In a country where over 38 million adults still lack access to formal financial services, a little-known digital bank might have found a way to bridge the gap, without an app, internet connection, or even a smartphone.
Loma Bank, a fintech building infrastructure for offline banking, has launched the GoCard, a physical payment card designed for people who don’t have bank accounts or who need to get a card as easily as getting cash from a POS agent.
Like Lagos’s Cowry transport card, the GoCard can be bought at any participating POS terminal. After purchase, users simply scratch the card to reveal a unique bank account number linked to it. They can then load money into the card through transfers or cash deposits at POS agents, and use it to make payments anywhere.
But unlike existing prepaid cards, which often require online activation or are limited to niche use cases, the GoCard is designed to function like a regular debit card, without the traditional banking experience.
“We believe that, just as people go to POS agents to withdraw cash, they should be able to go there and get a working payment card,” said Ayomide Olupitan, COO of Loma Bank.
A new leg in Nigeria’s long walk to financial inclusion
Nigeria has made significant progress in closing the financial access gap. In 2008, less than 30% of adults had access to formal financial services. That number rose to 64% by 2020, according to EFInA (Enhancing Financial Innovation & Access), but progress has stalled. As of 2023, only 57 million Nigerians have active bank accounts, and tens of millions still operate in a cash economy.
For years, the conversation around banking the unbanked has centred on mobile money, agency banking, and smartphone apps. But these solutions often leave out those without internet access, digital literacy, or smartphones.
Loma Bank’s GoCard offers a radical alternative: give people a physical, offline-friendly tool that still plugs into Nigeria’s digital banking infrastructure.
“The Loma Bank GoCard caters to people outside and within the digital financial ecosystem at the same time,” Samuel Ojerinde, Loma Bank CIO says.
The GoCard is secured with optimal KYC requirements and a transaction limit to meet regulatory and security standards. While it is currently designed for in-person payments, Olupitan confirms that online transactions will be enabled in the near future.
A shot at real financial independence
Use cases for the GoCard are broad. Employers can use it to give workers limited spending cards for errands. NGOs can distribute aid without needing to onboard recipients into full banking. And for individuals, it offers a way to receive digital transfers from family, agencies, or employers without needing a smartphone or traditional bank account.
Loma Bank has begun a soft rollout of the GoCard through select POS agents and plans a wider launch in the coming months. It will mark a new chapter in Nigeria’s financial inclusion journey.
