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Neobank, Carbon, Shuts Down Debit Card Operations in Nigeria

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Ngozi-Dozie
Nigerian fintech company, Carbon, has announced the cessation of its debit card operations in Nigeria

Nigerian fintech company, Carbon, has announced the cessation of its debit card operations in Nigeria, two years after their initial launch. This decision was disclosed by Carbon’s co-founder and CEO, Ngozi Dozie, via a Substack post on Wednesday.

Although Dozie did not explicitly detail the reasons behind discontinuing the card service, his post suggested that the introduction of the cards might have been a strategic misstep. Additionally, the current forex challenges, which increased the operational costs due to the dollar-denominated card expenses, likely played a significant role in this decision.

“When I take a step back with the benefit of hindsight (and a card operation bill denominated in USD$), I question why practically all neobanks are pushing cards or even getting into it. Was this the right strategy for ALL of us, or was Carbon just unlucky?” Dozie wrote.

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Founders’ Errors

Dozie reflected on common mistakes made by founders, including making decisions based on insufficient information without proper analysis. He admitted that if he had thoroughly analyzed the industry, he might have avoided launching the card operations.

“Nigerians already have many debit cards,” he acknowledged. “If I had done the analysis…and truly evaluated the opportunity, I don’t think I would have been that gung-ho about pushing a strategy to provide consumers with their fifth debit card. The decision might have been the same, but perhaps with more respect for the potential risks.”

Dozie also noted that he might have believed that offering a debit card would increase customer trust in Carbon, akin to traditional banks. He advised fintech startups to critically analyze the industry before venturing into debit card offerings.

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Context and Comparison

Several other fintech companies like Kuda, Moniepoint, and OPay have rolled out debit cards for their customers. Unlike Carbon, which partnered with the international card provider Visa, these companies have opted for Verve cards, providing them with a local advantage amidst the current forex issues.

When Carbon launched its debit cards in August 2021, it marked a significant step in transitioning from Nigeria’s biggest digital lender to a microfinance bank licensed by the CBN. The debit card allowed Carbon bank account holders to access funds via online and offline channels like ATMs and POS machines. Carbon aimed to enhance user experience, a common issue among customers of financial institutions, and build on its customer base of 3 million users by offering a more comprehensive banking experience.

Carbon’s decision to discontinue its debit card operations underscores the complex challenges fintech companies face in balancing innovative services with operational realities. This move serves as a cautionary tale for other fintech startups considering similar ventures, highlighting the importance of thorough market analysis and strategic planning.

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White House Correspondents’ Dinner Rescheduled Following Security Incident

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The annual White House Correspondents’ Dinner has been rescheduled for July 24 after the original gathering was suspended following a shooting incident involving a gunman who attempted to gain access to the venue.

In a letter to members, Weijia Jiang said the event will now take place with significantly enhanced security measures and revised access procedures.

The dinner is set to be held at the Waldorf Astoria Washington DC, and Donald Trump has confirmed that he plans to attend.

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The original event, scheduled for April 25, was interrupted after an armed suspect allegedly attempted to breach security, prompting an exchange of gunfire with members of the United States Secret Service. During the incident, Trump, Vice-President JD Vance and other senior officials were escorted from the stage by security personnel.

According to the United States Department of Justice, the suspect was subdued at the scene. One Secret Service agent was injured by shotgun fire during the confrontation.

Trump welcomed the decision to reschedule the event, describing it as a demonstration of resilience.

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“This announcement is a very good thing in that we cannot allow lunatics to change our way of life, or even its scheduling,” he wrote on social media.

The White House Correspondents’ Association said it has spent recent weeks raising funds to ensure members who purchased tickets for the April event will not be required to pay again for the July gathering. Organisers described the rescheduled dinner as a more intimate event than originally planned.

The association is also offering financial assistance to scholarship recipients who wish to return to Washington to attend the event.

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Trump said he has accepted an invitation to address attendees at the rescheduled dinner and joked that he may reconsider remarks he had planned to deliver in April.

