{"id":5909,"date":"2026-05-19T10:36:04","date_gmt":"2026-05-19T10:36:04","guid":{"rendered":"https:\/\/stakebridgeirpr.com\/media\/?p=5909"},"modified":"2026-05-19T10:36:04","modified_gmt":"2026-05-19T10:36:04","slug":"first-bank-visa-boost-nigerias-cashless-economy-with-new-multi-currency-cards","status":"publish","type":"post","link":"https:\/\/stakebridgeirpr.com\/media\/first-bank-visa-boost-nigerias-cashless-economy-with-new-multi-currency-cards\/","title":{"rendered":"First Bank, Visa Boost Nigeria\u2019s Cashless Economy With New Multi-Currency Cards"},"content":{"rendered":"

By Johnson Emmanuel\u00a0<\/strong><\/p>\n

First Bank of Nigeria Limited, in partnership with global payments firm Visa, recently launched the Visa Signature Card and the Naira Visa Debit Card in Lagos, targeting both affluent and mass-market customers through expanded digital payment functionality and cross-border transaction flexibility.<\/p>\n

The premium Visa Signature Card integrates multi-currency capability into a single chip, automatically switching between the naira, United States dollar, British pound and euro depending on user location. The card also includes lifestyle-linked services such as airport lounge access, concierge support, travel insurance and emergency medical assistance.<\/p>\n

The Head of Cards and Messaging Services at First Bank, Obianuju Ondo-Okereke, said: \u201cToday marks a key milestone as we launch the Visa Signature and the Naira Visa Debit Cards, designed to deliver seamless, secure, and globally connected payment experiences to our customers.\u201d<\/p>\n

Ondo-Okereke stated further: \u201cOur dual offering is purposely designed, the Visa Signature Card is for the affluent segment, while the Naira Visa Debit Card is for everyday customers requiring convenience, accessibility, and global usability.\u201d<\/p>\n

Vice President and Cluster Head for Visa West Africa, Andrew Uaboi, stated: \u201cThe partnership between Visa and First Bank demonstrates our shared commitment to catering for the diverse needs of the customers that the bank has today.\u201d<\/p>\n

Uaboi again stated: \u201cTogether with these two products, we are underscoring that we understand the financial journey that every customer needs to go through, putting in place products and solutions that meet them at each stage.\u201d<\/p>\n

The Group Head of Marketing and Corporate Communications at First Bank, Yinka Ijabiyi, also stated: \u201cThe product that we\u2019ve launched here today is also for you. We\u2019re expecting to write about it, but we\u2019re also expecting to get it, experience it and enjoy it.\u201d<\/p>\n

In Ijabiyi\u2019s words: \u201cWe look forward to continuing our ongoing partnerships, and we\u2019ll definitely be in touch on an ongoing basis.\u201d<\/p>\n

First Bank said the cards deploy chip-and-PIN security technology. The Naira Visa Debit Card is available instantly nationwide for a Central Bank of Nigeria-regulated fee of N1,000, while the Visa Signature Card carries a default daily transaction limit of N3 million and delivery within 24 to 48 hours.<\/p>\n

DECISION HIGHLIGHT<\/strong>
\nThe rollout reflects a strategic shift by Nigerian banks toward layered payment products combining foreign currency functionality, digital convenience, lifestyle incentives and broader customer segmentation to deepen transaction-based revenue.<\/p>\n

DECISION MEMO <\/strong>
\nThe launch demonstrates how Nigerian banks are repositioning payment services from traditional transactional utilities into integrated lifestyle and mobility platforms.<\/p>\n

The multi-currency structure of the Visa Signature Card directly responds to growing demand for seamless international payments within a volatile foreign exchange environment. By embedding multiple currencies into one payment instrument, First Bank is targeting customers engaged in international travel, foreign-denominated spending and cross-border commercial activity.<\/p>\n

The product also reflects broader competition among banks for affluent customers whose value increasingly lies in transaction velocity and fee generation rather than conventional deposit balances alone. Concierge services, airport access and travel-linked protections indicate that premium banking in Nigeria is becoming more experience-driven and globally aligned.<\/p>\n

At the same time, the simultaneous launch of the Naira Visa Debit Card suggests First Bank is balancing premium positioning with mass-market electronic payment expansion. Instant issuance across branches and regulated pricing indicate an institutional push toward higher transaction penetration and cashless adoption at scale.<\/p>\n

Visa\u2019s partnership reinforces continued international confidence in Nigeria\u2019s digital payments ecosystem despite inflationary pressures and currency instability. The collaboration also shows that multinational payment firms continue to view Nigeria as a long-term transaction-growth market with significant underbanked potential.<\/p>\n

Ijabiyi\u2019s comments introduced an additional reputational layer to the rollout, signalling that First Bank is also positioning the products as public-facing symbols of Nigeria\u2019s evolving financial modernisation narrative rather than purely technical banking instruments.<\/p>\n

DATA BOX<\/strong><\/p>\n