Allawee, Mastercard goal civil servants with new product

The partnership between digital lending fintech, Allawee, and Mastercard has resulted within the launch of a credit-building card designed to reinforce monetary entry for federal civil servants and Nationwide Youth Service Corps members.

This modern product, facilitated by a safe Mastercard platform and issued in collaboration with Providus Bank, Remita, and Credicorp, gives prompt entry to credit score and monetary flexibility to over 720,000 federal civil servants and NYSC members, all by means of the Allawee app, an announcement from Mastercard mentioned.

In accordance with studies, over 70 per cent of checking account holders lack entry to credit score. The Allawee bank card addresses this hole, providing an answer that caters to Nigerians’ distinctive monetary wants. Launched at a vital time when entry to credit score is significant for financial progress, the Allawee Credit score Card helps the Nigerian authorities’s goal of accelerating credit score availability to 50 per cent of working Nigerians by 2030.

“We’re thrilled to collaborate with Allawee on this modern credit score resolution, which aligns completely with Mastercard’s dedication to deliver one billion individuals into the digital economic system by 2025. The Allawee bank card gives prompt entry to credit score whereas additionally empowering civil servants and NYSC members in Nigeria to construct their creditworthiness, additional advancing monetary inclusion throughout the nation,” mentioned Nation Supervisor and Space Enterprise Head for West Africa at Mastercard, Folasade Femi-Lawal.

The cardboard presents a safe and seamless strategy to entry credit score whereas serving to customers construct a credit score profile, aligning with Mastercard’s mission to drive monetary inclusion.

The Chief Govt Officer of Allawee, Ikenna Enenwali, mentioned, “We launched this card to assist Nigerians achieve entry to prompt, reasonably priced credit score whereas constructing their credit score historical past. Whether or not it’s dealing with day by day purchases or taking good care of life’s emergencies, our clients now have a straightforward strategy to cowl bills. With Mastercard, we’re giving them the comfort to spend their credit score at hundreds of thousands of retail places in Nigeria and around the globe, each on-line and in-store.”

This collaboration reinforces Mastercard’s dedication to driving monetary inclusion throughout Nigeria and enabling underserved populations to take part within the digital economic system.