The annual dinner traditionally brings together the president, senior government officials, members of Congress, journalists and media executives to celebrate journalism and press freedom.

Authorities later identified the suspect in the April incident as 31-year-old Cole Tomas Allen, who police said was carrying a shotgun, a handgun and multiple knives when he approached the security checkpoint.

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Following the shooting, Trump said he intended to work with organisers to ensure the event was rescheduled as quickly as possible. The new July date will now allow the long-running Washington tradition to proceed under heightened security arrangements.

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Police Conduct Under Review After Murder of Southampton Student Henry Nowak

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An 18-year-old student from Southampton, Henry Nowak, was handcuffed by police after being fatally stabbed by 23-year-old Vickrum Digwa, who falsely claimed at the scene that he had been the victim of a racist attack.

Digwa was later convicted of Henry’s murder and sentenced to life imprisonment, with a minimum term of 21 years before he can be considered for parole.

Henry’s parents have said they hold Digwa solely responsible for their son’s death. However, they have also expressed deep concern over the way Henry was treated by police officers after the attack, describing his treatment as inhumane and degrading.

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The case has prompted further scrutiny following the release of bodycam footage showing Henry being handcuffed despite suffering serious injuries and repeatedly telling officers that he could not breathe.

Hampshire and Isle of Wight Constabulary has since apologised to Henry’s family for the distress caused by the incident.

The force confirmed that the matter has been referred to the Independent Office for Police Conduct, which will examine the actions of officers at the scene and determine whether any misconduct occurred.

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The investigation will focus on police decision-making during the incident and whether appropriate procedures were followed while responding to the stabbing.

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Trump in ‘excellent health’ but should lose weight and exercise more, his doctor says

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Donald Trump remains in “excellent health” and is fully capable of performing the duties of president, according to the results of his latest annual medical examination released by the White House.

The report, prepared by White House physician Sean Barbabella, stated that Trump, who will turn 80 next month, continues to demonstrate strong cardiovascular, pulmonary, neurological and overall physical health.

Barbabella concluded that the president is “fully fit to carry out all duties of the Commander-in-Chief and Head of State.”

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Trump underwent the examination at Walter Reed National Military Medical Center on Tuesday. Afterwards, he wrote on his social media platform that “everything checked out perfectly.”

The assessment was his third publicly known medical check-up since returning to the White House.

Cognitive and Physical Health

According to the report, Trump achieved a perfect score of 30 out of 30 on the Montreal Cognitive Assessment, a widely used screening tool designed to evaluate memory, attention and other cognitive functions.

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The examination found no significant concerns regarding his cognitive health.

Trump currently weighs 238 pounds (108kg), an increase of 14 pounds (6.3kg) compared with his April 2025 medical assessment. While noting his overall strong health, Barbabella recommended continued attention to diet, exercise and weight management.

The report also stated that Trump is taking medication to control cholesterol levels.

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Heart Health and Activity Levels

The president’s resting heart rate was recorded at 73 beats per minute. According to the physician’s assessment, Trump’s cardiovascular condition compares favourably with his age group, with his estimated cardiac age being approximately 14 years younger than his actual age.

Barbabella noted that Trump’s demanding schedule, which includes frequent meetings, public appearances and regular physical activity, continues to support his overall wellbeing.

Update on Previous Health Concerns

Last year, visible bruising on Trump’s hands and swelling in his lower legs generated public discussion about his health.

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In July, it was disclosed that he had been diagnosed with Chronic Venous Insufficiency, a condition in which veins in the legs struggle to return blood efficiently to the heart, potentially causing swelling in the lower limbs.

The latest report stated that some mild swelling remains but has improved since last year.

Barbabella also addressed the bruising on Trump’s hand, explaining that it is consistent with minor soft-tissue irritation caused by frequent handshaking while taking aspirin as part of a cardiovascular prevention regimen.

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According to the physician, such bruising is a common and generally harmless side effect of aspirin therapy.

Ongoing Medical Care

The report indicated that Trump remains current on recommended preventive screenings and immunisations. In addition to aspirin, he continues to take two medications designed to manage cholesterol levels.

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