Verve International, Africa’s largest domestic payments scheme, has achieved another significant milestone by surpassing 50 million issued payment cards in Nigeria. This achievement demonstrates Verve’s growing market share in the country, both in terms of card issuance and transactions. In just one year, Verve experienced a 42% growth in card issuance volumes, having announced 35 million cards issued in Nigeria in March 2022.
Verve has become the preferred payment card across various tiers of banking services and especially within Nigeria’s thriving fintech space. Notably, Verve partnered with Opay in October 2022 to introduce the OPay Verve Instant Debit Card, directly linked to Opay user wallets. This partnership enables millions of Opay users to easily and conveniently make payments for goods and services using Verve cards directly from their wallets.
As Africa’s premier domestic payment cards scheme, Verve is dedicated to addressing unique market challenges on the continent by providing secure and cost-effective payment options for individuals and businesses. Verve offers virtual and physical cards that facilitate payments for an increasing number of international services in local currency. The scheme has achieved merchant acceptance with prominent platforms such as Netflix, Showmax, Amazon Prime, Facebook, Microsoft, Uber, and Flywire, among others.
Verve is actively pursuing major partnerships to offer African users convenient access to global services in local denominations. Additionally, Verve cardholders can utilize their cards in Nigeria and over 21 other African countries, ensuring seamless transactions across the continent. The company has expanded its footprint in East Africa through partnerships with key financial institutions like KCB Group and Equity Bank.
Through a strategic alliance with Discover Financial Services, Verve cardholders can perform transactions and make payments outside Africa using their Verve Global Cards. These cards are accepted in 185 countries, including the United States, United Kingdom, South Africa, and the United Arab Emirates.
Vincent Ogbunude, CEO of Verve International, emphasized the company’s commitment to providing secure and convenient payment solutions tailored to the unique economic and operational realities of African markets. Celebrating the milestone of 50 million cards, Ogbunude expressed Verve’s pride in becoming the leading payment card scheme in Africa’s largest consumer market.
Verve International, a subsidiary of the Interswitch Group, remains dedicated to delivering innovative payment solutions that prioritize customer experience and expand financial inclusion in Africa. Verve has gained a reputation as a safe, convenient, and reliable payment solution across various channels, including point-of-sale terminals, ATMs, agency banking, e-commerce, and mobile apps.
