billion card transactions in 2025, a record high. The CBN’s cashless policy has driven significant growth in electronic payments across the country. Banks are competing to capture more of this growing market.

However, many Nigerians remain underserved by formal banking products. The CBN estimates that about 36 percent of Nigerian adults still lack access to formal financial services. New card products targeted at this group could help close the gap.

Analysts say the First Bank and Visa launch adds competitive pressure on other Nigerian banks to upgrade their own card offerings. Several lenders are expected to announce similar partnerships in the coming months as the digital payments market grows.