Indigenous card manufacturing giant, CardForte, has called for a strategic shift in Nigeria’s financial policy, urging the Federal Government to provide stronger institutional backing for local manufacturers to safeguard the nation’s payments infrastructure, reports ITREALMS.
Speaking on the strategic value of localized production, CardForte founder, Seun Lawal, emphasized that reducing over-reliance on foreign card providers is no longer just a business preference but a necessity for national economic resilience.
According to Lawal, building domestic capacity is the only sustainable way to mitigate capital flight and ease the persistent pressure on foreign exchange.
Founded five years ago, CardForte emerged to fill a critical void in the market. Historically, global card manufacturers have prioritized high-volume Tier-1 banks, often leaving fintechs, microfinance banks, and emerging financial institutions underserved.
"CardForte was built on the conviction that Nigeria can sustain world-class manufacturing capabilities locally," Lawal stated. "Our focus has been on delivering speed and flexibility to those institutions that require responsive service but were previously sidelined by global players."
Since its inception, the firm has evolved beyond simple production to become a hub for skills transfer and infrastructure growth, positioning itself as a cornerstone of Nigeria’s rapidly evolving digital payments landscape.
Despite the sector's growth, Lawal noted that local manufacturers continue to battle significant hurdles, including FX volatility, power supply inconsistencies, and supply chain disruptions. He credited CardForte’s survival and growth to "disciplined operational adaptability."
He argued that the benefits of supporting indigenous firms extend far beyond the balance sheet, citing enhanced data sovereignty, improved service delivery timelines, and the retention of economic value within Nigeria.
To catalyze industry growth, Lawal is advocating for targeted regulatory interventions. Specifically, he proposed a “Right of First Refusal” framework for qualified local manufacturers. Such a policy would ensure that domestic firms are given priority in government and large-scale institutional contracts, encouraging sustained investment in the sector.
Lawal also addressed the "perception challenge," noting that indigenous businesses often face higher scrutiny than foreign competitors despite meeting identical global quality standards.
Looking toward the future of the "Green Economy," CardForte is pivoting toward sustainability. The company recently achieved certification on the Verve network for eco-friendly card products, marking a significant milestone in environmentally responsible manufacturing.
Furthermore, as part of its premium market expansion, CardForte is exploring local metal card manufacturing, a move intended to serve high-net-worth segments while keeping the value chain local.
"Our goal is to remain strategically relevant to Nigeria’s financial ecosystem," Lawal concluded. "Beyond cards, our vision encompasses secure identity solutions and trusted access systems that will underpin the next phase of Nigeria’s payment infrastructure."
Founded five years ago, CardForte emerged to fill a critical void in the market. Historically, global card manufacturers have prioritized high-volume Tier-1 banks, often leaving fintechs, microfinance banks, and emerging financial institutions underserved.
"CardForte was built on the conviction that Nigeria can sustain world-class manufacturing capabilities locally," Lawal stated. "Our focus has been on delivering speed and flexibility to those institutions that require responsive service but were previously sidelined by global players."
Since its inception, the firm has evolved beyond simple production to become a hub for skills transfer and infrastructure growth, positioning itself as a cornerstone of Nigeria’s rapidly evolving digital payments landscape.
Despite the sector's growth, Lawal noted that local manufacturers continue to battle significant hurdles, including FX volatility, power supply inconsistencies, and supply chain disruptions. He credited CardForte’s survival and growth to "disciplined operational adaptability."
He argued that the benefits of supporting indigenous firms extend far beyond the balance sheet, citing enhanced data sovereignty, improved service delivery timelines, and the retention of economic value within Nigeria.
To catalyze industry growth, Lawal is advocating for targeted regulatory interventions. Specifically, he proposed a “Right of First Refusal” framework for qualified local manufacturers. Such a policy would ensure that domestic firms are given priority in government and large-scale institutional contracts, encouraging sustained investment in the sector.
Lawal also addressed the "perception challenge," noting that indigenous businesses often face higher scrutiny than foreign competitors despite meeting identical global quality standards.
Looking toward the future of the "Green Economy," CardForte is pivoting toward sustainability. The company recently achieved certification on the Verve network for eco-friendly card products, marking a significant milestone in environmentally responsible manufacturing.
Furthermore, as part of its premium market expansion, CardForte is exploring local metal card manufacturing, a move intended to serve high-net-worth segments while keeping the value chain local.
"Our goal is to remain strategically relevant to Nigeria’s financial ecosystem," Lawal concluded. "Beyond cards, our vision encompasses secure identity solutions and trusted access systems that will underpin the next phase of Nigeria’s payment infrastructure."
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