BMONI and Mastercard Launch Instant Multi‑Currency Card Solution in Nigeria
In a move that underscores the accelerating shift toward digital payments in Africa’s largest economy, fintech platform BMONI has partnered with global payments leader Mastercard to offer Nigerians the ability to create virtual and physical Naira‑ and US‑dollar‑denominated cards within seconds. The solution, built on Mastercard’s worldwide network, is now live and can be accessed directly through the BMONI mobile app.
How the Service Works
After downloading the BMONI app from the Apple App Store or Google Play, users complete a quick identity verification process. Once verified, they can instantly generate multiple cards tailored to different spending needs—such as everyday purchases, subscription services, travel, savings, or cross‑border remittances. Each card is ready for immediate use and can be managed entirely from within the app, including setting spending limits, freezing/unfreezing, and viewing transaction histories in real time.
Key Benefits for Nigerian Consumers
- Instant issuance: Cards are created and activated within seconds, eliminating the waiting period associated with traditional bank cards.
- Multi‑currency flexibility: Users hold both Naira and US‑dollar balances on the same platform, simplifying international purchases and remittances.
- Global acceptance: Powered by Mastercard, the cards work at millions of merchants worldwide and support online, in‑store, and ATM transactions.
- Enhanced financial control: The ability to create purpose‑specific cards helps users budget, track expenses, and reduce the risk of overspending.
Industry Context and Market Opportunity
Nigeria’s e‑commerce sector is projected to surpass US $26 billion by 2030 (Statista, 2023), driven by rising smartphone penetration, a youthful population, and increasing demand for seamless cross‑border payment options. Traditional banking infrastructure often struggles to keep pace with this growth, particularly for consumers who need instant access to foreign currency for online shopping, freelance work, or family support abroad.
By leveraging Mastercard’s established global network and BMONI’s AI‑powered financial platform, the partnership addresses a clear gap in the market: a locally issued, internationally accepted card that can be generated on demand without the need for a physical branch visit.
Leadership Perspectives
Dr. Folasade Femi-Lawal, Country Manager, West Africa at Mastercard said:
“Nigeria’s digital economy is growing rapidly, and consumers need payment solutions that can keep up. Our collaboration with BMONI brings together Mastercard’s trusted global network with an innovative platform like BMONI to provide consumers with real value, instant card access, multi-currency flexibility, and seamless transactions across borders.”
Ashwin Ravichandran, Product Manager at BMONI added:
“At BMONI, our focus has always been on removing the friction between people and their money. This collaboration with Mastercard allows us to provide global access and a level of control that simply didn’t exist before.”
Getting Started
To begin using the BMONI Mastercard:
- Download the BMONI app from the App Store or Google Play.
- Complete the quick KYC (Know Your Customer) verification steps.
- Navigate to the “Cards” section and select “Create New Card.”
- Choose the currency (NGN or USD), set a nickname (e.g., “Travel Card” or “Subscriptions”), and confirm.
- The card details are instantly available for use; a physical card can be requested for delivery if desired.
About BMONI
BMONI is an AI‑powered financial platform designed to simplify how individuals access, manage, and move money. The service enables users to create and manage multiple Naira and US‑dollar cards, supporting everyday transactions, cross‑border payments, and personalized financial oversight through a seamless digital experience. More information is available at www.bmoni.com.
About Mastercard
Mastercard operates in over 200 countries and territories, connecting consumers, businesses, governments, and merchants through a secure, innovative payments network. The company’s technology and partnerships aim to make transactions safe, easy, smart, and accessible for everyone, everywhere. For press inquiries, contact kanyi.mwangi@mastercard.com.
Media Contact
For further details or interview requests, please reach out to BMONI’s marketing team at marketing@bmoni.com.
