Verve International, Africa’s first and largest domestic payments scheme and an emerging reference point in the burgeoning realm of domestic payment schemes globally, has again announced another remarkable new growth milestone, further consolidating its growing market share in Nigeria in terms of payment card issuance and transactions.
Verve Payment Cards in Nigeria, Africa’s largest consumer market and its pioneer country of issuance, have now surpassed 70 million issued payment cards. This development comes 15 months after the scheme announced it had issued 50 million payment cards in Nigeria in July last year, translating to +40% growth in issuance volumes YoY.
Over the last few years, Verve has become the payment card of choice across various tiers of banking services, particularly within Nigeria’s burgeoning fintech/neobank space. This is due to sustained innovation and a demonstrated understanding of the requirements of its local markets, as well as significant strategic partnerships across commercial and microfinance banking spheres, fintech, OFIs, and the public sector.
As Africa’s premier and leading domestic payment cards scheme, Verve remains focused on addressing peculiar market challenges in Africa by providing secure and cost-effective payment options for individuals and businesses to exchange value, offering both virtual and physical cards that facilitate payment for an increasing number of international services in local currency. In the last 3 years, Verve has made significant progress in this regard, having achieved merchant acceptance with platforms such as Google, Youtube, Spotify, Netflix, Showmax, Prime Video, Facebook, Microsoft, Uber, and Flywire, to mention a few, underscoring a solid resolve to continue to drive relevant partnerships that provide its users in Africa convenient opportunities to access global services in local denominations.
Outside Nigeria, Verve cardholders are provided with the benefit of using the Verve card in Nigeria and over 21 other African countries, underscoring the company’s resolve to ensure the seamlessness of transactions across the continent, particularly for the critical mass of consumer demographics, whilst driving value and efficiency for African financial institutions. Particularly noteworthy are rapidly expanding issuing and acceptance partnerships across East Africa, including major financial institutions, including the 2 largest financial institutions, KCB Group and, more recently, Equity Bank, and a growing network of savings and credit societies (SACCOs) across Kenya and Uganda.
Speaking on this latest business milestone, Vincent Ogbunude, Chief Executive Officer (CEO) for Verve International, asserted that Verve continues to provide innovative ways to make transactions and payments more secure and convenient for customers, not only in Nigeria but across Africa and beyond while providing unparalleled business value for business partners from both issuing and acquiring perspectives.
In his words, “At Verve International, we continue to consolidate our delivery of global-standard payment solutions howbeit essentially tailored to economic and operational realities of the markets where we play across Africa, whilst leveraging value-adding partnerships that ensure we scale our impact and turbo-charge financial inclusion on the African continent. We are greatly delighted again at this point to celebrate another phenomenal milestone, having added 20 million new payment cards to our base in Nigeria, for which we are extremely appreciative of our issuing partners as well as our loyal cardholders…”
It would be recalled that Verve, Africa’s most significant domestic payments card and token brand, recently launched the fifth edition of its Goodlife National Consumer Promo, a reward program designed to engage and reward its millions of cardholders. The promo, which runs from August 15 to December 31, 2024, offers instant discounts and rewards for Verve cardholders at selected merchants and retail outlets across Nigeria, including NNPC Retail Limited, Addide, The Place, Sweet Sensation and Chowdeck, among others.
Verve International, a subsidiary of the Interswitch Group, is Africa’s leading integrated digital payments and commerce enabler. It is the first EMV-certified pan-African domestic payment card scheme (a subsidiary of the Interswitch Group), issuing cards and payment solutions to individuals, issuers, and organizations. Verve International remains committed to pushing the boundaries in terms of customer experience and payment possibilities.
Cardholders have come to regard Verve as a safe, convenient, and reliable payment solution for everything. Verve cards can be used across various payment channels, such as Point of Sale (POS) terminals, Automated Teller Machines (ATMs), Agency banking channels, Web/e-commerce, and Mobile Apps.
