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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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New India Transgender Rights Bill Sparks Protests Over Self-Identification Changes

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New India Transgender Rights Bill Sparks Protests Over Self-Identification Changes

India’s parliament has passed a controversial bill amending transgender rights legislation, triggering protests from opposition parties and LGBTQ advocates who say it undermines the right to self-identify.

The bill, which updates the Transgender Persons (Protection of Rights) Act, now awaits approval from the president before becoming law.

Government officials argue the changes will improve access to welfare programmes and strengthen protections against exploitation and trafficking. However, critics warn the new framework could exclude large sections of the transgender, non-binary, and gender-fluid community.

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A key shift in the legislation concerns how transgender identity is defined. While a landmark 2014 ruling by the Supreme Court of India recognised transgender people as a “third gender” and affirmed their right to self-identify, the new bill moves away from that principle.

Instead, it introduces a narrower definition based on biological or physical characteristics. It also requires certification from medical boards and local authorities, particularly for individuals undergoing gender-affirming procedures.

The government maintains that the current definition is too broad, making it difficult to ensure that welfare benefits—such as healthcare support and job reservations—reach the most marginalised individuals. Officials say the revised criteria are designed to protect those facing “extreme and oppressive” discrimination.

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Activists, however, argue the changes could fundamentally reshape legal recognition in a restrictive way. They say many transgender people—especially those who rely on self-identification rather than medical or legal certification—risk being excluded from official recognition and support systems.

India is estimated to have around two million transgender people, though advocacy groups believe the actual number is higher. Despite existing legal protections, many continue to face discrimination and barriers to education, healthcare, and employment.

The passage of the bill has intensified debate over how best to balance administrative clarity with individual rights, with critics urging authorities to reconsider provisions they say could reverse progress made over the past decade.

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Israel Says It Has Killed Iranian Naval Commander Linked to Strait of Hormuz Blockade

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Israel Says It Has Killed Iranian Naval Commander Linked to Strait of Hormuz Blockade

Israel has said it killed Alireza Tangsiri, the head of the naval arm of Islamic Revolutionary Guard Corps (IRGC), in a strike tied to escalating tensions in the region.

Israeli Defence Minister Israel Katz stated that Tangsiri was “directly responsible” for actions involving the disruption and blockade of the Strait of Hormuz, a vital global energy corridor. He added that several other senior naval officials were also killed in the operation.

There has been no immediate confirmation or response from Iran regarding the claim.

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Tangsiri had served as commander of the IRGC Navy since 2018, after previously holding the role of deputy commander for nearly a decade. Known for his hardline stance, he had frequently issued warnings against both Israel and the United States.

In past statements, including remarks made in 2019, Tangsiri had threatened to close the Strait of Hormuz if Iran’s oil exports were restricted—an action that could significantly disrupt global energy markets.

He was also among several IRGC figures sanctioned by the US Treasury in 2019 following the downing of an American surveillance drone near the strait.

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The reported killing, if confirmed, would mark a significant escalation in the already volatile standoff affecting one of the world’s most critical maritime trade routes.

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Ferdinand Marcos Promises Oil Supply as Philippines Declares Energy Emergency

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Ferdinand Marcos Promises Oil Supply as Philippines Declares Energy Emergency

Ferdinand Marcos has pledged to secure a steady “flow of oil” for the Philippines after declaring a state of national energy emergency in response to escalating global supply disruptions linked to the conflict involving Iran.

In a televised address, Marcos assured citizens that the government is working to procure one million barrels of oil to supplement existing reserves, which currently cover about 45 days of supply. He emphasised that the country would receive multiple deliveries to stabilise fuel availability.

The Philippines—heavily reliant on imports for roughly 98% of its oil, largely from the Gulf—has been hit hard by surging global prices. The crisis has been intensified by the conflict involving the United States, Israel, and Iran, alongside disruptions in the Strait of Hormuz, a vital artery for global energy shipments.

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Under the emergency declaration, the government now has expanded powers to directly procure fuel, regulate distribution, and ensure the steady supply of essential goods such as food and medicine. A special committee has also been established to oversee these efforts. The measures are set to remain in effect for up to one year unless lifted earlier.

Philippine Ambassador to the US, Jose Manuel Romualdez, indicated that Manila is engaging with Washington to explore options for sourcing oil, including potential exemptions that would allow imports from US-sanctioned countries.

The announcement follows sharp increases in petrol and diesel prices, which have more than doubled since late February, placing significant strain on households and businesses.

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Labour group Kilusang Mayo Uno (KMU) criticised the move, describing it as an acknowledgment of government shortcomings in managing the crisis. The group also raised concerns about provisions in the emergency order that could restrict labour actions, including strikes, warning these could limit workers’ ability to protest amid rising living costs.

At the same time, business leaders such as Manuel V. Pangilinan have backed the government’s expanded powers, noting that escalating energy costs are already affecting operations across key sectors.

Transport unions, including Piston, have announced a two-day strike, demanding measures such as fuel tax cuts, price controls, and wage increases. The planned action underscores growing public frustration over the economic impact of the crisis.

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Meanwhile, Energy Secretary Sharon Garin said the country may temporarily rely more on coal-fired power plants to offset rising liquefied natural gas costs.

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